The medical waste management market is set to grow from its 2019 value of $9.5 billion to $16.5 billion by 2026, according to a new research report by Global Market Insights.
The global medical waste management sector will observe heavy growth in the next six years due to the growing need for effective, efficient medical waste management services, according to the 235-page study. Newly introduced treatment options and therapies for various diseases will also play pivotal roles in the market expansion.
In addition, the rapidly increasing amount of coronavirus-related medical waste is creating a tremendous need for effective medical waste handling and disposal services. This trend is projected to provide significant growth impetus for the market, according to the study.
In regard to individual market segments, hazardous waste, which accounted for a greater than 20% industry share in 2019, is expected to experience increased demand due to a growing need for the proper handling and disposal of waste contaminated by body fluids and other infectious material.
And the demand for the management of sharps waste — syringes, needles, surgical instruments, lancets, scalpels, culture dishes, glassware — is also expected to rise sharply over the next six years, according to the study.
Among the study’s findings:
- Laboratories and research centers accounted for approximately 35% of the overall industry share in 2019.
- China, Japan and India have inadequate medical waste treatment facilities, which is causing increased demand for medical waste management services in those nations.
- China generates about 650,000 tons of medical waste annually, and that volume is expected to accelerate due to the impact of COVID-19.