Demand for medical waste management is anticipated to rise at a CAGR of 6.2% from 2021 to 2028. This detailed research survey on medical waste management market by analysts at Fact.MR, a market research and competitive intelligence provider, has depicted a market worth of US$ 15.2 Bn in 2020, and the analysis projects an estimated revenue total of US$ 25.2 Bn by the end of 2028.
Focus on healthcare has bolstered over the past few years, and this trend has resulted in substantial increase in medical waste. Increasing geriatric population, rising prevalence of chronic diseases, increasing rate of hospitalization, and growing burden on healthcare infrastructure are factors that will govern medical waste production and management over the forecast period.
Governments and medical waste management service providers are focusing on increasing awareness about hazards of improper waste management as the lack of this awareness is anticipated to restrain medical waste management market potential over the forecast period.
Key medical waste management service providers and governments across the world are focusing on establishing new waste management facilities to deal with increasing volumes of medical waste on a global scale.
In August 2021, the Government of India announced the launch of a new decentralized biomedical waste incinerator. This facility was launched in Bihar, India, to deal with increasing biomedical waste due to the COVID-19 pandemic.
Key Takeaways from Market Study
· In 2020, revenue from the medical waste management market totaled US$ 15.3 Bn.
· Demand for medical waste management solutions is projected to rise at a CAGR of 6.2% from 2021 to 2028.
· Projected medical waste management market value for 2028 is US$ 25.2 Bn.
· Increasing focus on healthcare, rising geriatric population, prevalence of chronic diseases, and strict regulations for waste management are expected to positively impact medical waste management market potential.
· Lack of awareness regarding improper disposal of medical waste is anticipated to hamper market growth to some extent.
· North America is anticipated to witness high growth in demand for medical waste management services owing to strict mandates and rising hospitalizations in the region, driven by rising prevalence of chronic diseases and obesity.
“Increasing healthcare expenditure will have a positive effect on global medical waste management market growth over the coming years,” says a Fact.MR analyst
Market players are focusing on expansion of their waste management facilities to accommodate the growing volume of medical waste on a global scale. Medical waste management market players are also expected to deploy various organic and inorganic strategies to strengthen their foothold in multiple regions.
Strict waste management mandates are projected to boost the adoption of services provided by key medical waste management market players and will further bolster the market potential over the forecast period.
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