The global medical waste management market is projected to reach $12.6 billion by 2027 from $9.6 billion in 2022, at a compound annual growth rate (CAGR) of 5.6 percent.
Market growth is driven by factors such as more traumatic and burn injuries, more surgical wounds and increased hospital stays. On the other hand, challenges associated with medical waste management services are lack of awareness about medical waste management in developing countries is the major factors hampering the growth of this market.
The medical waste management market is segmented into collection, transport and storage services, treatment and disposal services and recycling services.
In 2021, the collection, transport and storage services segment accounted for the highest growth rate in the medical waste management market. Increase in need of extensive care for increased traumatic and surgical injuries are major factors contributing to the growth of this segment.
The medical waste management market is segmented into non-hazardous waste and hazardous waste based on the type of waste. In 2021, the non-hazardous waste segment accounted for the highest growth rate in the medical waste management market. Increasing number of diabetic patients and other health conditions are major factors contributing to the growth of this segment.
Based on waste generators, the medical waste management market has been segmented into hospital and diagnostic laboratories and other waste generators. In 2021, the hospital & diagnostic segment accounted for the highest CAGR. This can be attributed to the rising adoption of single-use surgical equipment.
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