Transparency Market Research (TMR) states
in a research report that the U.S. market for medical waste management
is anticipated to boost owing to increase in the number of diagnostic
tests, growing healthcare sector, launch of several medical devices, and
flourishing pharmaceutical sectors. The report also states that in
September 2010, the Drug Enforcement Administration (DEA) collected more
than 2,100 tons of prescription medicines all over the nation. The U.S.
market comprises of all big and small vendors that are either looking
to invest in the medical waste management market or those who are
already going strong since sometime. Ironically, among small size
companies, and big giants, the former one was evaluated to hold 53.1% of
shares that accounts for the major section of the market. Whereas, one
of the most well-established firm, Stericycle was accounted for just
23.2% of the market share in that year. Although, the company has
acquired 348 businesses since 1993, that makes it a really strong player
in the U.S. market. Based on such statistics the partnership and the
acquisitions with small firms is anticipated to turn out quite positive
for the existing companies as well as the new ones. The major benefit of
such mergers in the U.S. market of medical waste management is that the
bigger firms can make use of the operational efficiency from the small
vendors that will in turn help them in enhancing their consumer base
owing to better services facilities.
According to a TMR analyst, there is a wide scope of growth in the U.S. medical waste management market, with various opportunities for success. It is expected to be worth US$7,994.6 mn by the end of 2023. Based on type, the non-infectious type of waste is anticipated to dominate the market as the largest segment. The segment held 63% of total market share in year 2014. In terms of revenue, it is expected to be evaluated worth US$4.922.1 by the end of the forecast period, 2023. The market share of pathological and infectious waste in 2014 was calculated to be second-largest in the market with 22.6%.
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Latest Technological Innovations and Non-Hazardous Methods Boosts the Market Growth
The rise in the demand for hospital waste
management is due to the strict rules imposed for emission, disposal,
and recycling of hospital waste. Moreover, there has been a lot of
technological innovations and advancements that has helped in reducing
and recycling of the waste to a large extent. Many governmental and
non-governmental firms are working towards spreading awareness among
masses, educating them about disposal of medical waste, and taking care
of their safety from harmful medical waste and its ill-effects. Since a
very long time, incineration of the medical waste has been a
conventional way of disposal in the U.S. Yet this method is not very
safe to use and emits lot of harmful elements and gases for example
dioxins, sulphur dioxide, and carbon monoxide. These gases are majorly
responsible for global warming. Looking at these effects of incineration
the Environment Protection Agency (EPA) has imposed strict rules
regarding the air emission. These regulations have encouraged several
waste management organizations to use the cleaner and safer methods to
dispose medical waste.
High Capital Investment to Hamper the Market Growth of Hospital Waste Management
The U.S. medical waste management market
has witnessed a tremendous growth in past few years. However, there are
certain factors that are likely to pull down the market growth of
medical waste management. The waste management process involves lot of
capital to be invested, as the procedure focuses on dumping of
contaminated material and managing harmful by-products. The disposal and
recycling process includes the emission of dangerous gases and
compounds that are foreseen to disturb the environment and ecosystem.
Nevertheless, keeping all the drawback in consideration, various
non-incineration technologies have been introduced in recent past such
as non-ionization treatment, steam autoclave treatment, and many other
chemical treatments as well.
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