The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 25, 2023 /PRNewswire/ -- As per The Business Research Company's Medical Waste Management Global Market Report 2023, the global medical waste management market has continued its growth trajectory, reflecting the evolving healthcare landscape and innovative solutions. Recent market data reveals that the global medical waste management market size increased from $17.03 billion in 2022 to $17.89 billion in 2023, demonstrating a commendable compound annual growth rate (CAGR) of 5.1%. Furthermore, the medical waste management market is expected to maintain its upward trend, reaching an estimated $21.7 billion in 2027, with a projected CAGR of 4.9%.
Factors Driving Market Growth
Several key factors contribute to this sustained growth in the global medical waste management market:
- Prevalence of Chronic Diseases: The rising incidence of chronic diseases necessitates effective medical waste management solutions in healthcare facilities.
- Aging Population: An aging global population demands increased healthcare services, generating more medical waste that requires proper disposal.
- Population Growth: The world's increasing population drives greater healthcare activity, contributing to the growth of medical waste.
Learn More On The Medical Waste Management Market Report – https://www.thebusinessresearchcompany.com/report/medical-waste-management-global-market-report
Fragmented Market Landscape
The medical waste management market exhibits fragmentation, with numerous small players operating worldwide. In 2022, the top ten competitors collectively held 24.73% of the total medical waste management market share. Stericycle, Inc. led as the largest medical waste management company, securing an 8.98% share of the market.
Stericycle, Inc. has adopted a growth strategy that emphasizes strengthening its business capabilities through product innovation. In April 2022, Stericycle launched SafeShield, a new line of antimicrobial medical waste containers designed for the transportation and storage of regulated medical waste (RMW). SafeShield sets a standard for high-quality containers in the industry.
Mergers and Acquisitions Drive Expansion
Companies in the medical waste management market are increasingly turning to mergers and acquisitions to bolster their financial standing and expand their product portfolios. For instance, in August 2022, Aurora Capital Partners, a U.S.-based private equity firm, acquired Sharps Compliance Corp., a U.S.-based provider of comprehensive waste management solutions, including medical, pharmaceutical, and hazardous waste. This strategic acquisition strengthens Aurora's position in the Business Services sector.
Furthermore, in February 2022, Sharps Compliance Corp. acquired Midwest Medical Waste Inc., a U.S.-based provider of medical waste management services. This acquisition aligns with Sharps Compliance Corp.'s strategy to enhance organic growth initiatives by adding complementary acquisitions that increase route density and market reach.
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Market Segmentation
The global medical waste management market is segmented into several categories:
- Type: Bio-Hazardous/Infectious Waste, Non-Hazardous Waste, Sharps, Pharmaceutical, Radioactive, Other Types
- Treatment: Incineration, Autoclaving, Chemical Treatment, Other Treatments
- Services: Onsite Services, Offsite Services
- Application: Hospitals, Clinics, Ambulatory Surgical Centres, Pharmaceutical Companies, Biotechnology Companies, Other Applications
Among these segments, the non-hazardous waste market is poised for substantial growth, with an estimated $3,678.4 million in global annual sales by 2027.
Regional Insights
In 2022, North America emerged as the largest region in the medical waste management market, accounting for 34.8% of the global medical waste management market share. It was followed by Asia-Pacific, Western Europe, and other regions.
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