The process of hazardous waste management is expected to include collection, transportation, storage, treatment, and disposal of solid waste. Regulatory authorities across the world are likely to categorize solid waste into hazardous waste and non-hazardous waste. Any solid waste which is either inflammable, explosive, poisonous, oxidizing can be termed as hazardous waste.
Rising volume of hazardous waste generated by pharmaceutical sector in various countries attributed to growing number of R&D activities can influence market growth. Increasing number of small and medium quantity waste generators including physician offices in countries such as India, China, and United States are expected to stimulate growth of market in the forthcoming years. Stringent government regulations towards proper disposal of hazardous waste to protect environment from pollution and reduce health hazards can augment market growth during the forecast period (2017 to 2022).
To cater to rising demand for effective waste management solutions, most companies are focusing on R&D to develop advanced techniques. For instance, Averda South Africa recently introduced its innovative hazardous waste management system named Averda TruTrak. This system is likely to offer its clients access to automated waste tracking and record keeping capabilities through online customer portal. In addition, it can help healthcare institutes manage their hazardous waste as per government regulations.
The hazardous waste management market can be segregated on the basis of type, application, and region. Based on type, the market can be categorized into pharmaceutical waste, e-waste, sharps, and others. Based on application, the market can be classified into offsite and onsite.
Regional segmentation includes Japan, China, India, Southeast Asia, European Union (EU), and United States. In United States (U.S.), the market is expected to witness significant market share attributed to increase in municipal waste generated in the region. In addition, growing focus on research & development segment in pharmaceutical sector can also fuel growth of market in the region. Increasing number of hazardous waste management companies operating in this region can surge market growth. Environmental protection agency (EPA) regulating hazardous waste management in U.S. by implementing regulations regarding RCRA waste management and disposal of waste through landfills and incineration can fuel growth of market in this region.
In European Union (EU), the market is anticipated to grow at substantial rate during the forecast period owing to huge generations of pharmaceutical waste in the region. According to European Union (EU) statistics, around 6.6 million tons hazardous pharmaceutical waste was generated by EU countries in 2014.
In India, the market is estimated to grow well during the forecast period attributed to growth of pharmaceutical sector. This, in turn, can increase generation of pharmaceutical waste in the region. In addition, stringent government regulations for disposal of hazardous waste from municipal sector and household sector can fuel market growth in the region.
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In China, the market is anticipated to witness significant growth during the forecast period attributed to rapid increase in population generating huge volume of household waste. In addition, growing industrialization coupled with increase in environmental pollution can stimulate growth of market in this region.
Some of the leading companies offering hazardous waste management market are Daniels Sharpsmart Inc, Republic Services Inc, Suez Environnement SA, Veolia Environment SA, and Biomedical Waste Solutions.
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