Medical Waste Management Market Rising Growth and Future Analysis

Given the growing amount of all types of medical wastes, globally, and increasing regulatory pressure to properly dispose these wastes in a non-hazardous way, the global medical waste management market is expected to grow at a steady pace in the coming years. Medical waste refers to the waste originated within medical amenities, such as hospitals, clinics, veterinary hospitals/clinics, dental practices, physician's offices, laboratories, pharmaceutical industry, and blood banks. There are several types of medical wastes including hazardous (such as infectious, radioactive, or toxic), universal, biohazardous (such as, red bag medical waste and sharps containers), and solid. The process of medical waste management includes transportation, treatment or destruction, disposal, and documentation of waste generated from the facility.

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Growing volume of medical waste, increasing focus on the management of medical waste, and stringent regulatory framework to manage these wastes safely and in an ecofriendly way are some of the factors driving the medical waste management industry.

Medical waste management market is regulated by several, local, state and federal regulations. There are different rules in place for various types of medical wastes. State and local regulations typically pertain to the labeling, containment, storage, transportation and treatment of medical waste. With the increasing regulatory pressure, the demand for proper management of medical waste is growing from the healthcare facilities as well as commercial businesses.

With the growth of healthcare and pharmaceuticals industry particularly in developing markets, the volume of medical wastes (such as, infectious, pathological and cytostatic waste, photochemical waste, offensive waste, old X-ray film, chemicals, solvents, old medicines, sharps, slides/paraffin blocks, and biological safety cabinets) is growing. This is expected to lead to growing demand of state-of-the-art disposal and recycling technologies to facilitate the treatment of all types of healthcare waste, in an efficient and environmentally compatible way, particularly in developed regions of North America and Europe.

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Some of the major players operating in global medical waste management industry include, BioMedical Waste Solutions LLC, Clean Harbors Inc., Daniels Sharpsmart Inc., Hawaii Bio-Waste Systems Inc. (HBW), Healthcare Environmental Services Group, Medclean Technologies Inc., Medasend Biomedical Inc., Miller Group, Republic Services Inc., REMONDIS SE & Co. KG, Suez Environnement S.A., Sharps Compliance Inc., Waste Management Inc., Stericycle Inc., and Gamma Waste Systems.

Source: P&S Intelligence