According to the latest report published by Credence Research, Inc. “Medical Waste Management: Market Growth, Future Prospects and Competitive Analysis, 2016-2022,” the medical waste management market was valued at USD 10,861.3 Mn in 2015, and is expected to reach USD 15,806.6 Mn by 2022, expanding at a CAGR of 5.4% from 2016 to 2022.
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Medical waste comprises the waste material generated in healthcare facilities, medical laboratories, clinical research laboratories and such other locations. Medical waste management is defined as processes that involves control on generation, storage, treatment, collection and disposal of medical waste. Proper management of medical waste has been identified as need of the hour considering their gravity of impact on general health and wellbeing, environment conservation and welfare of healthcare workers.
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Rigid environment and safety guidelines and regulations for handling and processing of medical waste have been created across all the developed regions of the world. Healthcare facilities and pharmaceutical manufacturers are the largest producers of medical waste. Since the healthcare infrastructure of the developed world is well established, compliance to the guidelines form a considerable component of overall hospital and medical facility management in these regions. Compliance to such stringent rules has urged healthcare facilities to shift their activities from on-site waste management to off-site options through contractual arrangements, in order to augment overall administrative efficiency and ensure safety.
Through outsourcing of medical waste management activities, it is ensured that highly skilled workers collect, handle, treat and dispose medical waste in a cost effective way while simultaneously assuring environmental and human safety. Some of the prime observations in this market are:
- Large hospitals and outpatient facilities are the largest generators of medical waste
- Incineration in the most common method of medical waste treatment
- Preference for on-site medical waste treatment will drop in the future in the view of cost management and administrative convenience
- Outsourcing of medical waste management processes is majorly an outcome of cost constraints in planning medical facilities since the economic upset in 2008
- The market in developed regions is fragmented with several local companies exhibiting rigorous market activities
Moreover, emerging markets of Asia-Pacific, Latin America and Middle East Africa will be the fastest developing market in the view of the rapid infrastructure development and healthcare expenditure. Growing awareness in these regions has also urged the governments for developing well-defined regulations for medical waste management.
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