Medical waste management is referred as the process of regulating the generation, treatment and disposal of medical waste by the healthcare institutions. These medical wastes are generated at health care facilities such as blood banks, physician’s office, clinics, veterinary clinics/hospitals as well as medical research facilities and laboratories. The emergence of the medical waste management techniques has played a major role in preventing the discharge of toxic compounds into land and water.
Improper management of medical waste in the facilities causes a direct impact on the environment, on the community’s health and healthcare workers. Increasing initiatives for improving the medical waste management services by regulatory authority and the generation of huge amount of medical waste is expected to spur the market growth over the forecast period.
Increasing geriatric population, rising prevalence of chronic disorders and diseases such as cancer is projected to fuel such advancement in the medical solutions. The development of innovative techniques for development of drugs and medical devices in the medicinal industry is growing at enormous rate.
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Furthermore, the efficient supply of inventories required in function of the clinics, hospitals leading to the generation of the massive medical waste which is further demanding for the proper system for collection, disposal, transportation and recycling of materials. The development and implementation of the advanced techniques for treatment and disposal of these waste is anticipated to further enhance the industry demand.
The outsourcing of these medical waste treatment services has further unlocked an array of growth opportunities for industry. However, lack of training for proper disposal, lack of awareness about health hazards associated with waste and high initial capital investment is also expected to restraint the market.
The market for the medical waste management is segmented on the based on the type of waste, service, treatment, disposable site and regions. The types of waste generated are hazardous and non-hazardous and the services offered in the industry include treatment, disposal and recycling. On the other hand, these wastes can be treated by chemical treatment, incineration, autoclaving and others. Furthermore, the treatment sites included for the medical waste are onsite and offsite. On the basis of geography, the market is segregated into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
North America is expected to the major share in terms of revenue in the market owing to the growing healthcare industry. Furthermore, Asia Pacific region is projected to witness enormous growth over the forecast period owing to rising social awareness and government initiatives for proper disposal of byproducts and residues.
The key players in the market include Clean Harbors, Inc., BioMedical Waste Solutions, REMONDIS Medison GmbH, Sharps Compliance, Inc. Daniels Sharpsmart, Inc., Republic Services, Inc., Suez Environnement S.A., Stericycle, Inc., Waste Management, Inc., and Veolia Environnement S.A. These companies hold the major share in the market and are expected to adopt various strategies to maintain their position. Furthermore, the companies are also collaborating to favor the new innovative techniques for disposing the waste.
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Some of the key players in the global baby drinks market include Heinz and Hain Celestial Group, Nestle S.A., Mead Johnson Nutrition Company, LLC., Abbott Laboratories, Beingmate Group Co. Ltd., Danone, Campbell Soup Company, HiPP GmbH & Co., D. Signstore and Arla Foods among others.
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