Sales of Medical Waste Management Industry Likely to Surge With Increasing Awareness About Safety and Security of the Public Health and Environment, Says TMR

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Jul 16, 2019, 06:00 ET

ALBANY, New York, July 16, 2019 /PRNewswire/ -- The global Medical Waste Management Market is expected to grow at a steady rate of 5% CAGR between 2017 to 2025, states an upcoming Transparency Market Research (TMR) report. The sea of patients walking into hospitals as in and out patients are expected to drive the medical waste management market.

The global medical waste management market comprises of several players. Some of the global leaders include Daniels Health, LLC. US Ecology, Inc. BioMedical Waste Solutions and BWS Incorporated.

Environmental Concerns to Provide Impetus to Medical Waste Management Market

Rising concerns over environment and biodegradability of medical wastes calls for ways to micro manage wastes generated from hospitals, ambulatory surgical centres, clinics, and others. Such rising demand from the environment perspective is expected to push the global medical waste management to grow at a substantial rate.

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Several counties have imposed a stringent regulation on medical waste management on the basis of hazardous, non-hazardous, infectious and non-infectious is expected to drive the global medical waste management. Biomedical wastes are of two kinds - human and animal anatomical wastes.

There are several items used during the treatment process such as needles, syringes etc. The biomedical waste management is a scientific management process. The medical wastes are segregated, collected and treated according to the category. This results in disposing of the wastes in an environmentally sound and safe manner, pushing the global medical waste management market towards a healthy expansion in the upcoming years.

The biomedical waste management rules have been expanded to all the areas of medical waste generation such as disposing off the gloves, sterile plastic bags, and blood bags with in two years of its purchase. Such rules are expected to drive the global medical waste management market in the near future. Any mismanagement of handling medical wastes may lead to infections and hazards, thus, leading the global medical waste management market to expand.

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The rules of the medical waste management have undergone a tremendous change over the years, owing to the surge in the global medical waste management market in the next few years.

Various Sources of Waste Bolsters Growth in Medical Waste Management Market

The medical waste management is not limited to clinics and hospitals alone. Several other areas that generate medical wastes have been included in the medical waste generation ambit. Surgical camps, vaccination camps, and blood camps etc. pushes the growth of the global medical waste management market. Moreover, wastes arising out of blood banks, pathology laboratories, pharmacies, and public health care centres are projected to drive the global medical waste management market over the forecast period.

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Although, the global medical waste management market is growing at a fast pace due to various obvious reasons, the market may face slack during the forecast period. High cost associated with acquiring latest and technologically advanced equipment for improved waste management may restrain the growth.

Regardless of the factors that restrain the growth, the growing population and need for advanced medical therapies are expected to surge the global medical waste management market during the succeeding years.

On the geographical front, North America is dominating the global medical waste management market. The factors that amplify the growth in this region are availability and use of biomedical wares and technologies, rising awareness, rising geriatric population, and existence of stringent regulations regarding safe and sound disposal of wastes.

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Asia Pacific is expected to emerge as an impressive region in the global medical waste management market. The reason for the growth is attributable to growing population, increasing medical needs, improvement in the healthcare sector, and research and development in the medical field. Therefore, the future is expected to witness an array growth opportunities in the global medical waste management market.

This review is based on the findings of a TMR report titled, "Medical Waste Management Market (Nature of Waste - Non-hazardous Waste and Hazardous Waste; Waste Type - Sharps, Infectious and Pathological Waste, Radioactive Waste, Pharmaceutical Waste, and Non-infectious Waste; Waste Generator Type: Large Quantity Waste Generators (Hospitals and Pharmaceutical & Biotechnology Companies), Mid & Small Quantity Waste Generators (Clinics and Physician's Offices, Retail Pharmacy, Ambulatory Surgical Centers and Long Term Care Centers, Laboratories, Academic and Research Institutes, Blood Banks, Others - Veterinary, Mortuary and Autopsy Centers, Home Healthcare, Military and Government, Nursing Homes, Tattoo Parlour); Service Type - On-site Services and Off-Site Services)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025."

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