Medical Waste Management Market Size To Reach USD 12,834.9 Million By 2030, Registering A Cagr of 5.8% - Valuates Reports

BANGALORE, India, Sept. 17, 2021 /PRNewswire/ -- Medical Waste Management Market by Service (Collection, Transportation, and Storage Services, Treatment & Disposal Services, and Recycling Services), Type of Waste (Non-hazardous Waste and Hazardous Waste), and Treatment Site (Off Site Treatment, and Onsite Treatment): Global Opportunity Analysis and Industry Forecast, 2021 - 2030.  It is published in Valuates Reports under the  Health  Category.

The global medical waste management market size was valued at USD 7,226.4 million in 2020 and is projected to reach USD 12,834.9 million by 2030, registering a CAGR of 5.8% from 2021 to 2030.

Medical waste management ensures that biomedical waste is properly collected, stored, treated, and disposed of in order to protect the general public, animals, and the environment.

Major factors driving the growth of the medical waste management market are:

An increase in the volume of medical waste; an increase in the elderly population; an increase in the incidence of chronic disease; and advancement in medical waste treatment technology are expected to drive the growth of the medical waste management market.

The recent COVID-19 outbreak is expected to further drive the growth of the medical waste management market. For example, due to an increase in the use of various diagnostic activities and treatment of COVID-19 patients, India created roughly 45,308 tonnes of biomedical waste between June 2020 and May 2021, according to the Central Pollution Control Board (CPCB).

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TRENDS INFLUENCING THE MEDICAL WASTE MANAGEMENT MARKET:

According to the World Health Organization (WHO), 17.9 million, 9.3 million, 4.1 million, and 1.5 million fatalities due to cardiovascular disease, malignancies, respiratory illnesses, and diabetics respectively were reported annually in 2021. Hence, the medical waste management market is expected to develop as the frequency of chronic diseases rises, as well as the volume of medical waste generated by hospitals and clinics.