What’s Causing the Medical Waste Market to Skyrocket?
Healthcare is the most necessary and rapidly growing industry in the world. The U.S. national health expenditure reached $4.3 trillion in 2021 and is expected to exceed $6.2 trillion by 2028. As the medical field continues to research, innovate, and provide its services, it is expected that those involved in their daily maintenance and compliance are also experiencing market growth. The medical waste market is projected to grow by $3.3 billion from 2022 to 2027. The question is: what are the factors pushing this expansion?
Four medical waste growth factors
- Healthcare Industry Growth
As stated, the growth in the overall healthcare industry is a critical factor. More locations being built and more services being offered will increase the need for medical waste services.
- Population Increase
As modern medicine increases, people can access specialized care like never before. Healthcare facilities are constantly adopting new services for patients of all backgrounds and health issues. The increase in population demonstrates that the healthcare industry is succeeding in providing the necessary care to sustain the longevity of life and raise the average human life span. Poverty levels worldwide have also decreased, allowing more citizens to support themselves financially and get care when needed.
- Technological Advancements
The steady increase in global access to technology has allowed the healthcare industry to make significant changes, such as faster access to accurate patient records, better diagnostics, and software that helps patients and providers connect quickly and efficiently.
- Strict Regulations
Healthcare providers are enforcing stronger regulations regarding medical waste, which has increased the demand for higher-quality services. State environmental and health departments mainly regulate medical waste, so providers must regularly view and keep up with local health requirements. Other agencies such as the CDC (Center for Disease Control), OSHA (Occupational Safety and Health Administration), and the FDA (U.S. Food and Drug Administration) also have regulations set for various locations and departments.
These factors will continue to change and develop with time. Staying current with advancements in the health industry and regulation changes will help you make a top-tier choice. As the healthcare industry grows, it sparks an even greater demand for medical waste providers. Knowing how to choose the right medical waste services that best support your company is essential.