Research Nester has released a report titled “U.S. Medical Waste Management Market –Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the U.S. medical waste management market.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The U.S. medical waste management market is anticipated to achieve a CAGR of 3% during the forecast period 2020-2027 owing to the growing need to manage hazardous, infectious and dangerous medical waste in the nation as these wastes impose a greater amount of threat to the public and the environment. Followed by UK in the Europe, the medical waste management is of utmost importance in the United States. The U.S. medical waste management market is anticipated to reach USD 5.25 billion in the year 2027 from USD 4.08 billion in the year 2018. Presence of several healthcare and pharmaceutical companies in the nation contributes to a greater amount of medical wastes. In the statistics by the U.S. Environmental Protection Agency, medical wastes of around 6 million tones was generated annually in the United States. The term medical wastes consist of items contaminated by blood, body fluids, used syringes and several others. The necessity to control the spreading of these contaminated items has also led to the development of stringent rules and regulations in the U.S., one such being the Resource Conservation and Recovery Act (RCRA), which is a public law in the U.S. that regulates the management of medical wastes generated by the healthcare facilities such as hospitals, clinics, nursing homes and pharmaceuticals among others.
Increasing Chronic Diseases and Aging Population in the United States
The United States has observed a massive increase in the number of chronic diseases, such as Chronic Obstructive Pulmonary Disease (COPD), heart diseases, diabetes and others, over the years. As such, the expenditure for the treatment of such chronic diseases have also increased. The treatment of chronic disorders requires huge amount of time and as such the patient has to stay in in the hospital for the treatment for a longer period of time, which results in the generation of a huge amount of medical wastes. Further, these chronic diseases are also known to be a major reason for the increasing number of deaths in the nation, which too contributes to the increasing number of residues and medical wastes. All these factors have led to the necessity amongst healthcare providers to recycle the single use products which are highly hazardous and avoid the contamination to these medical wastes that can cause severe danger to the environment.
Additionally, with the increasing ageing population in the United States, who are highly prone to get affected with the chronic diseases, are also a major contributor to the increasing amount of residual and medical wastes, generated during the treatment of the disease. Further, the expanding healthcare infrastructure in the United States, a nation which is known for spending massively on healthcare development, is also anticipated to drive the growth of the United States medical waste management market in the upcoming years.
However, concerns regarding the lack of awareness among the healthcare professionals for managing the medical wastes, and the improper methods of medical waste management performed by several healthcare professionals along with the lack of training of proper disposal of medical wastes are some of the factors anticipated to limit the growth of the U.S. medical waste management market.
This report also provides the existing competitive scenario of some of the key players of the U.S. medical waste management market, which includes company 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 encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the U.S. medical waste management market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.