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Pharmaceutical Waste Management Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI3037

Pharmaceutical Waste Management Market Size is likely to witness considerable growth from 2022 to 2028, due to the increased need for specialized pharmaceutical waste disposal methods to limit ecological risks and health hazards. In addition, the high spending on research and development across the pharmaceutical industry to introduce new drugs will further assert a positive influence on industry demand over the coming years.
 

Pharmaceutical waste refers to discarded pharmaceutical products including expired, contaminated, or unused prescription and over-the-counter medications, as well as wastewater and chemical sludges produced during the manufacturing process. Global manufacturers are mandated to take special care and precautions while disposing and handling this waste to substantially reduce its devastating impacts on the environment, public, and business.
 

Rising implementation of management standards for hazardous waste, including household pharmaceuticals, will foster pharmaceutical waste management market trends through 2028. Various programs, including the DEA’s National Prescription Drug Take Back Day, for example, encourage law enforcement agencies to collect household pharmaceuticals consistent with applicable regulations. Such initiatives, alongside the mounting disease outbreaks, even during the coronavirus pandemic, could stimulate the adoption of pharmaceutical manufacturing waste management methods. However, lack of awareness about the impacts of improper disposal of medications, coupled with high costs associated with this waste management, may hinder industry expansion during the forecast timeframe.
 

Based on type of waste, the hazardous drugs segment will account for a major share in the pharmaceutical waste management market by 2028, considering the growing prevalence of cancer and the use of these drugs in its treatment. According to the WHO, cancer accounted for over 10 million deaths globally in 2020. This factor could lead to an increase in chemotherapy sessions among cancer patients and in turn, drive the demand for pharma waste management, as chemotherapy wastes are considered hazardous by the EPA and treated as medical waste via incineration. Growth from the segment can also be credited to the strong awareness about adverse health effects of exposure to hazardous drugs and the increasing spread of viral diseases across the globe.
 

Europe will emerge as a lucrative revenue prospect for the pharmaceutical waste management market by 2028, given the rising prevalence of chronic diseases and the comprehensive pharmaceutical systems in the region. According to Sanofi’s Q4 2020 business EPS growth at CER, the sales of its Dupixent medication grew 76.9% to over $131 million in Europe, demonstrating the continued growth in atopic dermatitis in key countries as well as the innovation in the asthma segment. Factors such as these could boost the deployment of pharmaceutical waste treatment methods during the forecast timeframe.
 

Prominent players in the industry include MedWaste Management, Cardinal Health, Covanta Holding Corporation (Danielson Holding Corporation), Stryker, Daniels Health, Sharps Compliance, Veolia Environnement, Waste Management, Clean Harbors, BioMedical Waste Solution, and Stericycle. Strategic mergers and acquisitions are among the key initiatives being undertaken by these industry leaders to expand their business footprint in the global market.
 

For instance, Sharps Compliance Corp. acquired Affordable Medical Waste in October 2021. This deal was entered with an aim to increase route density and become a comprehensive pharmaceutical, medical, and hazardous waste management solutions provider in Indiana. In May 2021, UPS Healthcare partnered with Stericycle to manage reverse logistics of medical waste, such as waste disposal and classification.
 

Impact of COVID-19 on Pharmaceutical Waste Management Market Trends:

The lockdown induced by the novel coronavirus outbreak has posed challenges to major sectors of the economy, including pharmaceutical. In developing countries such as India, disruptions in terms of supply and import of active pharma ingredients have been showcased, creating challenges for the industry. However, the industry may regain traction over the foreseeable future, given the commendable growth of drug companies with a robust COVID-19 drug portfolio in these countries.
 

The pharmaceutical waste management market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2028 for the following segments:

Market, by type

  • Hazardous waste
  • Non-hazardous waste

Market, by type of waste

  • Controlled drugs
  • Non-controlled prescription drugs
  • Hazardous drugs
  • Over the counter waste

Market, by application

  • Hospitals
  • Clinics & Physician Offices
  • Pharmacies
  • Pharmaceutical & Biotechnology Companies
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
  • Latin America
    • Mexico
    • Brazil
    • Argentina
  • Middle East and Africa
    • South Africa
    • UAE
    • Saudi Arabia
       

What Information does this report contain?

Historical data coverage: 2017 to 2021; Growth Projections: 2022 to 2028.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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