Global Medical Waste Management Market
Global Medical Waste Management Market Overview:
The growing population around the globe is increasing the number of patients, leading in the increasing quantity of medical waste. Thus, with the increasing quantity of medical waste, governments around the world are taking several measures to manage medical waste. For example, in India, the Indian government’s Ministry of Environment and Forests MoEF notified the 1998 Medical Waste Management and Handling Rules and the 2003 Bio-Medical Waste Management and Handling Rules Amendment to provide statutory and mandatory guidelines for health care waste management.
The Central Pollution Control Board also issued guidelines on the Central Bio-medical Waste Treatment Facilities CBWTF. The growing number of public projects is driving the market for medical waste management. Several federal bodies maintain medical waste laws. These include the Occupational Safety and Health Administration OSHA, the Centers for Disease Control CDC, the United States. Food and Drug Administration FDA, Department of Transportation DOT and Drug Enforcement Administration DEA. The other variables, such as increasing awareness of medical waste, also drive market growth.
Over the previous few years, the market for medical waste management has grown tremendously, although certain variables are likely to hinder market growth in medical waste management. Among all, due to the need for high-value machinery and fresh technology equipment, the necessity for enormous capital investments is a significant restraining factor for the development of the market for medical waste management.
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Global Medical Waste Management Market Report’s Scope:
Medical waste is a type of waste that contains infectious material and is the waste generated by health care facilities such as physician s offices, hospitals, dental practices, laboratories, medical research facilities and veterinary clinics. Medical waste may contain body fluids such as blood or other contaminants. The Medical Waste Tracking Act of 1988 describes it as waste produced during medical research, testing, diagnosis, immunization or therapy of either humans or livestock. Some examples are cultivated dishes, glassware, bandages, gloves, discarded sharps such as needles or scalpels, swabs, and tissue.
Global Medical Waste Management Market Key Trends.
Incineration segment is projected to rule the medical waste management market:
Incineration is the most common and highly preferred method used for the disposal of medical waste, although it is unsafe for the environment as it leads to global warming. Due to the increasing global warming, the Environment Protection Agency has imposed stringent incineration regulations that have resulted in inhibiting the emission of harmful gases that effect global warming. For example, the Canadian Council of Ministers of the Environment recently proposed new emission standards for incinerators that will reduce current emissions of dioxin and mercury by 80%. In addition, the rise in technological advances and the increasing generation of surplus medical waste across the globe are expected to drive the development of the global market for medical waste management.
The United States to Lead the Market in North America region:
Due to the existence of the extremely developed healthcare industry and the increasing incidence of infectious and chronic illnesses requiring sophisticated medical and surgical aid, the US medical waste management industry retained the biggest market share in North America, and the therapy for these illnesses also produces a big amount of by-products and residues. Many hospitals in the U.S. have begun recycling single-use products, which are sold back to hospitals at a fraction of the initial price.
Asia-Pacific is also expected to witness the highest growth rate due to increased social awareness and the establishment of stringent regulations for proper disposal of medical residues and by-products.
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Global Medical Waste Management Market Competitive Landscape:
Medical waste management is one of the greatest problems that health care suppliers face every day. Other issues such as HIPAA, epidemiology, prospective civil litigation, and state and local regulation often complicate it. The main market players in medical waste management are focused on developing their portfolio of services and products on the waste management market. Companies are also adopting various growth approaches, such as partnerships, agreements, mergers and acquisitions, to strengthen their global market presence in the medical waste management market. Further initiatives made by the governments and partnerships with the NGOs are further propelling the development of the market for medical waste management. For example, Environment and Climate Change Canada ECCC planned to launch its new notice processing system i.e. WIETS equivalent system on June 5, 2018 in February 2018.
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