Reports And Data
Rise in elderly population, development of advanced manufacturing techniques for medical & drugs equipment
NEW YORK , NEW YORK, UNITED STATES, September 17, 2021 /EINPresswire.com/ — According to the current analysis of Reports and Data, the global Medical Waste Management Market is forecasted to grow at a rate of 5.3% from USD 11.92 Billion in 2019 to USD 18.34 Billion in 2027. The study talks about the growing population across the globe, which in turn increases the number of patients, resulting in the rising volume of medical waste. Hence there is a requirement of proper management of the medical waste that is generated at an ever-growing rate. Medical waste is a type that contains infectious materials that are toxic and can cause multiple types of diseases. This medical waste is generated by health care facilities like physician’s offices, hospitals, dental practices, clinics, and research facilities. Medical waste can contain things like blood, bodily fluids, and other contaminants. Medical waste management refers to the proper processing of the waste material generated by the various health care institutions. The emergence of medical waste management has led to the prevention of the release of toxic compounds into water and land. Medical waste management is done by treating waste material by adopting an environment-friendly treatment procedure. It also involves developing various methodologies that are environment-friendly.
According to the World Health Organization (WHO), around 16 billion injections are used every year across the world, but not all syringes and needles are disposed of appropriately. Rising concerns over employing Eco-friendly and safe management and treatment process, growing health care industry, development of innovative technology for medical waste management, increasing number of government initiatives, risk and high cost of maintaining the equipment in the hospitals and other medical facilities, and rise in elderly population resulting in higher health care demands are some of the key factors propelling market growth in the industry. However, a shift in the market from more significant players to smaller size players, lack of guidelines, and management of medical waste and availability of advanced substitute products of waste management techniques are the major hindrance for market growth during 2019-2027.
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Increasing development of on-demand, digitally enabled, and seamlessly connected clinician-patient interactions to manage patient base is expected to drive pharma and healthcare market in the coming years. After the COVID-19 outbreak there has been a number of foundational shifts in the healthcare system. Some of the examples include increasing consumer involvement in health care decision-making, the rapid adoption of virtual health & other digital innovations, increasing focus on utilization of interoperable data & data analytics, and increased public-private collaborations in therapeutics and vaccine development. The increased public-private collaborations for vaccine development has arisen due to high pressure of regional governments. Health care providers, and other stakeholders have invested heavily to quickly pivot, adapt, and innovate therapeutics.
Further key findings from the report suggest
• Across the world, out of the total amount of waste generated by health-care activities, about 85% is general waste and remaining 15% is considered hazardous material that may be infectious, toxic or radioactive.
• Infectious and anatomic wastes together represent the majority of the hazardous waste, up to 15% of the total waste from health-care activities. Sharps represent about 1% , Chemicals and pharmaceuticals account for about 3% of waste from health-care activities while gene toxic waste, radioactive matter and heavy metal content account for around 1% of the total health-care waste
• According to a research article in Indian Journal of Pharmacy Practice, drug wastage accounted for 2.0% to 3.0% of all drug costs, representing more than USD 1.0 Billion in drug wastage in the U.S.
• According to American Hospital Association in 2015 on waste prevention and management in hospitals, nearly 5,000 acute care hospitals in the U.S. generate around 7,000 tons of waste every day and spend USD 10 billion annually on its disposal, hence there is a rapid growth in demand of medical waste management.
• In the U.S., medical waste is regulated under the Resource Conservation and Recovery Act (RCRA) and the European Commission in Europe by the Environmental Protection Agency, which leads to the efficient management of health facilities' medical waste.
• The dumping of hazardous medical wastes onto the landfills without treating this waste can cause contamination of soil and water. Additionally, the toxins and the bacteria released from the untreated medical waste increases the risk of epidemic among the people residing close to the dumping area.
• Medical Waste Management is one of the biggest challenges faced by health care provider which is further complicated by concerns like HIPAA, epidemiology, potential civil litigation and local and state regulations.
• Major players include Biomedical Waste solutions, Clean Harbors, Daniels Sharpsmart Inc., Stericycle, Waste Management Inc., Remondis Group
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For the purpose of this report, Reports and Data has segmented the Medical Waste Management market on the basis of waste type, treatment site, treatment type, service type, nature of waste, waste generator and region:
Waste Type Outlook (Revenue, USD Billion; 2017-2027)
• Gene Toxic
Treatment Site Outlook (Revenue, USD Billion; 2017-2027)
Treatment Type Outlook (Revenue, USD Billion; 2017-2027)
• Chemical Treatment
Service Type Outlook (Revenue, USD Billion; 2017-2027)
• Treatment and Disposal
• Collection, Transportation, and Storage
Nature of Waste Outlook (USD Billion; 2017-2027)
Waste Generator Outlook (USD Billion; 2017-2027)
• Retail Pharmacy
• Blood Banks
• Research Institutions
• Waste Generators
Regional Outlook (Revenue, USD Billion; 2017-2027)
• North America
• Asia Pacific
• Latin America
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Major Highlights of the Medical Waste Management Market Report:
• The Medical Waste Management market analysis report offers an in-depth study of the potential market growth opportunities and challenges.
• The report dives deeper into the market and explains the dynamic factors bolstering market growth.
• The report deeply assesses the current, historical market size, market share, and revenue growth rates to offer accurate market projections for the forecast period.
• The report analyzes the Medical Waste Management market presence across major regions of the world.
• It determines the production & consumption capacities and demand & supply dynamics of each regional market.
• The report further illustrates the intense competition among the key market players and highlights their effective business expansion plans and strategies.
• It provides company overview and SWOT analysis of each of the market players.
Thank you for reading our report. Please connect with us to know more about the report and its customization feature. Our team will ensure the report is well suited to meet your requirements.
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Source: EIN Presswire