Medical Waste Management Market Size, Share, Growth Analysis, By Type(Non-Hazardous Waste, and Hazardous Waste, (Infectious & Pathological Waste, Pharmaceutical Waste), By Service(Collection, Transportation, & Storage Services, Treatment & Disposal Services (Incineration)), By Treatment site(Onsite, and Offsite), By Application(Hospitals, Retail Pharmacy, Blood Banks, and Laboratories), By Region - Industry Forecast 2024-2031

Global Medical Waste Management Market size was valued at USD 8.7 Billion in 2022 and is poised to grow from USD 9.2 Billion in 2023 to USD 14.89 Billion by 2031, growing at a CAGR of 6.2 % in the forecast period (2024-2031). 

The waste generated during the diagnosis, testing, treatment, or immunization of people or animals is called medical waste. Tissue, swabs, glassware, gloves, bandages, and discarded sharps such as needles or scalpels are a few examples of this waste. More stringent regulations for handling healthcare waste and technological advancements by the leading service providers in the medical waste management market are anticipated to drive revenue growth during the projected period.  

Moreover, it is projected that the market will grow rapidly over the next several years due to an increase in trash production levels globally and a growing public awareness of effective and environmentally friendly waste management. The need for innovative waste management solutions is being driven by the rise in trash output, stricter environmental regulations, and a heightened emphasis on sustainability. Added to that, the application of circular economy concepts, which reduce, reuse, and recycle the trash materials, is another area for growth in waste management. Moreover, medical labs, hospitals, biomedical research places, small or scattered sources, and from healthcare facilities will cover any garbage produced under healthcare waste. Studies on waste production reveal that hospitals around the globe produce about 0.5 kg of waste per bed per day. Depending on the local context, higher-income countries do produce a lot more waste than other countries. 

US Medical Waste Management Market is poised to grow at a sustainable CAGR for the next forecast year.