According to the new market research report by IndustryARC, the world-wide medical waste management market is predicted to reach $16.35 billion by 2023. The report, entitled “Medical Waste Management Market by Waste Type (Biomedical, Cytotoxic, Pharmaceutical, Genotoxic, Radioactive); by Treatment Technology (Thermal, Irradiative, Biological, Mechanical) – Forecast (2018-2023)”, provides useful insights and predictions on the medical waste management market.
The report predicts that the North American medical waste market is expected to reach revenue of $6,077.7 million by 2023 at a compound annual growth rate (CAGR) of 5.1%. It states that the North American market is driven by growing number of healthcare facilities. The reports sties the reason for growth in North America is due to large amount of medical waste produced and effective management of the waste with the use of advanced technologies. Hospitals have a major share in the market due to the amount of hazardous waste generated per day. In the US, many organisations provide services to the healthcare facilities. The government has been levelling fines on such hospitals in the region, if the infection rate is high. This factor increases more number of companies in the market.
With respect to incineration of medical waste, the report states that the incineration segment had revenue of $3,851 million in 2015. The report predicts revenue in the medical waste incineration sector to reach $5,627 million by 2023 at a CAGR of 4.3%. The report defines incineration as the process of burning waste materials which are hazardous, at higher temperatures for eliminating contaminants. In this process, toxic elements are burnt and the ash is disposed into landfills.