The global market for medical waste has been growing on account of the enforcement of safe, hygienic, and environment-friendly practices across hospitals, clinics, and healthcare centers. The amount of medical waste generated annually poses a negative toll on the environment and can cause fatalities on a global scale. Hence, there is a pressing need to ensure that medical waste is effectively managed and its negative consequences are reduced as much as possible. Medical waste can be of different types including hazardous, non-hazardous, pharmaceutical, surgical, and autopsy waste. Despite the dire consequences that these waste have on the environment and on the general health of the vicinity, they cannot be entirely eliminated. Hence, managing such wastes is the ultimate option for the healthcare industry, which gives an impetus to the growth of the global market for medical waste management. The World Health Organization (WHO) has defined several parameters for estimating average annual waste across regions and has even stipulated ways of effectively managing this waste. It is anticipated that the demand within the global market for medical waste management would escalate at a boisterous rate in the years to come.
The global market for medical waste management is prognosticated to expand at a CAGR of 5.10% over the period between 2017 and 2025, finds TMR. Furthermore, the total revenues accumulated by the global market are expected to be worth USD 22.3 Bn in 2025.
1. Government Regulations
Although the government has given several perks to the healthcare industry in order to ensure its growth and development, the government authorities have been extremely strict with medical waste management policies and regulations. This has given a push to the growth of the global market for medical waste management and has created new areas of growth for market players. Furthermore, the outsourcing of medical waste management services by healthcare centers is also an important trend that has bolstered market demand.
2. Lack of Awareness Amongst Medical Staff
Despite the vitality of medical waste management for the healthcare industry, the awareness levels about ways of waste management are extremely low. This has become a hindrance for the growth of the global market for medical waste management. Furthermore, the deployment of a medical waste management system across healthcare centers requires heavy initial investment. The inability of hospitals and healthcare centers to afford such expensive systems has also been a loophole for the global market.
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3. Market Players
The market players in the global market for medical waste management are tirelessly working towards developing economical and effective systems for waste disposal. This is expected to bring in greater revenues in the global market for medical waste management over the forthcoming years. Some of these key players are US Ecology, Inc., Daniels Health, BWS Incorporated, and BioMedical Waste Solutions, LLC.