Medical Waste Management Market Foreseen to Witness 5% CAGR During 2017 – 2025
Medical waste management market promises robust growth during 2017-2025, thanks to rising effectiveness in protocols, and general shortfall experienced by hospitals to deal with large amounts of waste products. The growing scrutiny of open dumping and improvements in disinfection measures are also expected to result in significant growth for the market during the forecast period.
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Medical Waste Challenge to Rise Significantly Amidst Rise of Chronic Illnesses
Several chronic diseases including COPD, heart disease, and diabetes are on the rise. These diseases and a few others like stroke account for nearly 7 out 10 deaths in United States. This annual rate is striking especially as nearly 45% Americans suffer from at least one of these chronic illnesses. These illnesses can require long hospital stays and apart from challenge on the healthcare front, also increase liabilities and waste management inefficiencies considerably for hospitals.
Additionally, the rising elderly population is expected to make challenges worse in the near future, as more than 50% of aging population lives with three or four illnesses simultaneously. The rising aging population, inefficiencies in waste management, and changes in lifestyle driving growth of illnesses like diabetes are expected to drive up potential growth in the medical waste management market significantly 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 over 18% of its gross domestic product on healthcare. Moreover, out of this nearly 30% goes to waste, or about $760 to $935 billion.
Additionally, the study also showed that measures to reduce waste resulted in nearly $300 billion savings. Moreover, trends in the market like shift to generic medicine, shifting to inpatient care, and reducing long stays wherever possible can result in significant cost-savings for patients.
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The use of medication promises biggest opportunities as prescription amount to nearly $858 billion, which is more than double of next 19 countries on the list combined. According to research, there is a potential to reduce 25% of the costs in healthcare with simple measures like reduction in waste usage among several other policy implementations.
Stringent Legislations Promise New Opportunities
Additionally, incidents of wastage on public display can threaten severe legislations. For example, waste water management continues to cost the US government billions. Additionally, the cost rises at rapid rate, nearly 10 or 12% each year with major concerns about medical waste.
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Moreover, recently littering of medical waste on California beaches came to light. So, the ambiguity in legislations which yet does not define clearly on what the “public water reservoirs” are, continue the dumping of oceans with medical waste products.
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