The medical waste management market consists of the revenue generated from establishments providing services that include collection, transportation, storage, treatment, disposal, and recycling of waste. Biomedical waste is generated during the diagnosis, treatment, and immunization of human beings or other living beings from healthcare facilities.
The global medical waste management market is expected to grow from $13.5 billion in 2019 to 14.9 billion in 2020 at a compound annual growth rate (CAGR) of 10.6%. The markable growth is mainly due to the COVID-19 outbreak and the measures to contain it. The unestimated amount of biomedical waste being generated from Covid-treating hospitals, quarantine centers, healthcare facilities, and self/home-quarantine has triggered the need for medical waste management. The market is then expected to stabilize and reach $16.62 billion in 2023 at a CAGR of 3.8%.