Albany, NY -- (SBWIRE) -- 10/11/2018 -- 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.
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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.
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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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