Medical centers including hospitals, laboratories, clinics and various places where diagnosis and treatment are carried out generate waste that can be highly hazardous. These waste put people at risk of fatal diseases. However, the understanding of medical waste management and control techniques is important. Proper method used in today scenario for decomposing medical waste includes incineration, autoclaving, chemical treatment and others
Globally, medical waste management market has been accelerated by increasing/rising numbers of the aging population (which serves as a patient) across the globe. Moreover, a large amount of waste generated is the key factors for fueling the growth of medical waste management market. Furthermore, increasing initiatives by government authorities for the management of medical waste are also considered for the growth of medical waste management market. However, high capital investment is a key limiting factor which directly affects the growth of medical waste management market. Nonetheless, ongoing research and technological advancement in the healthcare sector are expected to open growth avenues for the medical waste management market over the years.
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Based on the type, the global market for medical waste management is bifurcated into two types: nonhazardous waste and hazardous waste. The hazardous waste is further segmented into infectious and pathological waste, pharmaceutical waste and other medical waste. Global medical waste management market is dominated by nonhazardous waste. Nonhazardous waste is the biggest market and acquires 85% of the world market for medical waste management. However, hazardous waste accounts for only 15% of market shares in terms of revenue.
Based on treatment, the global market for medical waste management is bifurcated into four types: incineration, autoclaving, chemical treatment and other treatments. Autoclaving dominates the market for medical waste management based on treatment in terms of revenue and accounts for approximately 40% of market share in 2014. Autoclaving is a most appropriate method for decomposing the medical waste. Autoclaving was followed by incineration.
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Based on geographies, the global market for medical waste management market is bifurcated into five types: North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. These segments are further bifurcated into the U.S., UK, Germany, France, China, Japan, India, and Brazil. North America was the leading regional segments of medical waste management market in 2014 followed by Europe, as this region associated with advanced technology coupled with the rapid rising of the population in this region. Moreover, technological advancement and large numbers of big hospitals (bed numbers) account for market growth. The medical waste management is expected to witness the highest growth in Asia-Pacific region in the upcoming years' due presence of large patient base coupled with the increase in of healthcare expenditure.
Key participants operating in the global medical waste management market include BioMedical Waste Solutions, LLC, Clean Harbors, Inc., Daniels Sharpsmart, Inc., REMONDIS Medison GmbH, Republic Services, Inc., Sharps Compliance, Inc., Stericycle, Inc., Suez Environnement S.A., Veolia Environnement S.A., and Waste Management, Inc.
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