The medical waste disposal category is anticipated to grow at a CAGR of 6.0% from 2023 to 2030.
Medical Waste Disposal Category Overview
The medical waste disposal category is anticipated to grow at a CAGR of 6.0% from 2023 to 2030. Appropriate disposal of medical trash is the key challenge for healthcare providers across the globe. Rising awareness about the benefits of proper medical waste management for treatment, recycling, and disposal of medical trash has boosted the growth of the category. According to the World Health Organization Study Report 2022, countries with low income generate over 0.2 kg of medical trash per day per hospital bed, whereas countries with high income generate hazardous waste of up to 0.5 kg per hospital bed each day. Moreover, rising government initiatives and strict rules and regulations for waste management are also expected to drive the category. For instance, in December 2022, an MOU was signed between the Center for Health Environment Research and Development and Can Tho Central General Hospital under USAID’s Reducing Pollution Project. This will unite the Vietnamese government, hospitals, communities, and the private sector to advocate for environmentally friendly procurement, utilization, and recycling of plastic medical trash.
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The rising number of diagnostics, along with the expanding healthcare industry, has led to a focus on sustainable medical waste disposal techniques. The objective of sustainable management encompasses diminishing natural resource consumption by promoting reuse, recycling, and material recovery before eventual disposal, with the aim of minimizing environmental impact during waste management. This has led to the adoption of environmentally friendly treatment methods, such as waste-to-energy technologies. Additionally, advancements in technology, such as automation and digital tracking, are improving the effectiveness and efficiency of medical trash removal. The use of nanotechnology can help in reducing costs related to hazardous waste disposal and improve safety. Nanomaterials facilitate innovative biodegradation of harmful substances with minimal impact on the environment. Such advancements have also resulted in streamlining the process, ensuring compliance with regulatory requirements, and reducing errors.
The category is fragmented in nature, with numerous players competing to provide disposal services. Companies such as Daniels and Pureway are competing to provide cost-effective and scalable services, from the collection of trash to the disposal of waste and keeping the neighborhood sanitary. The suppliers in the category may have moderate bargaining power due to the specialized nature of disposal equipment and regulatory compliance requirements. The disposal service providers need to be licensed according to state regulations.
Suppliers must follow guidelines outlined by regulatory bodies such as DOT, OSHA, and CDC that ensure trash generated by healthcare facilities is safely transported and disposed. For instance, OSHA regulates safety under its Bloodborne Pathogens Standard, which requires that all employees in contact with medical trash should be trained in handling, labeling, storing, and transporting healthcare waste.
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Medical Waste Disposal Procurement Intelligence Report Scope
The Medical Waste Disposal category is expected to have pricing growth outlook of 6% – 7% (annual) from 2023 to 2030, with below pricing models.
Supplier Selection Scope
Supplier Selection Criteria
List of Key Suppliers
Medical Waste Disposal Procurement Cost and Supplier Intelligence
Labor, Materials (disposal containers, bags), treatment equipment, repair and maintenance, legal costs, transportation costs, and others are some of the costs incurred in collecting, treating, and disposing of pharmaceutical waste. The cost of overall service depends on the waste management company, the location of the facility, the frequency, and the volume and waste stream generated. The purchase of disposal containers can cost between USD 1,000 and USD 5,000. Autoclave machines used to sterilize waste prior to disposal can cost from USD 7,000 to USD 25,000. One of the crucial factors in providing the service is developing an efficient medical trash removal management system which can have an impact on the overall costs.
In terms of providing medical waste disposal services, service providers usually have a complete in-house team that carries out complete activities from collection to treatment and disposing of waste. For instance, Daniels possesses the finesse, licensing, and compliance expertise required to safeguard the safety, risk, and regulatory responsibilities of healthcare facilities. They oversee tasks ranging from supply of bins to pick up, manifesting, and treatment management. Buyers in the category, such as hospitals, laboratories, and other healthcare facilities, seek out service providers that provide high-volume collection, time-to-time collection services, touchless removal services, and cost-effective services. Buyers also evaluate service providers based on compliance with regulatory requirements, global reach, and reliable service.
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