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Europe Medical Waste Management Market to Reach USD 4 Bn by 2026
Published Date: 2020-05-04
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According to the Graphical Research new growth forecast report titled Europe Medical Waste Management Market size is set to exceed USD 4.0 billion by 2026. The surging healthcare industry with new biomedical waste services especially in the European region will offer tremendous business growth opportunities. The government of Europe is aiming to focus on numerous initiatives due to the current outbreak of COVID-19. For instance, the Minister of the Ecological and Inclusive Transition along with the Secretary of State in France are undertaking efforts to ensure the safe collection and treatment of infectious waste. Additionally, a separate collection of medical waste generated from the treatment of COVID-19 patients is also maintained, to avoid the spread of disease. Therefore, these government initiatives prove beneficial for the overall industry progression. However, lack of training for proper disposal of medical waste may hamper the Europe medical waste management industry growth.
The type of waste segment is bifurcated into hazardous and non-hazardous medical waste. The hazardous segment held over 18.5% revenue share in 2019. Contaminated supplies, as well as human tissue fluids, are widely characterized as biohazardous waste. Also, infectious, pathological, sharps, chemical, pharmaceutical, cytotoxic and radioactive waste are categorized under biohazardous waste. This type of waste can cause a severe impact on the environment and human health. Therefore, treatment services including incineration and chemical are widely used to further avoid the spread of infectious disease, that augments the segmental progression.
The service segment covers treatment & disposable services, collection, transportation & storage services, recycling services, and others. The collection, transportation & storage services segment accounted for over USD 500 million in 2019. The initial stage of medical waste management process is the collection. This method reduces the hazard of waste leaking from the container by collecting medical waste from the point of accumulation. However, if appropriate transportation and storage of biomedical waste are not maintained, it may adversely affect the healthcare professionals and environment. Hence, industry players carry out the collection and transportation under strict regulatory guidelines to avoid the health hazard. Therefore, accurate handling of medical waste will secure the segmental growth over the coming years.
Based on end-use, the industry is bifurcated into laboratories and research centers, nursing homes, hospitals, and others. The laboratories and research centers segment is estimated to witness more than 35% revenue share in 2019. The medical waste in research centers is accumulated due to the constant usage of medical masks, needles, personal protective equipment, medical gloves, and syringes for research purposes. These products must be properly discarded into specific biohazard bags to restrict their spreading. Hence, rising accumulation of medical waste generated from laboratory and research institutes requires appropriate treatment for effective disposal of medical waste.
France medical waste management market is projected to capture around 5.5% CAGR during the analysis timeframe. Numerous efforts to ensure accurate collection and storage of medical waste in this country to restrict the spread of infectious diseases will accelerate market growth. Various companies operating in this market are undergoing government regulations and guidelines to protect the environment and human health that will further enhance the overall regional progression.
Few of the well-known industry players operating in the market are Stericycle, Suez, Triumvirate Environmental, Veolia, Daniels, Biomedical Waste Solutions, Clean Harbors, and Republic Services. These notable market players are undertaking several growth strategies to increase their market share. For instance, Stericycle adopted different strategies for the effective discarding of medical waste due to the COVID-19 outbreak. Therefore, the implementation of specific rules helped the company to simplify its medical waste services.
Europe medical waste management market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2015 to 2026, for the following segments:
Market Share, By Type of Waste, 2015 - 2026 (USD Million)
Market Size, By Service, 2015 - 2026 (USD Million)
- Collection, transportation & storage services
- Treatment and disposable services
- Recycling services
Market Growth, By Waste Generator, 2015 - 2026 (USD Million)
- Laboratories and research centers
- Nursing homes
The above information is provided for the following region and countries:
- The Netherlands