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The medical waste management market promises strong growth during 2017-2025, thanks to the increasing effectiveness of protocols and the general deficit that hospitals experience in dealing with large amounts of waste products. Increasing scrutiny of open dumping and improvements in disinfection measures is also expected to generate significant growth for the market over the forecast period.
Medical Waste Challenge Will Increase Significantly Amid Rise in Chronic Diseases
Several chronic diseases like COPD, heart disease, and diabetes are on the rise. These diseases and some others like stroke account for nearly 7 out of 10 deaths in the United States. This annual rate is surprising, especially since nearly 45% of Americans have at least one of these chronic diseases. These illnesses can require long hospital stays and, in addition to the challenges on the healthcare front, they also greatly increase the responsibilities and inefficiencies in waste management for hospitals. Furthermore, the increase in the elderly population is expected to worsen the challenges in the near future, as more than 50% of the aging population lives with three or four diseases simultaneously. The increasing aging population, inefficiencies in waste management, and lifestyle changes driving the growth of diseases such as diabetes are expected to drive potential growth in the medical waste management market in ways significant during 2017-2025.
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New research sheds light on growing challenges in hospitals
According to JAMA, or the Journal of American Medical Association, medical waste is the biggest challenge in healthcare today. According to a 2019 study, the United States spends more than 18% of its gross domestic product on health care. Also, of this, almost 30% is wasted, or about $ 760 to $ 935 billion. Additionally, the study also showed that measures to reduce waste resulted in savings of nearly $ 300 billion. Additionally, market trends such as the shift to generic drugs, the shift to hospital care, and the reduction of long stays whenever possible can lead to significant cost savings for patients. Drug use promises greater opportunities, as prescribing totals nearly $ 858 billion, which is more than double the next 19 countries on the list combined. According to research, there is the potential to reduce 25% of health care costs with simple measures such as reducing waste use among various other policy implementations.
Strict laws promise new opportunities
Additionally, incidents of waste on public display can threaten tough legislation. For example, wastewater management continues to cost the US government billions. In addition, the cost is increasing at a rapid rate, almost 10-12% each year with the main concerns about medical waste. Also, trash on California beaches recently came to light. So, the ambiguity in the legislation that still does not clearly define what “public water reservoirs” are, continues the dumping of the oceans with medical waste products.
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This review is based on the findings of a TMR report titled “Medical Waste Management Market (Nature of Waste: Non-Hazardous Waste and Hazardous Waste; Waste Type: Sharps, Infectious and Pathological Waste, Radioactive Waste, Pharmaceutical Waste and non-infectious waste Waste; Waste generator type: Large quantity waste generators (hospitals and pharmaceutical and biotech companies), small and medium quantity waste generators (clinics and doctor’s offices, retail pharmacy, ambulatory surgical centers and medical centers) long-term care, laboratories, academic and research institutes, blood banks, others: veterinary, mortuary and autopsy centers, home health care, military and government, nursing homes, tattoo parlor); type of service: services in the site and off-site services): global industry analysis, size, share, cr Growth, Trends and Forecast 2017-2025 “.
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