The rapid development of healthcare sector and the pharmaceutical industry is resulting in increased production of pharmaceuticals that is subsequently leading to an increase in the amount of waste generated daily. Usually, the pharmaceutical waste products consist of hazardous chemicals and non-biodegradable components. Increase in pharmaceutical waste leads to the demand for pharmaceutical waste management, subsequently creating the market for the same. A new report on the global pharmaceutical waste management market, published by Market Research Future (MRFR), sees that this market could grow between 2018 and 2023.
The biggest factor driving the global pharmaceutical waste management market growth is the huge set of environmental threats pharmaceutical wastes can cause. Pharmaceutical wastes are hazardous, and they can harm humans, animals, and the overall environment. Awareness among customers, pharmacists, and other healthcare professionals is leading to market growth. Other markets driving the market include dangers of human pharmaceutical compounds as well as veterinary pharmaceutical compounds falling in drinking water resources, standards set by environmental regulatory authorities, and government initiatives for creating awareness.
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However, there are certain factors that can prove hazardous to the market growth. Such factors include increased the cost of pharmaceutical waste disposal, increasing costs of pharmaceuticals if manufacturers have to spend additional money for pharmaceutical waste management, side effects associated with pharmaceutical waste disposal, methods, and reluctance on the part of healthcare professionals regarding the adoption of new technologies. Lastly, the release of toxic pollutants from incineration process and scavenging in unprotected insecure landfills can also harm the pharmaceutical waste management market growth.
Prominent players in the global pharmaceutical waste management market include Becton, Dickinson and Company (USA), BioMedical Waste Solution LLC (USA), Cardinal Health (USA), Covanta Holding Corporation (USA), Daniels Health (USA), Sharps Compliance Inc. (USA), Stericycle, US Ecology Inc. (USA), Stryker (USA), and Waste Management Inc. (USA).
Latest Industry News
- Many Pharmaceutical manufacturers are in talks with the Ireland government to invest in pharmaceutical waste management in the country. 19 JUL 2019
- In the USA, the new laws under the Resource Conservation and Recovery Act (RCRA) about the management of hazardous waste pharmaceuticals (HWPs) are in effect now. RCRA prohibits the sewering of HWPs and offers exemptions to nicotine replacement therapies (NRTs). 19 JUL 2019
- NSL OilChem Waste Management has officially opened USD 40Mn industrial wastewater treatment complex in Singapore. This complex is to manage the wastewater from the automotive industry, petrochemicals industry, and pharmaceutical industry. 25 JUL 2019
The global pharmaceutical waste management market segmentation encompasses the nature of waste, type of waste, and source of waste generation. MRFR’s take on the market explores various facets of the market in-depth.
Based on the nature of waste, this market has been segmented into hazardous pharmaceutical waste and non-hazardous pharmaceutical waste. By type of waste, the market has been segmented into controlled drugs, counter waste, hazardous drugs, and non-controlled prescription drugs. Regarding the source of waste generation, the market has been segmented into clinics & physicians’ offices, hospitals, pharmaceutical & biotechnology companies, pharmacies, and others.
A geographical outlining of the global pharmaceutical waste management market covers North America, Asia Pacific, Europe, and Rest of the World (RoW).
North America is one of the leading regional markets for pharmaceutical waste management due to the huge presence of many pharmaceutical companies and majority of pharmaceutical sales. Most of the pharmaceutical companies in this region are based in the USA. Canada is another economy that has the potential of becoming an important market as many advanced medical technologies are available in both the USA and Canada.
In Europe, the market is strong due to the presence of many biotechnology companies and community pharmacies in this region. Economies that have the potential of becoming powerful markets are France, Germany, and the UK.
During the forecast period, the Asia Pacific region is poised to experience incremental growth due to expanding the pharmaceutical industry, demand better medical facilities, the growing emphasis on pharmaceutical waste management to curb pollution. The vibrant economies in this region that can become important markets are China, India, and Japan.
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