Northbrook, IL 60062 -- (SBWIRE) -- 03/02/2023 -- The future of the medical waste management industry is expected to be one of growth, as the need for proper disposal of medical waste increases. In the near future, medical waste management companies will likely see an increase in demand for their services as the number of medical facilities and the amount of medical waste produced increases. In addition, the increasing use of electronic medical records and medical technology will likely lead to more medical waste as more healthcare facilities transition to digital records and technologies. As a result, medical waste management companies will need to become more efficient in their operations and develop stronger waste management solutions. Finally, the increasing awareness of the environmental impacts of medical waste will continue to drive industry growth, as more healthcare providers and facilities become aware of the need to properly dispose of medical waste.

Medical Waste Management market in terms of revenue was estimated to be worth $9.6 billion in 2022 and is poised to reach $12.6 billion by 2027, growing at a CAGR of 5.6% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. Growth in the medical waste management market is mainly driven by factors such as the increase in acquisitions by leading players in the market and increasing focus on technological advancements for medical waste management services. However, high capital investment is the major factors hampering the growth of this market.

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Prominent Players of Medical Waste Management Market:
Stericycle (US), Veolia Environnement S.A. (France), Sharps Compliance, Inc. (US), Waste Management, Inc. (US), Clean Harbors, Inc. (US), REMONDIS SE & CO. KG. (Germany), BioMedical Waste Solutions LLC (US), Daniel Sharpsmart, Inc. (Australia), Republic Services, Inc. (US), EcoMed Services (US), GRP & Associates, Inc. (US), BWS, Inc. (US), MedPro Disposal (US), GIC Medical Disposal (Canada), Gamma Waste Services (US), Triumvirate Environmental, Inc. (US), EPCO (Saudi Arabia), All Medical Waste Australia PTY. LTD. (Australia), Casella Waste Systems (US), Pro-Disposal (Georgia), SSO Medical Waste Management (US), SafeGuard Waste Solutions (US), MedWaste Industries, Inc. (US), Dulsco (Dubai) and Among Others

Notable Medical Waste Management mergers and acquisitions for 2021 – 2022 include:
- Stericycle and Daniels Sharpsmart – Stericycle, a leading medical waste management company, has agreed to acquire Daniels Sharpsmart, a specialist in the safe collection and disposal of sharps waste. This acquisition will bolster Stericycle's presence in the sharps management market and further expand its portfolio of services.
- Clean Harbors and Medical Waste Solutions – Clean Harbors, a leading environmental services company, has announced its acquisition of Medical Waste Solutions, a provider of medical waste management services and compliance solutions. This acquisition, which is expected to close in 2022, will expand Clean Harbors' portfolio of medical waste management services.
- Waste Management and MedPro Group – Waste Management, a global leader in waste management and recycling, has agreed to acquire MedPro Group, a provider of healthcare waste management services. The acquisition is expected to close in 2022 and will expand Waste Management's presence in the healthcare waste management market.
- Veolia and Envirosafe Solutions – Veolia, a leading environmental services company, has announced its acquisition of Envirosafe Solutions, a provider of medical waste management, recycling, and disposal services. This acquisition, which is expected to close in 2022, will expand Veolia's portfolio of waste management services.

Growth Drivers of Medical Waste Management Market from Macro to Micro:
- Increasing Incidence of Communicable Diseases: The increasing prevalence of communicable diseases, such as HIV/AIDS, has necessitated the proper handling and disposal of medical waste. This has led to an increase in demand for medical waste management services.
- Rising Focus on Patient Safety: Patient safety has become an important priority for healthcare facilities, which has increased the demand for medical waste management services.
- Growing Awareness About Environmental Pollution: The growing awareness about environmental pollution has led to increased regulatory pressure on healthcare facilities to ensure proper disposal of medical waste. This has further boosted the demand for medical waste management services.
- Technological Advancements: The introduction of advanced technologies, such as autoclaving and incineration, has enabled healthcare facilities to better manage medical waste. This has further contributed to the growth of the medical waste management market.
- Increasing Government Initiatives: Governments across the globe are focusing on implementing stringent regulations for the disposal of medical waste. This has further increased the demand for medical waste management services.

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Hypothetic Challenges of Medical Waste Management Market in Near Future:
- Growing demand for medical waste disposal services: With the increase in the number of medical facilities and the rising demand for healthcare services, the demand for medical waste disposal services is expected to increase significantly in the near future. As a result, the medical waste management market will face the challenge of providing a reliable and secure disposal service for all types of medical waste.
- Stringent government regulations: The government is likely to impose stricter regulations on the medical waste management industry in the near future. The regulations may include requirements for improved waste collection and disposal procedures, higher standards for storage and transport, and more stringent monitoring of the disposal process.
- Technological advancements: Technological advancements in medical waste management are expected to have a profound impact on the industry. New technologies that can process medical waste more efficiently and safely may be developed, potentially reducing the costs associated with waste management.
- Increasing public awareness: Public awareness regarding the health risks associated with medical waste is likely to increase in the near future. As a result, the medical waste management market may face the challenge of educating the public on the importance of proper medical waste disposal.
- Increased competition: As the medical waste management market continues to grow, the number of competitors is likely to increase. This could create a highly competitive environment in which companies must offer competitive prices and services in order to remain competitive.

Top 3 Use Cases of Medical Waste Management Market:
- Automated Waste Management: Automated Waste Management systems use sophisticated software to track and collect medical waste, including hazardous materials, to ensure compliance with medical waste regulations. The systems provide a complete solution to safely store, process, and monitor medical waste, helping to reduce contamination risks, improve cost efficiency, and reduce the environmental impact of medical waste management.
- Disposal and Sterilization: Disposal and sterilization of medical waste is a critical element of medical waste management. Specialized services are available to provide safe and effective disposal of medical waste, including incineration, autoclaving, and chemical disinfection. These services ensure that medical waste is disposed of properly and in accordance with applicable regulations.
- Recycling and Reuse: Recycling and reuse of medical waste is becoming increasingly important as healthcare organizations strive to reduce their environmental impact. There are various ways to recycle and reuse medical waste, such as donating usable items to charities and recycling materials for reuse in other industries. These methods can help reduce the amount of medical waste sent to landfills and reduce waste management costs.

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