US medical waste management market to reach $3.5 billion by 2017

By Editor


US medical waste management market to reach $3.5 billion by 2017

By Greentech Lead Team: Increasing aging population,
demand for greater medical care, waste reduction, public awareness and
heightened competition will drive the U.S. market for medical waste management
to reach $3.5 billion by 2017. 

The segment of Management & Disposal Services leads
the US medical waste management industry and has been in the driver’s seat for
a decade now.

Waste generated by healthcare centers is becoming the
topic of debate among lawmakers, citizen’s groups, and social groups in the
U.S. Medical waste has emerged as a serious environmental concern necessitating
the investment of substantial amounts for its management and general safety. In
the U.S. each year a significant portion of the national healthcare expenditure
is diverted towards this area.

The Medical Waste Management market grew in importance
and the concept of sustainable waste management gathered considerable momentum
among policymakers, hospitals and various larger corporations in the US. The
result was a strong waste management industry which is now guided by
established rules and regulations.

According to Global Industry Analysts (GIA), formidable
healthcare costs, development of alternate waste disposal technologies and
stringent environmental regulations will also fuel the overall medical waste
management market in the US.

The market for liquid medical waste management is
experiencing an exciting phase of development and growth and is forecast to
race ahead at a vibrant CAGR of 8.7 percent over the analysis period.

Outsourcing of medical waste management services is
expected to catch on in a big way, due to termination of on-site incinerators
and huge capital costs required for installing new equipment. Measures to bring
in more small quantity waste generators such as clinics and physician’s offices
into the fold are expected to provide a further boost to the market.

Hospitals preferred to avail off-site waste treatment
facilities rather than modernizing existing technology with tight budgets.
However, rising transportation and disposal costs are compelling healthcare
centers to opt for onsite treatment equipment, which is expected to have a
positive effect on the market

The closure of over 3500 waste incinerators in the
country since the year 1995 compelled the medical waste management industry to
seek alternatives such as microwave treatment, autoclaving, plasma/pyrolysis
technology etc. Few of these technologies are exorbitantly priced while few are
still in the early stages of development.

Given the growing demand for waste treatment, a variety
of new and improved processing equipment hit the market in recent times. Steam
sterilization compensated for the decline in incineration technology and
reported higher sales.

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