A continuously expanding healthcare industry, rising numbers of diagnostic tests, and flourishing medical devices and pharmaceutical industries have significantly contributed towards the exponentially rising medical waste volumes in the U.S. The U.S. medical waste is highly regulated by strict emission, disposal, and recycling norms. It has witnessed excellent expansion in the past few years, and technological developments, emergence of advanced and innovative disposal techniques, and sustained efforts by government and non-government bodies aimed at ensuring public safety from hazardous medical waste at a sustained pace.
The Drug Enforcement Administration (DEA) has collected over 2,100 tons of prescription medicines as of September 2010 across the country, reports show. Apart from being one of the largest producers of medical waste across the globe, the U.S. also has one of the most efficient medical waste management markets of the globe. Government bodies, several NGOs, and community-based organizations are constantly guiding healthcare facilities about devising proper ways of effective recycling and disposal of medical wastes in the country.
Non-infectious Waste Takes Lion’s Share in Market
A large portion of the overall medical waste generated in the U.S. is of the non-infectious variety. In 2014, non-infectious waste accounted for a dominant share of around 63% in the U.S. waste management market. In the same year, infectious waste accounted for the second-largest, 22.6%, share of the market, TMR says.
The rising number of diagnostic tests in the country is the prime reason behind the generation of vast volumes of infectious wastes from pathological labs in the country. Rising geriatric population and the relatively larger possibility of this demographic contracting serious illnesses provides a big boost to the demand for medical services and diagnostic tests, which are major contributors to the rising volumes of medical wastes.
Non-incineration Waste Disposal Practices are Now Preferred in the U.S.
Incineration of medical wastes has traditionally been the dominant medical waste management method in the U.S. However, incineration leads to the emission of several harmful gases such as carbon monoxide, sulfur dioxide, and dioxins, which contribute to global warming. The Environment Protection Agency (EPA) has made air emission limits more stringent in the country, compelling waste management companies to switch cleaner ways of handling medical waste.
This has led to the increased adoption of non-incineration technologies such as steam autoclave treatment, non-ionization radiation treatment, a variety of chemical treatments in the past few years. Non-incineration technologies are also gaining increased popularity owing to their less capital intensive nature and the possibility of turning waste into resource efficient materials using these techniques.
Large Companies Face Stiff Competition from Small-sized Local Vendors
The U.S. market for medical waste management features the presence of a large number of small-sized local vendors and only a few large companies. In 2014, small-sized companies in the market accounted for a massive share of 53.1% in the market, while Stericycle, the most prominent large-scale company in the market held a share of 23.2%.
Mergers with and acquisitions of smaller companies are thus the most beneficial growth opportunities for new entrants and existing vendors in the market. Acquisition of smaller companies allows large-sized vendors in enhancing their operational efficiencies and expanding their service capabilities and consumer base in the U.S. medical waste management market.
The report on medical waste management market analyzes the current as well as future prospects and various facets of the market in detail. Health care industry serves population by protecting health of individuals and saving lives of many. However, while doing so they generate a lot of waste, which involves risk to people. As the healthcare industry is rapidly growing across the globe and especially in U.S, there will be increasing need for medical waste management and the service providers in the market will witness attractive market opportunities than ever. For the research on this topic, we conducted in-depth interviews and discussions with a wide range of key opinion leaders within medical waste management market, which was supplemented by extensive secondary research.
The market assessment and forecast in terms of revenue (US$ million) for each segment of medical waste management have been provided for the period 2013 to 2023, considering 2014 as the base year. The report also provides the compounded annual growth rate (CAGR %) for the U.S medical waste management market and each sub-segment, for the forecast period 2015 to 2023. Growth rates for each segment within the U.S. medical waste management market have been determined after thorough analysis of past trends, demographics, future trends, technological developments, regulatory requirements.
Factors such as government initiatives, active participation of non-government organizations (NGOs), growing elderly population, growth of pharmaceutical and healthcare industries, and technological innovations would help market players to take strategic decisions in order to strengthen their market positions and inflate their correspondent market shares. The recommendations section included in the report would assist existing market players in targeting all major stakeholders of this industry such as companies. The report also profiles major players in the U.S medical waste management market based on various attributes such as company details, business overview, financial facts, business strategies and recent developments.
Medical waste management market report analyzes the current and future prospects of the U.S market. The medical waste management market comprises medical waste management and pharmaceutical waste management segment. The medical waste management is further segmented as types and services. Under types, medical waste management is divided into sharps waste, infectious and pathological waste, non-infectious waste, radioactive waste, and pharmaceutical waste. The growth of this segment is due to rising awareness programs by private or government bodies to manage non-infectious waste streams. The services segment of medical waste management is further divided into collection, transportation and storage, waste treatment, and disposal method. It is routinely used in daily medical practice by professionals. Hospitals find medical waste management services to be increasingly profitable, as the reach of the services has improved significantly over the years due to the advent of new collection, transportation, storage, treatment, and disposal services. Based on pharmaceutical waste management market is divided into three different parameters such as type (hazardous and non-hazardous), category (controlled and uncontrolled), and substance generators (hospitals, manufacturers, clinical lab, physician office, and reverse distributors).
Additional information such as recent development in medical waste management, market dynamics, porter’s five forces analysis, in the market overview chapter which provide every detail to assist new and existing players to venture and explore latent market opportunities in impending years. This report provides in-depth analysis of the U.S medical waste management market. The stakeholders for this report include companies involved in the research and development and application. For providing a snapshot of this market to the stakeholders, executive summary section is included in this report, which summarizes the market size, trends, and competition for different regions.
However, the market is likely to face some setback due to high initial capital investment cost and intense competition from local players; these might slow down the growth of the market. Nevertheless, the report also highlights various opportunities that are expected to boost the market growth during the forecast period.
The medical waste management market report also includes recommendations section that would assist new companies to enhance their service offerings and expand their market share in the medical waste management market.
Key players profiled in the medical waste management market study encompasses Clean Harbors, Inc., Republic Services Inc., Sharps Compliance, Inc., Stericycle Inc., Suez Environmental Services, U.S. Ecology Inc., Veolia Environmental Services, and Waste Management Inc.
The U.S medical waste management market is segmented as follows:
U.S Medical Waste Management Market
- U.S. Medical Waste Management Market, by Type of Waste
- Infectious and Pathological Waste
- Non-infectious Waste
- Radioactive Waste
- Pharmaceutical Waste
- U.S Medical Waste Management Market, by Service
- Collection, Transportation, and Storage
- Waste Treatment
- Disposal Method
U.S Pharmaceutical Waste Management Market
- U.S. Pharmaceutical Waste Management Market, by Type
- U.S Pharmaceutical Waste Management Market, by Category
- U.S Pharmaceutical Waste Management Market, by Substance Generator
- Physician offices
- Clinical laboratories
- Reverse Distributors