Medical Waste Management Market is anticipated to grow at a CAGR of 5.3% from 2020 to 2030.

Market Industry Reports (MIR) has published a new report titled “Medical Waste Management Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global medical waste management market accounted for over US$ 6.6 billion in 2019. The market is anticipated to grow at a CAGR of 5.3% from 2020 to 2030. 

This market growth can be attributed to several factors, which have led to its wide-scale adoption. The growing incidents of infectious diseases coupled with an increasing volume of healthcare waste and the implementation of various regulations for the management of medical waste are anticipated to further contribute to this substantial growth between 2020 and 2030. However, the lack of training for proper disposal is likely to restrain market growth to a certain extent.

To obtain better insights regarding the market scenario, prominent players are focusing on collaborative initiatives with several institutions, research centers, and companies. For instance, in April 2019, Waste Management announced plans to acquire smaller rival Advanced Disposal Services for about $3 billion in cash. This acquisition will result in the growth of Waste Management’s footprint and allow it to deliver unparalleled access to differentiated, sustainable waste management and recycling services to customers of Advanced Disposal Service.

Growing incidents of various diseases have led to increasing treatments and surgeries at hospitals, in turn, increasing the volume of medical waste. Furthermore, the emergence of new diseases has generated the need for new curable drugs for treatment, resulting in a rise in R&D activities. Pharmaceutical companies will, in turn, support growth of the market over the forecast period.

Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Medical Waste Management Market by Type of Waste (Non-hazardous Waste and Hazardous Waste), Service (Collection, Transportation, & Storage Services; Treatment & Disposal Services {Incineration, Autoclave, and Chemical Treatment}; and Recycling Services), Treatment Site (Offsite Treatment and Onsite Treatment), Waste Generator (Hospitals and Pharmaceutical Companies) -Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/medical-waste-management-market/289

Several regulatory bodies, such as Occupational Safety and Health Administration (OSHA), the Centers for Disease Control (CDC), the U.S. Food and Drug Administration (FDA), the Department of Transportation (DOT), and the Drug Enforcement Administration (DEA) have implemented various regulations for the management of medical waste. The increasing number of initiatives by government authorities is another factor that will further propel its adoption in the coming years.

However, the lack of training for proper waste disposal is one of the major factors hampering market growth. Also, the lack of training with regards to medical waste management poses serious risks to the health of personnel. The major reasons for lack of training are budget constraints, lack of skilled trainers, and lack of willingness to provide training.

Asia Pacific is the fastest-growing market for medical waste management and is anticipated to contribute significantly to the global market share. The growth in this region can be attributed to the increasing prevalence of infectious diseases, growing adoption of advanced medical technologies leading to increased diagnosis and treatment of various diseases, which increases medical waste and the need for its management. Countries in the APAC, such as India, China, and Japan, are anticipated to provide significant growth opportunities for the global medical waste management market due to a large number of aging populations susceptible to various diseases.

Some of the prominent players in the medical waste management market include Stericycle, Veolia, SUEZ, WM Intellectual Property Holdings, L.L.C., CLEAN HARBORS, INC., REMONDIS SE & Co. KG, Bio Medical Waste Solutions, LLC., Daniels Health, Republic Services, Inc., and EcoMed, among others.

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