Medical Waste Management Market - Non-Infectious Waste to Account for Major Market Share

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.

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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.

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.

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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.

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This release was published on openPR.