Medical Waste Management Market
Medical Waste Management Market

“Medical Waste Management Market” is Growing at a Significant Rate in the Forecast Period 2018-2025

Global Medical Waste Management Market will cross USD 29,644.80 million by 2025. It was valued at USD 19,690.00 million in 2017. The market is growing at a CAGR of 5.4% in the forecast period 2018 to 2025. The Global Medical Waste Management Market, By Type of Waste (Hazardous Waste, Non-Hazardous Waste), Service Type (Collection, Transportation, & Storage, Treatment & Disposal, Recycling, Others), Treatment Type (Incineration, Autoclaving, Chemical Treatment, Irradiative, Biological, Others), Treatment Site (Offsite, Onsite), Category (Controlled, Uncontrolled), Source of Generation (Hospitals, Physician Offices, Clinical Laboratories, Manufacturers, Reverse Distributors), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)- Industry Trends and Forecast to 2025

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Some of the major players operating in this market are:

Stericycle, SUEZ, CLEAN HARBORS INC., Veolia, BioMedical Waste Solutions, LLC, REMONDIS AG & Co. KG., Sharps Compliance, Inc., Waste Management, Inc., Daniels Sharpsmart and Triumvirate Environmental among others.

Drivers: Global Medical Waste Management Market

The major factors driving the growth of this market are rise in generation of healthcare waste, growing healthcare industry, importance of medical waste management, eco-friendly waste management procedures and growing government initiatives. On the other hand lack of awareness about health hazards and lack of skilled professionals for proper disposal may hinder the global medical waste management market.

RISE IN GENERATION OF HEALTHCARE WASTE

Medical waste management refers to the suitable processing of waste materials produced by the healthcare institutions. The waste generated in the diagnosis, treatment or immunization of human beings or animals, including related research and production or testing of biologicals is termed as healthcare waste. These waste materials are engendered at clinics, bloods banks, and laboratories. With the surge in healthcare industries, there appears a rapid growth in healthcare waste too. Some of the statistics for the same are mentioned below

According to World Health Organization (WHO), among the total amount of waste generated by health-care activities about 85.0% is non-hazardous waste. The remaining 15.0% is considered hazardous material that may be infectious, chemical or radioactive.

According to World Health Organization (WHO), the developed countries generate 0.5 kg of hazardous waste per hospital bed per day and developing countries generate on average 0.2 kg

According to BioMedical Waste Solutions, LLC., 5.9 million tons of medical waste is produced every year in America.

According to Molecular Diversity Preservation International and Multidisciplinary Digital Publishing Institute (MDPI), in 2017, an article published in Sustainability reports showed that healthcare waste generation rates (HCWGR) are generally lower in developing countries than in the developed countries. Though, it is observed that there is rise in production of healthcare waste worldwide

Growing Healthcare Industry

The healthcare industry has become the prime sector in the terms of revenues and employment. This sector comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, and health insurance. According to Health Carousel, in the U.S, the healthcare profession is set to become one of the biggest and fastest-growing sectors. According to the Bureau of Labour Statistics, the fastest employment growth in between 2014-2024 is estimated in healthcare

Indian healthcare sector is growing at a balanced pace due to its improved coverage system, services and growing expenditure by public as well private players. The private and public are the two major components of Indian healthcare delivery system. Medical sector is growing lucratively in India as it is cost competitive when compared to Asian and Western countries

Hospitals are the prime growing segment in the healthcare sector. Moreover, Hospitals are the leading medical waste generating entity. The medical wastes produced in any form have to be managed to lower the risks of spreading or epidemic of diseases. The expansion in hospitals, specialized clinics and diagnostic centers require huge number of inventories for day to day functioning. This might lead to production of more waste. Therefore, overall growth in healthcare industry coupled with rising patient populace requiring prolong medical and surgical help is driving the market to grow

IMPORTANCE OF MEDICAL WASTE MANAGEMENT

The World Health Organization (WHO) has promoted the medical waste as special waste as certain categories of health care waste is considered as hazardous and potentially dangerous. The health care waste has been recognized as one of the noteworthy problems that adversely affect both human health and the environment, when improperly stored, transported and disposed.

For instance, hospital sewage contains 2-10 times more antibiotic-resistant bacteria than domestic wastewater, which should be disposed properly. There are many risks related to inappropriate processing and dumping of hazardous medical waste. If wastes are incinerated at low temperature i.e. less than 800°C, hydrochloric acid, dioxins, furans and other toxic air-borne pollutants are formed which are injurious to public health. Such exposures of low or high doses of dioxins and furans for long and short term may lead severe ailments such as immune system disorders, abnormal development of the nervous system, endocrine disruption, reproductive damage, skin lesions and impaired liver function.

The random disposal or uncontrolled dumping of medical wastes directly affects the environment in terms of soil and water pollution. The pharmaceutical wastes and chemicals, if poorly controlled and discharged with the waste water and sewage sludge could lead to contamination of water and soil with pathogens or toxic chemicals. It may also result to deteriorating or damage of biological sewage treatment plants or septic tanks. This eventually ends up polluting the ecosystem and water sources.

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