Hazardous waste is a growing problem in the world, both in the amount of hazardous waste products that are produced and the increasing problem of where to store it and how to resolve it. An entire industry has grown up around the issue, and they are regulated by the EPA. The Environmental Protection Agency seeks to protect both the environment and human health through regulating business practices. Waste disposal and management companies are the arm of the waste industry that deal with the collection and remediation of waste.

It can be anything from certain chemicals to waste products that cannot biodegrade to medical waste and radioactive waste too. It can also include waste that when it does breakdown causes a toxic byproduct. Hazardous waste disposal is the process in which waste is collected, removed and then remediated. To remediate waste means to either transform it into a safe waste product through treatment, isolation or recycling. The end of the process requires that the hazardous waste be effectively neutralized and kept from being able to degrade and enter the environment.

This kind of waste possesses properties that make it dangerous or capable of having a harmful effect on human health or the environment. Management of hazardous waste includes the collection, recycling, treatment, transportation, disposal, and monitoring of waste disposal sites. Hazardous wastes can be in the solid, liquid, or sludge form, or contain gases, and they are generated primarily by chemical production, manufacturing, and other industrial activities. Increase in efforts by several governments in hazardous and non-hazardous waste disposal, stringent regulations on dumping of thermal power plant waste, and technological advancements in waste management methods are some of the significant growth factors of hazardous waste management market.

Adoption of sustainable practices in managing harmful waste from industries and development of innovative techniques for waste management are upcoming trends in hazardous waste management market.

Rise in Health Care Costs Leading to Outsourcing of Waste Management

Healthcare costs in the U.S., and Europe are increasing at a rapid pace. The healthcare industry in several regions is under pressure to reduce costs and simultaneously, improve patient outcomes. Moreover, focus on waste generation and management in health care facilities is increasing due to the strict regulatory policies about waste management and disposal imposed by agencies, such as EPA, CDC, and U.S. FDA. This has prompted hospitals and other medical waste generators outsource those services that are not directly related to the delivery of health care and thereby, reduce costs. This has led to the emergence of third-party experts in the medical waste management market in the country. This, in turn, is expected to drive the hazardous waste management market share.

Initiatives by Governments and Non-Government Organizations (NGOs) to Manage Hazardous Waste

Several government organizations, such as the Food and Drug Administration (FDA), Environment Protection Agency (EPA), and Drug Enforcement Administration (DEA), are consistently working toward proper management of hazardous wastes to ensure safety. Medical, chemical, radioactive waste management has become increasingly necessary in developed countries. Several non-government organizations (NGOs) and community-based organizations (CBOs) are stepping in to help hospitals and other health care facilities to collect, recycle, and dispose of medical waste. Consequently, such initiatives by governments and NGOs to manage hazardous waste are fueling the market.

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