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 the 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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