Global Medical Waste Management Market to Gain Momentum from Rising Awareness in Asia Pacific
The flourishing global industry of healthcare services, the mounting global population, and the rising number of geriatrics across the globe are leading to the generation of more and more medical waste. Given the biologically active nature of medical waste, which can pose a risk to people and environment, the management of this kind of waste is often very difficult. Poor medical waste management can put care staff, patients and their families, employees handling the waste, the surroundings where the waste would be disposed of, and the neighboring population to critical medical risks. For medical waste management to be successful, everybody working with healthcare services needs to understand and stick to the best practices for collecting, processing, and disposing of such waste.
Waste Collection and Processing Lead Medical Waste Management Market
Healthcare facilities are solely responsible for the medical waste they produce. Thus, handling, treatment, and disposal of it is also their primary concern. Of the overall medical waste produced by the global healthcare services industry, nearly 20% has the ability to cause infection, chemical or radiation exposure, or trauma.
Although the risks associated with hazardous medical waste and the best practices for managing it are well known, undertaking the best measures requires considerable technical expertise and financial resources. The global medical waste management market is a modestly growing market due to the lack of widespread availability of aforesaid resources. A recent TMR research report on the global medical waste market states that the market will grow at a sturdy 4.8% CAGR between the years 2013 and 2019. The market had a net worth of US$14,541.5 million in 2012 and will reach US$20,130.1 million by 2019 growing at this pace.
The market majorly offers waste management services like collection, disposal, and processing of medical waste. Of these, the collection services account for a major share of revenue generated by the global medical waste management market. TMR’s report states that in 2012, collection of medical waste helped the global medical waste management market acquire nearly 54% of its overall revenue.
However, the market segment of medical waste processing is projected to be the fastest growing segment over the next few years, mainly owing to the rising global demand for non-incineration technologies for medical waste treatment.
North America and Europe Lead Medical Waste Management Market due to Widespread Occurrence of Healthcare Resources
The market is currently quite concentrated in terms of geography-based market penetration. North America and Europe – traditionally being the first takers of advanced technologies in the fields of medicine and healthcare and having strict regulatory compliances regarding proper management of medical waste – are the chief regional markets for the global medical waste management industry.
Asia-Pacific, a region which is home to nearly 60% of the world’s population and includes seven of the world’s ten most populous countries, is a diverse region with huge untapped opportunities for the global medical waste management market due to the huge network of healthcare facilities in rapidly developing countries such as Japan, New Zealand, and Australia.
In India and China, the world’s two most populous countries, the market’s growth opportunities are hampered by a lack of strict government regulations and low awareness. Countries such as South Africa, Brazil, Israel, Mexico, the UAE, and Turkey also offer great growth opportunities for the global medical waste management market.
Competitive Landscape of the Medical Waste Management Market
The global medical waste management market features a large number of small medical waste management companies, with a very small number of companies having an extended reach. Some of the major companies operating in this market include Stericycle, Inc., Veolia Environmental Services, Republic Services, Inc., Clean Harbors, Inc., Waste Management, Inc., US Ecology, Inc., and Suez Environment SA. Of these, Stericycle, Inc. had a major revenue share of the market, of nearly 13%, in the year 2012.
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