Pharmaceutical Waste Management Market Size, Growth Values and Forecast To 2023

Posted by Shrikant Gadewar on February 11th, 2020

Market Analysis:

The global Pharmaceutical Waste Management Market is poised to have a healthy growth over the forecast period (2018-2023). Pharmaceutical waste contains medicinal drugs that are unused, expired, damaged, contaminated or is no longer needed. Generally, such waste is produced by the healthcare sector including research laboratories, veterinary clinics, nursing homes, dental practices and hospitals.  Along with medications, pharmaceutical waste can also include de-nurturing kits, cytostatic and cytotoxic drugs, flu-absorbers, bottles and glass vials. Disposing them into the trash can result in environmental contamination and drug abuse.

There are abundant factors that is propelling the growth of the Pharmaceutical Waste Management Market Size. These factors as per the MRFR (Market Research Future) report include growth of pharmaceutical industry, initiatives undertaken by the government for safe unused medication disposal as well as waste generated through healthcare organizations and the pharmaceutical industry, growing awareness regarding environmental conservation and safe and right disposal of pharmaceuticals, growing number of collaborations such as mergers and acquisitions, rapidly growing patient population, increase in healthcare infrastructure, and advancements in waste disposal methods.

The threat which pharmaceutical waste is posing undoubtedly is quite intense. Such wastes enter the environment through various routes including sewer lines, wastewater and landfill seepage. Thus, it is utterly significant to ensure that such wastes are disposed off in the right and safest way possible. Numerous regulatory bodies are taking part for preventing pharmaceutical pollutions. These include government agencies, waste management agencies, law enforcement agencies and environmental protection organizations.

Key Players:

•          Waste Management
•          Sharps Compliance
•          Daniels Health
•          Dickinson and Company
•          Becton
•          Cardinal Health
•          BioMedical Waste Solution
•          US Ecology
•          Stryker
•          Covanta Holding Corporation
•          Stericycle

Market Segmentation:

•          MRFR report offers a broad segmental analysis of the pharmaceutical waste management market on the basis of nature of waste, source of waste generation and type of waste.
•          Based on nature of waste, it is segmented into non-hazardous and hazardous pharmaceutical waste.
•          Based on the type of waste, the pharmaceutical waste management market is segmented into hazardous drugs, controlled drugs, non-controlled prescription drugs and over the counter waste.
•          Based on the source of waste generation, it is segmented into pharmacies, pharmaceutical and biotechnology companies, clinics and physicians’ offices and hospitals.

Regional Analysis:

By region, the pharmaceutical waste management market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Rest of the World. Of these, North America will lead the market over the forecast period owing to presence of major pharmaceutical companies accounting for maximum pharmaceutical sales. The pharmaceutical waste management market in Europe will have the second major share due to the presence of many community pharmacies and biotechnology companies here. In the APAC region, the pharmaceutical waste management market is poised to have an incremental growth owing to the region’s expanding pharmaceutical industry and growing focus on pharmaceutical waste management.