Market Trends of Global Medical Waste Management Industry
Incineration Segment is Estimated to Garner the Largest Share in the Medical Waste Management Market
The incineration segment is anticipated to hold a significant share of the market as burning is the most common and preferred method used to dispose of medical waste, although it is not environmentally safe as it leads to global warming. Factors such as convenience and lower capital investments are likely to boost the growth of this segment over the coming years.
Amid the pandemic, several hospitals and healthcare settings considered incineration as one of the best options for medical waste disposal as it restricted the spread of the virus to a greater extent. For instance, according to the World Health Organization's report titled "A global analysis of health waste in the context of COVID-19: status, impacts, and recommendations" published in February 2022, approximately 97% of plastic waste from the COVID-19 trial was burned.
In addition, the introduction of government programs and the introduction of new ventures are projected to boost the market segment's growth. For example, in August 2021, the Indian government introduced a biomedical waste disposal facility in Buxar Municipality, Bihar, India that is capable of handling 50 kilograms of biomedical waste made from cotton, plastic, or similar materials per hour.
Therefore, due to the aforesaid factors, the market segment is expected to grow over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same Over the Forecast Period
The North American region is expected to dominate the market for medical waste management due to the presence of a highly developed health sector and an increase in infectious and chronic diseases requiring advanced medical and surgical resources and treatment. Moreover, many hospitals in the United States have begun the process of recycling used equipment, which is sold back to the hospital for a fraction of the initial cost. Such factors greatly contribute to the regional market's growth.
According to a study entitled "Application of the Sterilization Process for Inactivation of Bacillus Stearothermophilus in Biomedical Waste and Associated Greenhouse Gas Emissions" published in July 2020, the total amount of biomedical waste produced annually increased from 1,362 tons in 2009 to 2,375 tons in 2019. The biomedical waste produced per hospital bed was estimated at 1.19 kg per bed per day. The study also suggested that about 60% of biomedical waste in the United States is incinerated, 37% is disinfected, and some is treated differently. Therefore, the high amount of medical waste produced in the country will increase the need for a variety of medical waste management treatments, which will bolster the market's growth.
Additionally, the initiatives undertaken by the market players are also propelling the growth of the market. For instance, in May 2021, Stericycle and UPS Healthcare entered into a partnership to manage the reverse logistics of medical waste. As per the agreement, Stericycle will help UPS healthcare manage the reverse logistics of medical waste, including waste classification and disposal. Through this partnership, UPS and Stericycle will provide end-to-end logistical support to the healthcare industry.
Thus, owing to the abovementioned factors, the market in North America is expected to project growth over the forecast period.
