Market Trends of Global Medical Waste Management Industry
The Incineration Segment is Estimated to Witness a Significant Market Share Over the Forecast Period
The incineration segment of the medical waste management market plays a crucial role in ensuring the safe disposal of hazardous medical waste. This method involves burning waste at high temperatures to reduce its volume and eliminate harmful pathogens. For instance, according to the article published by BMC Public Health in October 2023, hospitals are setting up incineration systems based on sophisticated technology for hazardous medical wastes with lower combustion costs globally. The adoption of advanced incineration systems highlights the ongoing efforts to enhance the efficiency and cost-effectiveness of medical waste management, ensuring a safer environment and better public health outcomes. Factors such as convenience and lower capital investments are likely to boost the growth of this segment over the forecast period.
Amid the pandemic, several hospitals and healthcare settings considered incineration one of the best options for medical waste disposal as it restricted the spread of the virus to a greater extent. For instance, according to the World Health Organization published in February 2022, approximately 97.0% of plastic waste from the COVID-19 trial was burned. In addition, government programs and new ventures are projected to boost the segment’s growth over the forecast period.
The incineration segment of the medical waste management market is witnessing significant advancements, driven by the need for safe and efficient disposal methods for hazardous biomedical waste. In June 2023, Kochi began the incineration of its domestic biomedical and sanitary wastes at the twin-chamber high-temperature facility of Kerala Enviro Infrastructure Limited (KEIL) located in Ambalamedu. KEIL's leadership in initiating biomedical waste incineration at Ambalamedu marks a pivotal advancement in the medical waste management market. This facility bolsters the region's ability to safely incinerate biomedical waste at high temperatures, tackling environmental and health issues tied to improper waste management. By designating a specific site for this operation, the project adheres to regulatory standards. Furthermore, it strengthens the waste management infrastructure, a necessity given the rising volumes of medical waste, especially in the wake of the pandemic. The establishment of advanced incineration facilities underscores the ongoing efforts to improve medical waste management infrastructure. These developments are essential for addressing the growing volumes of biomedical waste and ensuring compliance with environmental and health regulations.
Therefore, despite environmental concerns, the high adoption of incineration technology for medical waste management is expected to drive segment growth over the forecast period.
North America is Expected to Hold a Significant Share of the Market Over the Forecast Period
North America is expected to witness considerable growth due to a highly developed health sector, an increase in infectious and chronic diseases requiring advanced medical and surgical resources and treatment, and favorable initiatives related to medical waste management. For instance, in February 2023, Canada's Vitacore Industries launched the country's first complete single-use mask and recycling program. The company collaborated with McMaster University and the University of British Columbia to reduce the environmental impact of PPE waste and disposable masks. Therefore, such initiatives are expected to propel the market growth in the region over the forecast period.
The product launches and favorable initiatives undertaken by the market players are also propelling the market growth in the United States. For instance, in May 2022, Stericycle and UPS Healthcare entered a partnership to manage the reverse logistics of medical waste. According to the agreement, Stericycle is expected to help UPS Healthcare manage the reverse logistics of medical waste, including waste classification and disposal. UPS and Stericycle are projected to provide end-to-end logistical support to the healthcare industry through this partnership.
Similarly, in October 2023, Becton, Dickinson and Company and Casella Waste Systems Inc., a solid waste, recycling, and resource management services company, revealed the results of a recycling pilot to manage discarded syringes and needles that led to 40,000 pounds of medical waste being recycled and diverted from disposal in the United States.
Thus, the active involvement of prominent players in medical waste management in the region through various strategies, such as product launches and partnerships, is projected to drive market growth in the region over the forecast period.
