Waste generated by various health care activities needs proper disposal solutions in order to avoid potential health related hazards. As a result, every medical organization requires a powerful disposal system for all the medical waste. Technological advancements in the traditional medical waste management market, paired with rising demands from pharmaceutical sector are driving the industry at a steady rate. Apart from pharmaceuticals, increasing homecare practices and rising number of aging population is also giving rise to the techniques of proper maintenance of healthcare waste. According to the experts, rising demand in developing countries is also a strong reason for the steady growth in the industry.
Segmentation in Medical Waste Management Industry
Medical waste or waste products produced by various healthcare activities include useless and used needles, soiled dressings, cotton bandages, syringes, body parts, blood, diagnostic samples, chemicals, medicines, pharmaceuticals, radioactive materials and medical devices. Poor storage and management conditions pose severe hazards to the health of the patients, handlers, waste workers and global community on the whole. To avoid these, the global community requires strong hospital waste management solutions. Segmentation in the global market for these solutions is largely based on the types of demands from various geographic locations, industrial sectors, treatment technologies and services available in the industry.
- Sectors: hospital waste management and pharmaceutical waste management are the two basic segments. Hospital sector is sub-segmented into regular medical and anatomical waste management, while pharmaceutical sector is sub-segmented into manufacturing and clinical trial waste management.
- Treatments: Thermal, mechanical, chemical and microwave irradiation
- Services: Waste treatment, collection, transportation and storage, disposal and recycling and others
- Geography: Geographic regions mainly include Americas, Asia Pacific, Europe and rest of the world.
Market Trends and Forecasting Until 2018
In-depth analysis of each of the aforementioned segments claims that medical waste management market is set to grow at a healthy compound annual growth rate. Rising demand from pharmaceutical and home healthcare segments is driving the global markets. The industry is also expected to have strong demand across various geographic regions. Based on geography, the Americas are expected to dominate the global industry. North and Latin American markets are followed by Europe and markets from rest of the world. Added influence of the regulatory bodies from American and European countries is proving to be the strongest driver for these regions. Asian and rest of the world regions are largely driven by rising number of aging population, technological advancements and increasing awareness towards healthcare. Role of their governments are also expected to play vital role in this process.