Kenneth Research, in its repository of market research reports, has recently added a report titled U.S. Medical Waste Management Market market, that emphasizes on the recent market trends and opportunities available for the growth of the market for the forecast period 2022-2031. The growth of the U.S. Medical Waste Management Market market can be attributed to the increasing health spending by nations across the globe, and for the rapid innovations observed in the medical sector. According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for U.S. Medical Waste Management Market products.
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U.S. Medical Waste Management Market Analysis – 2018-2027
Medical wastes refer to the waste generated by the healthcare facilities. Medical waste includes a wide range of materials such as needle or syringes, diagnostic samples, body fluids and medical devices among others. The U.S. medical waste management market is anticipated to record a CAGR of 3% over the forecast period, i.e. 020-2027.
Factors such as 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 is anticipated to contribute towards the growth of the U.S. medical waste management market. U.S. is known to have the presence of several pharmaceutical and healthcare companies that produce residues and medical wastes and is also known to have the largest medical waste management accounts in North America. The U.S. Environmental Protection Agency estimated that 6 million tons of medical wastes was generated annually in the United States. Moreover, the treatment of these wastes is also governed by governmental regulatory bodies which have developed strict public laws, such as the Resource Conservation and Recovery Act (RCRA), that regulates the management of medical wastes generated by the healthcare facilities such as hospitals, clinics, nursing homes and pharmaceuticals among others.
The U.S. medical waste management market is further anticipated to attain an absolute $ opportunity of USD 1.17 billion in-between the year 2018 and 2027. The market is also anticipated to attain an incremental $ opportunity of USD 0.17 billion in the year 2027 as compared to the previous year by growing at a growth rate of 1.28x during the assessment period. Factors such as increasing incidences of chronic diseases, rising ageing population along with the expansion of the healthcare industry are anticipated to drive the growth of the U.S. medical waste management market. The growing aging population in the nation is highly prone to the chronic diseases. Growing number of deaths caused by several diseases also contributes to the overall medical wastes and residues. Moreover, the treatment of chronic diseases as compared to other diseases, requires more time, which usually generates more amount of medical wastes from hospitals. Such factors are expected to drive the growth of the U.S. medical waste management market.
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Some of the key industry leaders in the U.S. medical waste management market are Clean Harbors, Inc. and Stericycle. Apparently, several industry players are expanding their services in the medical waste management market and are working on launching such services in the nation in the upcoming years.
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