New York, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Hospitals in the United States produce approximately 6 million tons of waste on an annual basis. However, with the massive spread of COVID-19 in 2020 leading to public health crisis, a significant hike in the waste generation despite the drop in elective surgeries has been witnessed, posing great danger to people handling or exposed to medical waste.
Research Nester evaluated the ongoing market opportunities in the U.S. Medical Waste Management Market for the period of 2018-2027 which includes the current industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players has been provided in the report.
Categorized differently by various authoritative bodies, there have been constant efforts to manage biomedical waste comprising waste generated by laboratories, clinics, medical research facilities, mortuary and funeral homes, veterinary clinics, home healthcare settings and hospitals among other healthcare facilities in order to avoid the potential spread of infection caused by this waste. Among regulated and unregulated clinical waste, around 80-85% of the waste is non-hazardous or unregulated medical waste, whereas, about 15-20% is hazardous or regulated medical waste. To curb the life-threatening infections and exposure to germs, radiation and chemical burns, caused by improper disposal of medical waste, there is high demand for efficient solutions to treat and manage medical waste to ensure the safety of health care providers, patients, waste collection workers and environment, which is further estimated to boost the growth of the regulated medical waste segment. As per World Health Organization (W.H.O.), globally, about 16 billion injections are administered on an annual basis, out of which, not all of the needles and syringes are appropriately disposed after the utilization.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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The healthcare administrators in the United States are progressively working towards ensuring efficient management of the medical waste while adhering to the state legislation and policies. For instance, the Environmental Protection Agency (EPA) controls the management of the industrial, household, and manufacturing regulated wastes in the United States, under the Resource Conservation and Recovery Act (RCRA). The U.S. medical waste management market accounted for market value of USD 4.08 Billion in 2018 and is expected to garner USD 5.25 Billion by 2027 by growing at a CAGR of 3%, during the forecast period, i.e., 2020-2027.
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On the back of growing number of infections and rising burden of chronic diseases such as cancer, heart disorders, chronic obstructive pulmonary disease (COPD) and diabetes among others in the United States requiring advanced medical equipment and support, the medical waste management market in the U.S. is estimated to observe significant growth in upcoming years. According to Centers for Disease Control and Prevention (CDC), chronic diseases are the primary reasons resulting in death and disability in the region and account for an annual health care expenditure of USD 3.5 Trillion. On an annual basis, around 795,000 people have a stroke and about 805,000 suffer a heart attack in the United States, whereas deaths by heart disease or stroke amount to 868,000 each year. The heart disease and stroke cost the health care budget of USD 214 billion each year. Similarly, cancer is the second leading cause of death, where total number of people diagnosed account to more than 1.7 million, and around 600,000 Americans die from it each year. It has further resulted in increased cancer care costs which is estimated to touch around USD 174 billion by 2020. This alarming growth in the number of diseases that require medical supervision and surgical procedures further result in significant generation of medical wastes, thereby contributing to the growth of the medical waste management market in the United States.
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However, growing public concerns pertaining to improper disposal and management of medical waste resulting in serious health complications and ecological distress might act as barriers to the growth of the market.
The U.S. medical waste management market is also segmented on the basis of waste type, waste collection and treatment, treatment methods and others.
U.S. Medical Waste Management Market, Segmentation by Waste Type
- General or Unregulated Medical Waste (UMW)
- Pathological
- Chemical
- Sharps
- Radioactive
- Others
U.S. Medical Waste Management Market, Segmentation by Waste Collection and Treatment
- On-Site Waste Collection and Treatment
- Off-Site Waste Collection and Treatment
U.S. Medical Waste Management Market, Segmentation by Treatment Methods
- Incineration
- Microwaving
- Autoclaving/ Steam Sterilization
- Others
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Some of the other notable factors that are contributing to the growth of the market include high healthcare spending, ongoing development in the healthcare sector, and rising social awareness and initiatives to track and control medical waste in the U.S. According to the statistics provided by the Centers for Medicare & Medicaid Services (CMS), the total National Health Expenditure (NHE) in 2018 grew 4.6% to USD 3.6 trillion, where hospital expenditures rose 4.5% to USD 1,191.8 billion in the same year. The NHE is anticipated to grow at an average yearly rate of 5.4% during 2019-2028 and is estimated to touch USD 6.2 trillion by 2028. Moreover, various key players are offering advanced and reliable services to help health care industry manage its medical waste. Some of the major industry players operating in the U.S. medical waste management market are Stericycle, Clean Harbors, BioMedical Waste Solutions, Daniels Health, and others.
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