According to the latest report published by Credence Research, Inc. “Medical Waste Management Market Growth, Future Prospects and Competitive Analysis, 2016-2022,” the medical waste management market was valued at USD 10,861.3 Mn in 2015, and is expected to reach USD 15,806.6 Mn by 2022, expanding at a CAGR of 5.4% from 2016 to 2022.
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Market Insights :
Medical waste includes waste materials generated in healthcare facilities, medical laboratories, clinical research laboratories and other locations. Medical waste management is characterized as processes involving the regulation of the generation, storage, treatment, processing and disposal of medical waste. Proper management of medical waste has been listed as hourly needs, taking into account their serious impact on general health and well-being, environmental conservation and the well-being of health workers.
Rigid environmental and safety standards and legislation for the treatment and processing of medical waste have been defined in all developed regions of the world. Healthcare facilities and pharmaceutical producers are the largest producers of medical waste. As the healthcare infrastructure of the developed world is well established, compliance with the guidelines is a significant component of the overall management of hospitals and medical facilities in these regions. Compliance with such strict rules has forced healthcare facilities to move their operations from on-site waste management to off-site alternatives through contractual arrangements in order to increase overall administrative efficiency and ensure safety.
Through outsourcing of medical waste management activities, it is ensured that highly skilled workers collect, handle, treat and dispose medical waste in a cost effective way while simultaneously assuring environmental and human safety. Some of the prime observations in this market are:
Large hospitals and outpatient facilities are the largest generators of medical waste
Incineration in the most common method of medical waste treatment
Preference for on-site medical waste treatment will drop in the future in the view of cost management and administrative convenience
Outsourcing of medical waste management processes is majorly an outcome of cost constraints in planning medical facilities since the economic upset in 2008
The market in developed regions is fragmented with several local companies exhibiting rigorous market activities
Moreover, emerging markets of Asia-Pacific, Latin America and Middle East Africa will be the fastest developing market in the view of the rapid infrastructure development and healthcare expenditure. Growing awareness in these regions has also urged the governments for developing well-defined regulations for medical waste management.