ALBANY, New York, August 13, 2015 /PRNewswire/ --
According to "Medical Waste Management Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", a new research report by Transparency Market Research, the global medical waste management market that was worth US$14.5 billion in 2012 is estimated to reach US$20.1 billion by the end of 2019 registering growth at a CAGR of 4.8%.
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Every year a substantial amount of medical waste is generated around the world owing to the overall growth of the healthcare industry and increasing geriatric population. Medical waste is primarily generated in healthcare settings such as nursing homes and hospitals, physician's chambers, diagnostic laboratories, veterinary centers, and pharmaceutical companies. The waste generated from these healthcare sectors can be categorized in four major segments, namely hazardous, infectious, radioactive, and general waste.
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Almost 80% of the medical waste generated every year consists of plastics, papers, and other materials that are quite similar to general household or office waste. But the remaining 20%-25% consists of bioactive waste materials such as used syringes, blood-soaked bandages, cultures, stocks, unused or expired medicines, and many more, which are harmful to both humans and the environment alike. Such waste products need to be disposed of properly. Poor handling of these wastes has the potential of exposing patients, waste handlers, and healthcare professionals to serious infections.
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The report published by Transparency Market Research analyzes both the current as well as future prospects of the global medical waste management market in detail. It includes an in-depth analysis of the global market along with an assessment and refined projections for the distinct segments of the global medical waste management market on the basis of revenue during the forecast period from 2011 to 2019.
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According to the report, the overall expansion of the global healthcare industry with a rise in the number of healthcare centers, nursing homes, hospitals, diagnostic laboratory, dental clinics, veterinary chambers, and pharmaceutical manufacturers has increased the quantity of medical waste generated every year, which in turn has spurred growth in the global market for medical waste management. However, factors such as stringent regulations on service providers are hampering the steady growth of the market since they prevent new players from entering the market.
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In order to present a comprehensive analysis, the report has segmented the global market for medical waste management into processing, collection, and disposal on the basis of activity. In 2012, the collection segment registered the maximum share of the global market in terms of revenue. The segment of disposal accounted for the second largest share in the market, followed by the processing segment. On the basis of quantity of medical waste generated, the report has categorized the market into small quantity generators (SQGs) and large quantity generators (LQGs). LQGs accounted for the largest share of the global waste management market in terms of revenue in 2012. However, as per the findings of the report, the SQG segment will register a higher CAGR from 2011 to 2019.
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The global medical waste management market is segmented as follows:
Medical Waste Management Market, by Activity Type
Medical Waste Management Market, by Waste Generators
- Large Quantity Generators (LQGs)
- Small Quantity Generators (SQGs)
Medical Waste Management Market, by Geography
- North America
- Rest of the World (RoW)
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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