Market Research Report
Medical Waste Management Market Size By Type of Waste, By Service, By Waste Generator, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
|Published by||Global Market Insights Inc.||Product code||933702|
|Published||Content info||235 Pages
Delivery time: 2-3 business days
|Medical Waste Management Market Size By Type of Waste, By Service, By Waste Generator, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026|
|Published: April 15, 2020||Content info: 235 Pages||
The medical waste management market is anticipated to foresee significant growth owing to the large volume of medical waste created by the healthcare industry annually. Medical waste comprises infectious material, it is waste that is generated by healthcare facilities such as veterinary clinics, laboratories, hospitals, medical research facilities, dental practices, and physician's offices. Medical waste can comprise of bodily fluids such as contaminants or blood as well.
This medical waste needs proper management so as to make sure that the safety of individuals and animals is maintained in compliance with federal as well as state regulations. Having any sort of disparity in the process could further violate state or federal laws, thereby causing harm to the reputation of the healthcare services or harming the environment. Improper management of medical waste can risk the lives of healthcare professionals, staff, and employees as well. Thus, proper training and education are also essential in medical waste management.
With proper management of medical waste, there is less chance of any risk, thereby leading to a safe and healthy environment which in turn improves performance and profitability. Managing of medical waste is the key responsibility of the healthcare institution. It is important to recognize the areas that generally produce waste and what type of waste is produced inside the premises of the healthcare organization is to be noted.
Medical waste management market is segmented in terms of type of waste, service, and waste generator.
Based on type of waste, the medical waste management market is classified into hazardous and non-hazardous. Among these the non-hazardous segment held a market value of more than 2 billion in 2019. Non-hazardous medical waste is also known as general waste and is a type of waste that cannot be disposed into sewage line. This type of waste accounts for approximately 85% of all pharmacy inventory waste.
With respect to service, the medical waste management market is categorized into treatment and disposable services; recycling services; collection, transportation & storage services; and others. The others segment held a market share of around 13% in 2019 and will continue to show appreciative growth. Records removal/shredding, recovery services, destruction, training and consulting are included under others segment.
Based on waste generator, the medical waste management market is bifurcated into nursing homes, hospitals, laboratories and research centers, and others. The others segment is likely to witness a CAGR of around 7.5% in the coming years. Others segment include mortuary & autopsy centers and biotech, among others, that fosters the segmental growth.