Growth in the Healthcare Industry to Propel Growth in the Global Medical Waste Management Market
According to a research report published by Transparency Market Research (TMR), a market intelligence and research firm, the global medical waste management market stood at US$14.5 bn in 2012. The market study, titled “Medical Waste Management Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”, further states that the worldwide medical waste management market will expand at a CAGR of 4.80% during the period from 2013 to 2019 and reach a value of US$20.1 bn by the end of the forecast period.
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The rise of the worldwide healthcare industry has increased medical waste significantly. Analysts consider it as the prime reason for the growth of the global medical waste management market. Apart from this, the growing global geriatric population base is another factor driving this worldwide market. On the other hand, the high initial investment for waste management systems, coupled with an extremely competitive market scenario, is likely to hamper the market’s growth over the forecast period, states the report.
The report has analyzed the global market for medical waste management on the basis of waste generators and activity types. Collection, processing, and disposal are the three main segments of this market by activity. The waste collection segment led the global market in 2012 and was closely followed by the disposal and processing segments.Based on waste generators, large quantity generators (LQG) and small quantity generators (SQG) are the two main categories of the global medical waste management market. Among both, the LQG segment occupied the biggest share in the overall market in 2012. However, the SQG segment has been projected to report a higher CAGR over the forecast period.
Regionally, the global medical waste management market is spread across North America, Asia Pacific, Europe, and Rest of the World. North America, among all the regional markets, held the highest share in 2012. Europe occupied the second position in the overall medical waste management market in the same year.Governments in these regions have mandated proper disposal of medical waste, which is the main reason for the growth of the medical waste management market in North America as well as Europe. Analysts expect both the regional markets to retain their positions over the forecast period.
The Asia Pacific medical waste management market is also showing immense potential for growth. Japan, New Zealand, and Australia are the major markets in this region. However, China and India have remained unexplored on account of the dearth of consumer awareness as well as appropriate government policies regarding medical waste management, states the research report.
The research report also includes company profiles of the major players operating in the global medical waste management market in order to map the competitive landscape prevalent in this market. The current market hierarchy has also been presented in this market study.
Clean Harbors Inc., Stericycle Inc., Republic Services Inc., Suez Environnment, Veolia Environmental Services, US Ecology Inc., and Waste Management Inc. are the key participants in the worldwide medical waste management market and have been mentioned in this report.
Full Research Report on Global Medical Waste Management Market with detailed figures and segmentation at: http://www.transparencymarketresearch.com/medical-waste-management-market.html