Non-hazardous medical waste management to account for 70% of global demand: Fact.MR

In forthcoming years, as people retain their hygiene consciousness, growth of medical waste management is expected to scale new heights in the forecast period

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New Delhi: A recent report by an ESOMAR-certified market research and consulting firm shows that the market is expected to surpass US$ 22 Bn by the end of the 2021-2031 forecast period. A CAGR of over 3% has been projected for the market across the forthcoming decade. Increasing hospitalization rates is compounding the volume of medical waste generated, thus nudging demand.
Historically, demand accelerated at a CAGR of approximately 4%, closing in at over US$ 16 Bn in 2020. The onset of COVID-19 further heightened expansion prospects. As countries continue battling the pandemic even today, hospitals and other healthcare settings are prioritizing on maintaining hygiene standards to prevent infection spread.
The World Health Organization estimated a 40% increase in production of PPE in March 2020, including 89 million medical masks, 76 million examination gloves, and 1.6 million goggles. This increased the amount of medical waste globally at an unprecedented rate. In forthcoming years, as people retain their hygiene consciousness, growth of medical waste management is expected to scale new heights in the forecast period.
Key Takeaways from the Market Study
  • By type of waste, non-hazardous waste management to generate 70% revenue until 2031
  • However, demand for infectious & pathological waste management to surge at 6% CAGR
  • Off-site medical waste management solutions to generate 3 out of 5 sales through 2031
  • Mid & small quantity medical waste management to expand at around 4% CAGR
  • U.S likely to account for 40% of total medical waste management solutions demand
  • Medical waste management services in Europe to surge at a CAGR of 4%
  • India and China to emerge as opportunistic markets across Asia, amid extensive healthcare infrastructure development
“Legal frameworks implemented for the management of medical waste combined with the use of various technologies in managing medical waste will help achieve a higher level of efficiency in managing medical waste,” says a Senior Research Analyst.
Competitive Landscape
Medical waste management is mainly used in healthcare sectors such as hospitals, clinics, laboratories and other places. Global health markets are experiencing rapid expansion in emerging markets such as North America, Asia-Pacific, and Europe.
The major market players focus their strategies on expanding their capacity and geographic footprint as well as collaborating with local players to eliminate waste in untapped markets.
These insights are based on a report on Medical Waste Management Market by Fact.MR.