Healthcare Waste Management Market Size:

The Healthcare Waste Management Market Size was valued at USD 34.08 Billion in 2023, and is expected to reach USD 68.03 Billion by 2032, and grow at a CAGR of 8.36% Over the Forecast Period of 2024-2032. The rapid use of disposable medical solutions causes the significant production of waste and by-products. Rapid advances in the application of innovative and unique medical products force the pharmaceutical industry to adhere to new and advanced approaches in the production of drugs, and medical devices. Additionally, the growth of the market is observed the effective inventory supply chain when all the materials required to perform regular procedures are maintained at the necessary level. Consequently, such factors as the industry’s acceleration, and expansion, are associated with the generation of leftover material. Meanwhile, to address the emerging by-products and residue, there is a demand for an organized and efficient service that will integrate and transport a specific material from one place to another as required.

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Furthermore, the positive governmental initiatives particularly comprising the financial support for the medical waste management projects in the developing economies are expected to be the market growth enhancers. One such instance is the strategic partnership between Stericycle and UPS Healthcare, which was formed in May 2021. Within the scope of the agreement, Stericycle will work with UPS Healthcare for managing the reverse logistics of the medical leftover. The agreement allows UPS Healthcare to leverage the reverse logistics processes including the reverse logistics of residue classification and disposition with enhanced support from Stericycle. With this agreement, UPS will provide comprehensive logistical support to the healthcare sector, providing end-to-end solutions.

Healthcare Waste Management Market Dynamics:

Key Drivers:

• The Rising Global Demand for Healthcare Services, Driven by Population Growth, and Increasing Prevalence of Chronic Diseases, Has Led to a Surge in Medical Waste Generation Solutions.

• Governments and International Health Organizations Have Implemented Strict Regulations Regarding the Disposal of Healthcare Waste to Prevent Environmental Contamination and Public Health Risks.

Restraints:

• The Implementation of Healthcare Waste Management Systems are Costly, Hindering the Growth of the Market.

• Lack of Awareness and Training Regarding Proper Healthcare Waste Management Practices Among Healthcare Workers is Limiting the Market Growth.

Opportunity:

• Growing Awareness of The Environmental and Health Impacts of Improper Waste Disposal is Posing Lucrative Growth Opportunities for Healthcare Waste Management.

• Innovations in Waste Treatment Technologies, Such as Autoclaving, Incineration, and Chemical Disinfection, Have Enhanced the Efficiency and Safety of Healthcare Waste Disposal.                                                                                                                 

Healthcare Waste Management Market Segment Analysis:

By Service

The Medical Waste Management Market, by Services was led by the collection, transportation, and storage services segment in 2023 with 48%. In the same year, collection, transportation, and storage services market realized the second highest CAGR. As per the services, the market is segmented into collection, transportation, and storage services, treatment & disposal services, and recycling services. The advent growth rate for this market is the increased government interests, as well as the public perceives the importance of the medical waste management and healthcare cost operation reduction at the accurate disposal of waste.

By Type of Waste

The Medical Waste Management Market, by Type of Waste Segment’ was led by the non-hazardous waste segment in 2023 with 65%. It was the largest share in the same year. The market is segmented into non-hazardous waste and hazardous waste. The increased industrial growth collectively with a growing number of healthcare procedures, including chronic diseases and accident-induced burns, led to an increased number over the years. In addition to these, increased government and non-government interest in healthcare-related developments such as infrastructure and facility increase have been determining the growth potential of the market.

Healthcare Waste Management Market Regional Overview:

The North American was the leading region for medical waste management with 31% of market share. This increase is attributed to the presence of advanced health sector and raise in infectious and chronic diseases employing advance medical and surgical resources and treatment. Further, majority of hospital in United States have incorporated a method in which used equipment are recycled and sold at a fraction of its initial value back to the hospital. Thus, market share is likely to increase by these factors. Hence initiatives also play an important role in driving the growth of the market. For instance, in May 2021, Sterling and UPS Healthcare entered into agreement to manage the reverse logistic of medical waste. Under the agreement, Sterling will assist UPS healthcare to manage reverse logistics of medical wastes that includes classification and disposal of business waste and non-household consumer waste. Thus providing UPS, Sterling end to end logistical support to the healthcare industry.

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KEY PLAYERS:

The key market players are Stericycle, Inc., REMONDIS SE & Co. KG, Clean Harbors, Inc., Sharp Compliance, Inc., Suez environment, Waste Management, Inc., BioMedical Waste Solutions, LLC, Republic Services, Inc., Daniels Sharpsmart, Inc., Veolia & other players.

RECENT DEVELOPMENTS

• In June 2023, Cabinet Health, innovators of the world’s first refillable and compostable medicine system, introduced the nationwide recycling of pill bottles emphasizing the challenges facing pharmaceutical plastic wastage.

• In February 2023, EcoSteri has announced the opening of a state-of-the-art medical waste facility in Summerville. This new facility which is the only one of its kind is a medical waste treatment and destructing provider in the region.

• In April 2022, Sterling Inc. introduced their new product, SafeShield medical waste containers. These containers are specifically designed adhering to high quality and customized for the storage of regulated medical waste.

• In August 2022, to provide urgent assistance concerned with unprecedented rising of infectious health care waste in Bangladesh, Bhutan and Maldives impact by covid-19, the Government of Japan and UNDP launched a new project.

• In March 2022, MediWaste a new company was launched to handle Bermuda’s bio-hazard waste. Thus, responsible in collection, treatment and disposal of medical waste employing their two purpose-built incinerators.