The global medical waste management market is projected to reach USD 22.3 Bn by 2025 with the cumulative annual growth rate (CAGR) of over 5.1% from 2017 to 2025, according to a new report published by Transparency Market Research (TMR) “Medical Waste Management Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025”. The report suggests that rise in the generation of medical waste and stringent environmental and medical regulations across the regions are the factors expected to boost the market growth.
North America will continue to be at the forefront of global demand, with the market in the region growing at above 4% through 2025 owing to highly stringent regulations governing disposal of medical waste especially sharps and infectious & pathological waste. Growing economy, initiatives by NGOs, and increasing awareness about the health risks associated with the improper management of medical waste are dominating factors expected to drive the market in Asia Pacific region in coming the coming years. Thus, the Asia Pacific medical waste management market is expected to witness significantly high growth rate during the period of 2017 to 2025.
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Large quantity medical waste generators segment is expected to dominate the global market
The report offers detailed segmentation of global medical waste Management market based on nature of waste, waste type, and waste generator type, and service type. The non-hazardous medical waste segment is poised to account for leading share owing to high quantity of non-hazardous medical waste generated and similarly stringent regulations as that of hazardous waste for the disposal of it. According to WHO, 85% of the medical waste generated is non-hazardous in nature, however, it is not allowed to dispose in municipal landfills without prior treatment as there are still chances of mixing and contamination of non-hazardous waste with the hazardous waste at the site of waste generation.