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Medical Waste Management Market

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In 2018, the medical waste management market size was almost $12 billion. At the end of 2019, it was forecasted that this market would grow to almost $18 billion by 2026. That means that it’s growing at a rate of around 5.4%.

There’s been an increased focus on environmentally friendly waste management. This is a key factor responsible for the widespread global acceptance of waste management.

Growth in the healthcare industry directly contributes directly to the global healthcare waste management market. For instance, in India, healthcare has become one of the biggest sectors in terms of job creation and revenue.

Here’s what’s also contributing to this market growth:

  • An increase in the elderly population size
  • Increased manufacturing of medical and pharmaceutical products
  • Global development of healthcare infrastructures
  • Increased health care expenditure
  • Increased awareness of medical waste hazards
  • Increase in global population which increases the number of patients

All of this means that there’s a greater need for proper medical waste management. This need extends to:

  • Hospitals
  • Doctor’s offices
  • Dental rooms
  • Veterinary practices
  • Clinics
  • Homes for the elderly
  • Laboratories
  • X-ray departments
  • Research facilities

The market is divided into segments:

  • The kinds of waste being handled, that is, hazardous or non-hazardous
  • Service type such as collection methods, means of transportation, methods of storage, recycling and more
  • The type of treatment used to manage the waste such as incineration, autoclave, radiation and chemical
  • The site of treatment
  • Waste category, that is, whether it’s controlled or uncontrolled
  • The source of waste generation, for instance hospitals, clinics etc.