Medical Waste Management Market: Evolving Market Trends & Dynamics 2023
As government agencies and NGOs in the U.S. become more actively involved in the management of medical waste, the U.S. medical waste management market will move towards maturity, in terms of technologies and innovative strategies, states TMR in a new report.
Millions of tons of medical waste of complex characteristics and varying sources is generated in the U.S. every year, presenting waste management companies with a challenging operational environment and manifold growth opportunities. The oligopolistic market has only a few large companies and features the dominance of small- and medium-sized companies, which collectively account for more than half of the overall market.
Stericycle, the largest waste management company in the U.S. was the only company to have a major share in the market; it accounted for a share of 23.2% in 2014. Small-scale medical waste management companies in the country, however, collectively accounted for 53.1% in the market in the same year.
Thus, the acquisition of smaller companies holds huge promise for large companies and new entrants, allowing them an easy way of enhancing the operational efficiencies and expand both consumer base and service capabilities in the U.S in the coming years, says TMR. Credited with the acquisition of 348 businesses since 1993, Stericycle has profitably tapped this trend and has become the prime provider of several specialty services in the U.S. medical waste management market.
U.S. has observed the emergence of vast numbers of pharmaceutical companies, diagnostic laboratories, hospitals, and pharmacy centers in the past few years. The country is also the world’s largest medical devices market and is projected to produce exponential volumes of a variety of medical waste in the future. To meet the strict regulatory compliances regarding the management of all this waste, companies in the healthcare industry in the U.S are likely to invest more in the proper management of medical waste from 2015-2023.
Air emission limits in the country have become more stringent after EPA regulations under the Clean Air Act (CAA) came into action. This has led waste management companies in devising non-incineration technologies such as non-ionization radiation treatment, chemical treatment, and steam autoclave treatment. These technologies have fewer emission concerns compared to conventional incineration-based medical waste management technologies and are less capital intensive and are observing increased adoption.
Non-Infectious Waste to Account for Major Market Share
The U.S. waste management growth opportunity is worth rising US$7,994.6 mn in 2023. Non-infectious type of waste will be the largest segment in the market in terms of revenue at the end of the forecast period, reaching US$ 4,922.1 by 2023. The continuously rising number of hospitals, clinics, and other healthcare facilities in the country will contribute largely to the vast production of non-infectious waste in the country over the forecast period. However, infectious and pathological waste is expected to emerge as the fastest growing medical waste type in the U.S. over the forecast period, owing to the rising demand for proper disposal of infectious and pathological waste in the country. In terms of medical waste management services in the U.S. market, disposal services dominated owing to the introduction of innovative disposal techniques
The analysis has been drawn from a recent market research report published by Transparency Market Research. The report is titled “Medical Waste Management Market – U.S. Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015–2023.”
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