Medical waste management market to grow 6% annually till 2030

The global medical waste management market is forecast to reach US $11.1 billion by 2030 and will grow at a compound annual growth rate (CAGR) of 6% during the forecast period from 2021-2030.

In order to produce a holistic assessment of the market, a variety of factors is considered, including demographics, business cycles, and microeconomic factors specific to the market under study. Medical Waste Management Market report 2021 also contains a comprehensive business analysis of the state of the business, which analyzes innovative ways for business growth and describes critical factors such as prime manufacturers, production value, key regions, and growth rate.

A rising geriatric population, a rise in chronic disease prevalence, and improvements in technology are contributing to the growth of the global medical waste management market. The Central Pollution Control Board (CPCB) reports that the medical waste generation in India increased from June 2020 to May 2021 due to the increased number of diagnostic tests and treatment of COVID-19 patients.

Governments are taking steps for the effective management of medical waste in order to stimulate the growth of the market. For example, The United States Environmental Protection Agency signed a rule in 2019 to streamline the standards for handling hazardous pharmaceuticals waste, which states that the draft standards will be revised to add nicotine to the P075 listing.

Growing research funding and the high utilization of biomedical products and technology are driving the market’s growth.

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