The demand for medical waste management has increased due to an increase in the number of hospitals, labs, research institutions, mortuaries, autopsy centres, blood banks, and collection operations around the world. Moreover, the market is driven by the healthcare sector's increasing growth in the handling of medical waste. Besides the initiatives for awareness programmes and conferences to raise awareness of proper medical waste management and prevent medical waste mismanagement are developing in industrialised nations like the US and UK.Market.

In order to help seven hospitals in the South Asian nation of Nepal improve their healthcare waste management systems and better handle the waste produced during the COVID-19 pandemic, the Chinese government and the United Nations Development Program (UNDP) jointly launched a new initiative there in August 2021, such initiatives by the governments would add pace to the market in the forthcoming years as well.
According to Marketlook Consulting’s research report “Global Medical Waste Management Market Analysis, 2021”, the Global Medical Waste Management market is anticipated to grow at a CAGR of 5.6% during 2022-29 The market would reach USD 14.8 Bn by 2029.

Based on Waste Type, the non-hazardous waste segment acquired a significant market share in 2021. The increase in infectious and non-infectious diseases worldwide is the key growth factor. Various tests are carried out in labs for the detection and diagnosis of infectious illnesses. This results in a rise in the amount of medical waste, such as syringes, needles, and scalpels used for laboratory testing. In addition, the COVID-19 outbreak has recently caused a sharp increase in the amount of medical waste produced by hospitals and clinics. For instance, the World Health Organization (WHO) reports that in February 2022, there were more than 140 million COVID-19 test kits, 2,600 tonnes of non-infectious waste, and 144,000 tonnes of extra trash in the form of syringes, needles, and safety boxes.

Based on Treatment, incineration segment acquired considerable market share in 2021 as burning is the most prevalent and favoured method of disposing of medical waste, it is not environmentally friendly and contributes to global warming. Convenience and lower capital investments are projected to drive this segment's growth in the coming years. Approximately 97% of the plastic waste from the COVID-19 trial was burned, according to a World Health Organization report titled "A global analysis of health waste in the context of COVID-19: status, impacts, and recommendations" that was released in February 2022.

Based on Service, Collection, Transportation and Storage acquired significant market share in 2021. This is due to the global rise in infectious and non-infectious diseases. Various tests are performed in laboratories to detect and diagnose infectious illnesses. This is due to the government's increasing activities for medical waste disposal. For example, the Resource Conservation and Recovery Act (RCRA) empowers the United States Environmental Protection Agency to regulate hazardous waste. This comprises hazardous waste transportation, generation, storage, treatment, and disposal. Several federal departments have reimbursed the EPA for the costs of the treatment, storage, and disposal facility. As a result, RCRA is primarily concerned with protecting human health and the environment from the negative impacts of medical waste management.

Based on Treatment Site, offsite treatment acquired a significant market share in 2021. This is because of an increase in the frequency of chronic diseases, developments in R&D efforts in the healthcare industry, and the usage of novel waste management methods. Additionally, the use of highly advanced single-use items has increased and is driving the growth of this segment.

“Global Medical Waste Management Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Medical Waste Management providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.

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North America Dominated the Market

Based on Leading regions, North America dominated the global medical waste management market in 2021 and is projected to maintain its dominance during the forecasted period 2022-29. Growing government initiatives for medical waste disposal are attributable to high regional growth. For example, the California Department of Public Health's Medical Waste Management Program (MWMP) manages the generation, handling, storage, treatment, and disposal of medical waste by supervising the application of the Medical Waste Management Act (MWMA). This statute also inspects and authorises medical waste offshore treatment facilities and transfer terminals. are projected to fuel the demand for Medical Waste Management in the forthcoming period as stated in Marketlook Consulting research report “Global Medical Waste Management Market Analysis, 2021”.

According to Marketlook Consulting’, the key players with a considerable market share in the global Medical Waste Management market are Biomedical Waste Solutions, Clean Harbors, Daniels Sharpsart Inc., Stericycle Inc., Republic Services, Inc., Suez Environmental Services, Gamma Waste Systems, US Ecology, Inc., Waste Management, Inc., Veolia Environnmental Services.
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Market Segmentation:

1. By Waste Type (Non-hazardous Waste, Hazardous Waste)
2. By Treatment (Autoclaving, Incineration, Chemical Treatment, Other Treatments)
3. By Service (Collection, Transportation and Storage, Recycling, Treatment and Disposal, Other Services)
4. By Treatment Site (Offsite Treatment, Onsite Treatment)
5. By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)
6. By Company (Biomedical Waste Solutions, Clean Harbors, Daniels Sharpsart Inc., Stericycle Inc., Republic Services, Inc., Suez Environmental Services, Gamma Waste Systems, US Ecology, Inc., Waste Management, Inc., Veolia Environnmental Services)

Key questions answered in the study:

1. What are the current and future trends of the Medical Waste Management industry?
2. How the industry has been evolving in terms of waste type, treatment, service and treatment site?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Medical Waste Management industry?
5. What is the customer orientation, purchase behaviour, and expectations from the Medical Waste Management firms across various regions?

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