Development of healthcare sector and rise in number of pharmaceutical companies in order to fulfill the skyrocketing demand for improved healthcare solutions is leading to the mounting of waste generated from these sources on a daily basis. Management of pharmaceutical waste is highly necessary as it consists of hazardous chemicals and non-biodegradable components. Market Research Future (MRFR) has published a report stating that the global pharmaceutical waste management market is marked to expand at a noteworthy growth rate during the assessment period.
Market Drivers and Restraints:
Pharmaceutical waste majorly consists of hazardous chemicals, expired drugs, and other harmful non-biodegradable components such as packaging materials and others. safe disposal of such components is highly necessary in order to avoid their adverse effects on the ecosystems. Increasing government initiatives to promote the importance of safe disposal of pharmaceutical waste as it contains unused or expired medications, packaging of drugs and others, are majorly fueling the growth of the global pharmaceutical waste management market.
The rise inpatient population, increasing demand for healthcare solutions all over the world and rapidly increasing geriatric population are leading to the generation of large quantity of pharmaceutical waste, which in turn is resulting in the noteworthy growth of the global pharmaceutical waste management market. increasing emphasis on waste recycling to avoid the harm caused by pharmaceutical waste is also one of the factors that are driving the global pharmaceutical waste management market. However, high cost associated with the waste management services is likely to act as a major restraining factor to the growth of the global pharmaceutical waste management market.
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The global pharmaceutical waste management market has been segmented on the basis of nature of waste, type of waste, and source of waste generation. Based on nature of waste, the pharmaceutical waste management market has been segmented into hazardous pharmaceutical waste and non-hazardous pharmaceutical waste. Based on type of waste, the pharmaceutical waste management market has been segmented into over the counter waste, non-controlled prescription drugs, controlled drugs, and hazardous drugs. Based on source of waste generation, the pharmaceutical waste management market has been segmented into hospitals, clinics & physicians’ offices, pharmaceutical & biotechnology companies, pharmacies, and others.
Geographically, the global pharmaceutical waste management market has been segmented into Europe, North America, Asia Pacific and the rest of the world. The pharmaceutical waste management market in the North America region is projecting significant growth in the global market owing to high demand for waste management for the large quantity of waste that is generated on daily basis in the well-developed healthcare sector in this region.
The rising demand for pharmaceutical waste disposal by the large pool of pharmaceutical and biotechnological companies are propelling the growth of the pharmaceutical waste management market in the Europe region. Development in healthcare sector and increasing number of community pharmacies are some of the major factors that are fueling the growth of the pharmaceutical waste management market in the Asia Pacific region. Rise in awareness regarding the harmful effects of medical waste on the environment is leading to the significant growth of the global pharmaceutical waste management market in the rest of the world.
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The service providers in the global pharmaceutical waste management market are focusing on business expansion by providing optimum solutions for handling pharmaceutical waste. Strategic mergers and acquisitions are playing a major role in aiding the service providers to sustain the competitive environment of the global pharmaceutical waste management market.
The prominent players profiled by MRFR that are operating in the global pharmaceutical waste management market are Stericycle, Covanta Holding Corporation, Stryker, US Ecology, Inc., BioMedical Waste Solution, LLC, Cardinal Health, Becton, Dickinson and Company, Daniels Health, Sharps Compliance, Inc., Waste Management, Inc and others.
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