Medical waste management manufacturers have invested resources in the development of stricter and comprehensive operational guidelines, aside from expansion of waste management infrastructure.
ROCKVILLE, MD / ACCESSWIRE / August 18, 2020 / The medical waste management market is projected to rise to a US$ 22 billion valuation by the end of 2025. The coronavirus pandemic will provide major impetus to demand for medical waste management services. The continuous rise in the number of coronavirus cases has resulted in use of larger amounts of testing and treatment equipment in addition to PPE. The resulting increase in waste quantities is creating disposal challenges for healthcare facilities and is providing growth opportunities for medical waste management market players.
"Growing demand for the use of environment-friendly and hygienic waste management practices is expected to provide growth opportunities in the years ahead. Further, the rapid expansion of the global healthcare sector will generate increasing amounts of medical waste, thereby boosting growth for the market in the post-pandemic era," says the FACT.MR report.
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Medical Waste Management Market- Key Takeaways
- Incineration waste disposable processes are expected to lose ground to thermal and chemical processing, over growing concerns of pollution from incinerators.
- Non-hazardous, hospital-based waste management will contribute significantly to revenue owing to changes in regulations and guidelines in handling and disposal standards.
- North America will hold substantial market share, owing to major investments into healthcare facilities and access to new technologies.
Medical Waste Management Market- Driving Factors
- The recent surge in modernization of healthcare sector, and associated government policies in emerging economies is providing major growth opportunities.
- Importance being given to the development of environment-friendly disposal processes such as recycling is contributing to market growth.
Medical Waste Management Market- Major Restraints
- Prohibitive costs of complex machinery and technology required for medical waste management restricts adoption.
- Lack of awareness about the risks of healthcare waste, coupled with poor training standards is hindering market growth.
COVID-19 Impact on Medical Waste Management Market
Major concerns over the safe handling and disposal of biomedical waste during the covid-19 pandemic, and stricter guidelines by health and environment government departments are generating greater need for medical waste management service providers. Major investments into waste disposal technologies and PPE, coupled with the sudden surge in the volume of medical waste during this period has put unprecedented pressure on hospitals and other healthcare facilities, resulting in the redirection of resources towards waste management infrastructure. Demand is likely to stay strong even after the end of the pandemic.
Explore the global Medical Waste Management market with 84 figures, 54 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/4804/medical-waste-management-market
Competitive Landscape
Veolia, Stericycle, Medical Waste Solutions, Waste Management Inc., US Ecology Inc., Sharps Compliance Inc., and Clean Harbors Inc. are some of the leading players participating in the medical waste management market.
Major players in the medical waste management market are seen investing resources into expansion of waste disposal capabilities to keep up with the sudden increase in medical waste volumes.
For example, Clean Harbors Inc. has announced the completion of its US$ 120 million expansion of its medical waste incinerator facilities in Arkansas to handle 160,000 tons annually. Cleanaway Waste Management is seeking regulatory approval to expand medical storage capabilities with operations in a warehouse in East Bendigo, Australia. Further, Stericycle is pushing to build a 50,000-feet medical waste incinerator facility in the Northern Nevada industrial center.
About the Report
This study offers readers a comprehensive market forecast of the medical waste management market. Global, regional and country-level analysis of the top industry trends impacting the medical waste management market is covered in this FACT.MR study. The report offers insights on the medical waste management market on the basis of nature of waste (non-hazardous and hazardous), waste type (sharps, infectious & pathological waste, radioactive waste, pharmaceutical waste, and non-infectious waste), waste generator type (large quantity and mid & small quantity) and service type (onsite and offsite waste management) across five regions (North America, Latin America, Europe, Asia Pacific, and MEA).
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https://www.accesswire.com/602210/Medical-Waste-Management-Market-to-Hit-US-22-Bn-by-2025-Services-to-Surge-During-Covid-19-Crisis-Owing-to-Increased-Bio-Waste-Generation-Says-FactMR
