Medical Waste Management Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Medical Waste Management Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : February, 2020 | Medical Devices | PPT format

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Global Medical Waste Management Market: Snapshot

The proper disposal of medical waste is one of the key challenges faced by healthcare providers world over. They are produced by hospitals, physician clinics, blood banks, veterinary hospitals, dental clinics, and clinical research facilities and lab. Medical waste may contain bodily fluids and other contaminants that may be potentially infectious. Hence medical waste management should remain a top concern among healthcare workers. They may also contain culture dishes, bandages, gloves, and discarded sharps. The rapid expansion of the healthcare industry in various emerging economies and growing focus on proper waste disposal are key factors driving the market. The growing number of diagnostic tests in various developing and developed nations leads to continuous generation of medical waste, thereby accentuating the growth of the market. The rising prevalence of infectious diseases and the growing number of clinical trials in numerous developing and developed nations is boosting the medical waste management market. The rapid growth of the pharmaceutical and medical devices industries is bolstering the demand for medical waste management. Medical waste management is highly regulated in various developed nations, especially in the U.S. and has shown rapid strides in last few decades. Healthcare providers in these countries are increasingly focused on adopting best practices for medical waste management and handling. The intensifying focus of various government agencies, non-governmental organizations, and community-based organizations has led healthcare practices adopt best methods in medical waste management. Furthermore, growing emphasis of public and private agencies to adopt best techniques for the disposal of hazardous medical waste is also accentuating the growth of the market. A rising geriatric population bodes well for the demand for medical waste management techniques.

Medical Waste Management Market: Overview 

Medical waste refers to waste produced at health centers, hospitals, dental clinics, physicians’ offices, blood banks, and veterinary hospitals as well as clinical research centers and laboratories. Any waste which is produced at the time of services rendered or research carried out on animals or human beings need to be properly disposed to prevent unwanted disease or to prevent the spread of infection from them. Therefore, medical waste is not limited to blood-soaked bandages, rejected surgical instruments, or glassware and culture dishes. 

Medical Waste Management Market: Key Trends 

The continuous expansion of the healthcare industry along with the increasing number of diagnostic tests has led to the production of a substantial amount of medical waste across the world. This, along with the growth of the pharmaceutical and medical devices industries has contributed towards the high volume generation of medical waste. In some countries such as the U.S., medical waste is highly regulated to observe proper disposal and recycling norms. The U.S. is not only one of the largest producers of medical waste worldwide, it also has one of the most efficient medical waste management systems across the world. Government agencies, community-based organizations, and non-governmental organizations are persistently guiding healthcare facilities to adopt effective recycling and medical waste disposal techniques. 

Moreover, in developed countries, technological developments, emergence of innovative disposal techniques, and continual efforts by public and private agencies for the proper disposal of hazardous medical waste are favoring the growth of the medical waste management market. 

The increasing number of diagnostic tests is the major reason for the generation of huge volumes of infectious wastes from diagnostic centers and pathological labs worldwide. The growing geriatric population susceptible to illness provides thrust for the rising demand for medical devices and diagnostic tests, which in turn, contributes to the rising volumes of medical wastes. 

Medical Waste Management Market: Market Potential 

The adoption of advanced waste management techniques is what top companies in the market are striving for. In a recent industry development, Skyline Medical Inc. – producer of FDA certified STREAMWAY, automated system for direct-to-drain disposal of medical fluids has received an Innovative Technology contract from Vizient Inc. Innovative Technology contracts are presented to technologies that display capabilities to enhance patient safety or clinical care. 

Medical Waste Management Market: Regional Outlook 

North America accounts for a majority share of the global medical waste management market, which is followed by Europe. These regions are expected to continue their positions in the near future as well. Governmental mandates pertaining to proper disposal of medical waste has been the major factors driving the medical waste management market in these regions. 

In Asia Pacific, Australia, Japan, and Australia present the most lucrative opportunities for the growth of this regional market. However, countries such as India and China present fewer opportunities to the growth of the regional market due to a low level of awareness about medical waste disposal and due to the absence of strict governmental mandates for the same. 

In Rest of the World, Israel, countries such as South Africa, Mexico, Brazil, Turkey, and UAE present the maximum opportunities to waste management companies that operate in this region.  

Medical Waste Management Market: Competitive Landscape 

Some of the leading companies in the global medical waste management market are Republic Services Inc., Stericycle Inc., Suez Environment SA, US Ecology Inc., Waste Management Inc., Clean Harbors Inc., and Veolia Environmental Services. 

Mergers and acquisitions are the most beneficial growth strategies for new entrants as well for existing players in the market. Acquisition of small companies enables large-sized vendors to expand their operational efficiencies and expand their service capabilities. 

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.

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