Promising Growth Projected for Global Medical Waste Management Market: Expected to Reach USD 9.8 Billion by 2027 | BlueWeave
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Global Medical Waste Management Market: Expected to Reach USD 9.8 Billion by 2027
Kolkata, July 30, 2021 (GLOBE NEWSWIRE) -- A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global medical waste management market was worth USD 6.5 Billion in 2020 and is further projected to reach USD 9.8 Billion by 2027, at a CAGR of 6.1% during the forecast period (2021-2027). Several trends are transforming the global medical waste management market. The growth of the market can be attributed to several factors, such as the increasing volume of medical waste, a growing number of geriatric and obese population, the development of innovative manufacturing techniques in pharmaceuticals, medical devices, and a growing focus on strengthening the healthcare infrastructure. Globally, medical waste management market growth is also being driven by efforts to curb the illegal trading of used medical equipment and tools. Another majorfactor propelling the market growth is disease control and prevention.
Increasing Volume of Medical Waste is driving the growth of the Global Medical Waste Management Market
The volume of medical waste has registered a spike in recent years with the largest spike in 2020. India registered a peak of 250 tonnes of medical waste generated on May 10, 2020, according to the Central Pollution Control Board, a statutory organization providing technical assistance to the Indian Environmental Ministry. In 2019, the highest peak was between 180-220 tonnes per day. The World Health Organization estimates that 16 billion injections are administered every year, but not all of those injections are disposed of safely.The number of injections used went up in 2020 due to the COVID-19-induced pandemic. In October 2020, UNICEF announced that it would stockpile 520 million syringes to prepare for the COVID vaccination around the world with a target of 1 billion syringes in 2021. Syringes are not the only item contributing largely to the increase in medical waste in 2020. Face masks, medical kits, gloves, and other similar items are also significant contributors.
The rate of medical waste generation doubled in various regions around the world in 2020 owing to increased diagnosis and treatment due to the COVID-19 situation. When COVID-19 was first reported in China, the Emergency Management Office of the Ministry of Ecology and Environment reported a 23% increase in medical waste generation and treatment. The volume of medical waste is increasing every year and unsafe disposing of the medical waste can lead to infections and diseases, along with increased cases of non-transferable diseases. On a request under the Right to Information (RTI) Act, the Punjab State AIDS Control Society provided statistics showing that over 10,000 patients have been diagnosed with the disease since 2014, and over 3,000 had contracted it in just eight months until August of this year.This number highlights the importance of safe management of medical waste. Increased medical waste generation due to the COVID-19, is expected to drive the growth of the global medical waste management market during the forecast period.
Expanding Research and Development and Technological Advancements expected to drive the growth of the global medical waste management market
With the demand for quick, effective, and environment-friendly waste management methods and technology going up, the global medical waste management market is expected to register significant growth during the forecast period. In June 2007, the World Health Organization (WHO) urged governments to allocate some budgets for setting up, maintaining, and supporting efficient medical waste management systems around the world. Consequently, governments around the world are working closely with regional authorities to establish new and advanced facilities to manage medical waste efficiently and safely.Moreover, in the Philippines, General Santos City is looking forward to the establishment of its own medical waste treatment facility by 2022, as announced by the department head of the city-run Dr. Jorge P. Royeca Hospital (DJPRH) on July 27, 2021.
As a result of a spike in medical waste generation caused by the COVID-19 pandemic, medical waste treatment facilities around the world have seen increased traffic as a result of the need for quick and effective medical waste management.Some of the latest innovations in medical waste management include smart syringes, disposable PPE and gloves, and Envomed 80—an on-site device that converts medical waste into a safe product that can be disposed of with municipal waste and is environmentally friendly.These advancements, coupled with the support from the national and regional governments and authorities, are expected to drive the growth of the global medical waste management market during the forecast period.
The Incineration Segment held the Largest Share in the Global Medical Waste Management Market in 2020
Based on treatment type, the global medical waste management market is segmented into incineration, autoclaving, chemical treatment, and others. The incineration segment dominated the global medical waste management market in the year 2020 and accounted for the largest market share owing to technological advancements, increasing government initiatives for medical waste management, and the generation of huge medical waste across the globe by the medical & healthcare industry. The autoclave technology is gaining increased popularity for medical waste treatment as it uses heat, steam, and pressure for processing waste, which is deemed as environment friendly. Additionally, it is capable of destroying bacteria and infectious materials found in biomedical waste.
The Global Medical Waste Management Market: Regional Insights
The global medical waste management market is segmented into five regions—North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. The North American region held the largest market share in the global medical waste management market in 2020. There are around 1500 medical waste treatment facilities in the U.S., and the Federal Government, along with state governments regulate the medical waste treatment. Dr. TanveerAdyel, of the Department of Civil Engineering at Monash University in Melbourne, Australia, estimated that if the increases observed in Wuhan hold true, the United States would generate an entire year's worth of medical waste in two months. According to an article published in the Providence Journal, the U.S has more than 6000 hospitals and the country had conducted more than 390 million tests after a year of the COVID-19, with more than 300 million vaccine doses already administered, according to the U.S. Department of Health & Human Services. The large volume of medical waste generated across the hospitals in the region, as well as a strong healthcare infrastructure, and a large number of COVID-19 tests and vaccination in North America are supporting the large market share of the region in the global medical waste management market.
COVID-19 Impact on Global Medical Waste Management Market
The COVID-19-induced pandemic has positively affected the global medical waste management market around the world. Consequently, the demand for medical waste management services and treatment methods exponentially went up. Countries experienced an increased medical waste generation rate in 2020 due to the COVID-19. For instance, China had to set up a new medical waste treatment center in Wuhan province to effectively manage the medical waste generated during the pandemic. At a news conference in Beijing in March, Zhao Qunying, Director of the Emergency Management Office of the Ministry of Ecology and Environment, reported that 22 cities were operating over-capacity and 28 cities were working at full or near full load to manage the load of increased medical waste generated by the pandemic.
The demand is expected to go further up in the upcoming years as the biggest vaccination campaign in history is underway and the effective management of the generated medical waste would be a mammoth task. Though smart syringes, disposable PPE kits & gloves, the Envomed 80 have made it slightly easier to effectively manage medical waste, the demand for medical waste management services and treatment methods is expected to remain high in the near future with the looming threat of the third wave of the COVID-19, along with new and deadlier variants of the COVID-19 virus emerging every other day.
The Leading Players Operating in the Global Medical Waste Management Market Are Biomedical Waste Solutions, LLC, Clean Harbors, Inc., Waste Management, Inc., Suez Environmental Services, Veolia Environmental Services, Daniels Sharpsmart Inc., US Ecology, Inc., Republic Services, Inc., Stericycle, Inc., All Medical Waste Australia Pty Ltd., Casella Waste Systems, Inc., and other prominent players. The key players are looking to provide cost-effective modern solutions to gain an upper hand in the global medical waste management market. Companies are also aiming to form partnerships with other businesses to leverage their expertise in other fields, develop innovative solutions, and attract clients for grabbing more market share.
Recent Developments intheGlobal Medical Waste Management Market
In July 2021,the Department of Science and Technology (DOST) partnered with a private company in Davao City to help the country deal with its medical waste management and disposal problems.DOST Region XI partnered with Bluelander Environmental Services during the vaccination drive for government employees in Davao City to address problems on medical waste management and disposal according to DOST Secretary Fortunato “Boy” T. de la Peña
In July 2021, POINT Biopharma and Isotopia announced the Lutetium-177 Clinical Supply agreement. Isotopia’s Lu-177 contains no metastable Lu-177m, eliminating cost-intensive medical waste management. Isotopia’s Lu-177 will be used at POINT’s Indianapolis facility in the manufacturing of its therapeutic radioligand therapies.While POINT Biopharma Global Inc. is involved in accelerating the discovery, development, and global access to radiopharmaceuticals, Isotopia Molecular Imaging Limited is a global supplier of radioisotopes for targeted therapies.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global medical waste management market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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