U.S. Medical Waste Management Market- Share, Industry Trends and Healthy Lifestyles during and Demand Forecast 2027
Research Nester has released a report titled “U.S. Medical Waste Management Market – Demand Analysis & Opportunity Outlook 2027″ which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The U.S. Environmental Protection Agency, in one of its statistics
stated that in the United States, an estimated 6 million tons of medical wastes
was generated.
The statistics portray
the growing amount of medical wastes generated from the increasing incidences
of chronic diseases, rising ageing population along with the expansion of the
healthcare industry. Several chronic diseases, such as Chronic Obstructive
Pulmonary Disease (COPD), heart diseases, diabetes and others, has observed a
massive growth in the United States. People of the nation have been
increasingly spending on the treatment of these chronic diseases, which has
resulted in the nation’s total amount of expenditure for treatment of chronic
diseases to be greater than other countries. Moreover, these chronic diseases
take longer time for treatment and thereby requires long stays in the
hospitals. As a result, it generates numerous amounts of residues and medical
wastes. Additionally, the chronic diseases are known to be a major cause for
the increasing amount of deaths in the United States.
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The residues generated
from such sources raised the necessity amongst the healthcare providers in the
nation to recycle the single use products used during the treatment of the
diseases. Further, the growing aging population, which are prone to numerous
chronic diseases, along with the growing expansion of the healthcare
infrastructure backed by the increasing expenditure of the government are some
of the factors anticipated to drive the growth of the U.S. medical waste
management market.
The U.S. medical waste
management market, which was valued at USD 4.08 billion in the year 2018, is
anticipated to grow at a CAGR of 3% during the forecast period, i.e. 2020-2027.
Medical wastes are all those contaminated items which include blood, body fluids,
used syringes and several others. The market is thriving on the back of the
need to manage hazardous, infectious and dangerous medical waste in U.S. as
these wastes impose a greater amount of threat to the public and the
environment. Additionally, the presence of numerous healthcare and
pharmaceutical companies in the nation, who contribute to a major share of the
medical wastes, raises the need for the management of the medical wastes.
United states, as a nation, is known for being the largest markets for medical
waste management, followed by UK in Europe. The U.S. medical waste management
market is further slated to reach USD 5.25 billion by the end of 2027. The
market is also thriving on the back of increasing stringent norms for
regulating the management of medical wastes. The Resource Conservation and
Recovery Act (RCRA) is one such public law which regulates the management of
medical wastes generated by the healthcare facilities such as hospitals,
clinics, nursing homes and pharmaceuticals among others. Such factors are
anticipated to promote towards the growth of the U.S. medical waste management
market in the coming years.
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However, concerns for
the improper methods of medical waste management performed by several
healthcare professionals, lack of awareness among the healthcare professionals
for managing the medical wastes and the lack of training of proper disposal of
medical wastes are some of the factors estimated to act as a barrier to the
growth of the U.S. medical waste management market.
This report also studies existing competitive scenario of some
of the key players of the U.S.
medical waste management market, which includes profiling of Clean Harbors, Inc. and
Stericycle. Further, many other players in the U.S. medical waste management
market are expanding their services, which are planned to be launched in the
upcoming years.
The profiling enfolds key information of the companies which
comprises of business overview, products and services, key financials and
recent news and developments. Conclusively, the report titled “U.S. Medical Waste
Management Market – Demand Analysis & Opportunity Outlook 2027″,
analyses the overall U.S. medical waste management industry to help new
entrants to understand the details of the market. In addition to that, this
report also guides existing players looking for expansion and major investors
looking for investment in the U.S. medical waste management market in the near
future.
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