20% to 25% of the total waste is usually medical waste that includes items that are harmful to humans and the environment, necessitating a rise in the medical waste management demand.
The global medical waste management market is expected to grow at a CAGR of 4.8% between 2013 and 2019. This puts the market that was valued at $14.54 billion in 2012, to a value of $20.13 billion in 2019.
The report by Transparency Market Research titled “Medical Waste Management Market (Activity Type - Collection, Processing and Disposal; Waste Generators - Large Quantity Generators and Small Quantity Generators): Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”, explains the current market’s position and its relative scope in the near future.
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The report categorizes the medical waste management market into the three divisions of collection, processing, and disposal. It states that collection holds a market revenue share of 54.5% in 2012, making it the dominant division. The report also states that the processing division is estimated to grow with the fastest CAGR over the next few years. It cites the growing demand for non-incineration methods as the driving factor for growth in the processing sector.
The report identifies healthcare facilities as generators of medical waste, and divides them into Small Quantity Generators (SQGs) and Large Quantity Generators (LQGs). The SQGs are said to be the faster growing category. Key factors for this include an offering of a higher profit margin and being easier to target than LQGs.
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The report states that the most common type of medical waste found includes human and animal tissue, disposed scalpels and surgical instruments, chemicals, surgical gloves, blood-soaked cotton and/or bandages, used needles and syringes, discarded cultures, and expired pharmaceuticals. It is required for such waste to be handled with prompt action and care to prevent injuries and the cultivation and spreading of infections.
By geography, the report categorizes the medical waste management market into North America, Europe, Asia-Pacific, and Rest of the World. In 2012, North America held the largest revenue share of the market, followed by Europe. The report states that the regions will stay in their top positions through the period of 2013 to 2019. Within the Asia-Pacific, Japan, New Zealand, and Australia are the new major markets in medical waste management. Other countries include India and China, but the report cites key restraints as low awareness and a lack of waste management regulations.
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Key players that are elaborated by the report include US Ecology, Inc., Suez Environment SA, Veolia Environmental Services, Clean Harbors, Inc., Waste Management, Inc., Republic Services, Inc., and Stericycle, Inc. It identifies them as the major companies that are involved in the medical waste management market, that seek to provide efficient and eco-friendly methods of waste disposal.