Asia Pacific Medical Waste Management Market Share was valued at USD 2.0 billion in 2019 and is expected to witness 7.7% CAGR from 2020 to 2026.
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Surging government regulations for appropriate disposal and handling of biomedical waste is augmenting the industry progression. In 2018, WHO presented a new document named as safe management of wastes from healthcare activities. The article addressed various aspects including regulatory framework, treatment & other disposal options, waste minimization, and effective handling & storage of waste. Also, it introduced a novel training module series for accurate and harmless disposal of biomedical waste management activities. Therefore, rising initiatives by the regulatory bodies in this region will foster the demand for proper waste management services.
Asia Pacific Market Forecast, By Type of Waste
The market is fragmented based on the type of waste, service, and waste generator. The type of waste segment is bifurcated into non-hazardous and hazardous biomedical waste. The hazardous segment captured around 8% CAGR over the analysis period. Hazardous waste is widely known as infectious waste depending upon its origin and exposure to human tissue. Sharps medical waste is also characterized as hazardous waste and may cause severe damage to healthcare workers while handling the biomedical waste. Therefore, the sharp medical waste must be disposed of and treated appropriately as these waste are reactive, toxic as well as flammable. Thus, surging demand for corrective disposable services in this region will boost the segmental growth.
Asia Pacific Market Trends, By Service
Asia Pacific medical waste management service segment is bifurcated into collection, transportation & storage services, recycling services, treatment and disposable services and others. The recycling services segment was valued around USD 350 million in 2019 and is projected to show a comparable trend over forthcoming years. Recycled waste minimizes the extent of pollution every year as the waste is not buried into the land as compared to different services. In the Asia Pacific region, medium to small healthcare units is aiming at recycling the plastic part of syringe and other products that eventually controls the amount of waste produced. Also, regulatory bodies such as the Environmental Protection Agency are working to find more appropriate and effective techniques for recycling medical waste. Hence, increasing benefits of recycling services over others will foster the business growth.
Asia Pacific Market Size, By Waste Generator
The waste generator segment covers laboratories and research centers, hospitals, and nursing homes among others. The nursing home segment is estimated to witness 12% revenue share in 2019. A large amount of personal protective equipment, syringes, and needles are accumulated in nursing homes, as the maximum number of geriatric population opt for nursing homes. These nursing homes provide 24-hour care supervision under healthcare professionals to effectively treat and manage patient health. Additionally, it also provides secure medical treatment with continuous tracking of health records to avoid any health issues. Hence, increasing admissions in nursing homes propel the segmental growth.
Asia Pacific Market Share, By Country
China medical waste management market accounted for more than 25% revenue share in 2019 and is estimated to grow at a considerable rate over the analysis period. This is majorly due to the surging quantity of biomedical waste produced in China and other Asia Pacific countries. Due to the COVID-19 outbreak, the quantity of medical waste collected across Hubei was approximately 365 tons, of which 60% was generated through hospitals. Hence, increasing amount of waste will surge the demand for waste management services.
Competitive Market Share
Some of the prominent corporate players working in the market are Republic Services, Veolia, Triumvirate Environmental, Stericycle, Suez, Clean Harbors, Biomedical Waste Solutions, and Daniels. The business players are executing several strategies including the development of novel services for appropriate disposal of medical waste. For instance, Stericycle is following CDC guidelines based on the packing of biomedical waste. Such guidelines helped the company to simplify its procedures for medical waste packaging.
Medical waste encompasses a substantial quantity of hazardous and non-hazardous substances. Poor waste management can result in serious human health and environmental risks. The Asian developing economies are densely populated, and some are highly resource-constrained. These countries majorly fail to practice accurate healthcare waste management. Also, facilities in these countries widely lack the collection, safe storage, segregation, disposal, and transportation services. Therefore, Asian countries are undergoing several guidelines for accurate disposal of medical waste. Implementation of several rules & regulations proved beneficial for the market growth.