Medical Waste Management Market is expected to Reach US$7,994.6 mn from 2015 -2023
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%.
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.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Medical Waste Management Market (Type of Waste – Sharps, Infectious and Pathological Waste, Non-infectious Waste, Radioactive Waste, Pharmaceutical Waste; Service – Collection, Transportation, and Storage, Waste Treatment, Disposal Method) – U.S. Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023”