Pharmaceutical Waste Management Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3037
Pharmaceutical Waste Management Market size is projected to witness lucrative growth from 2018 to 2024.
Growth of pharmaceutical industry, government initiatives for proper disposal of medications and waste generated by healthcare facilities should drive pharmaceutical waste management market during the forecast timeframe. Rising awareness about environmental conservation and expanding patient population will positively impact business growth.
Increasing number of baby boomers, prone to suffer from several diseases escalate demand for pharmaceuticals thereby fueling industry growth. Pharmaceutical production includes various operations such as manufacturing of pharmaceutical drugs, production of final dosage forms and assessment of raw materials and finished dosage forms, along with synthesis of excipients and impurities. All the operations generate significant amount of pharmaceutical waste requiring proper pharmaceutical waste management should accelerate industry expansion during the forecast period.
Rising number of pharmaceutical and medical companies has led to growth in medication availability in the market. U.S. FDA approved around 3,000 ingredients for usage and nearly 10,000 pharmaceuticals applied for human usage in the year 2017. However, lack of awareness regarding pharmaceutical waste management and high cost of waste disposal will restrain market growth to certain extent over the coming years.
The non-hazardous waste segment will dominate the industry in 2017 owing to expansion of pharmaceutical industry, rising number of medications in the market and growing patient population base. Increasing investment by pharmaceutical industries in research and development for developing innovative medicines should drive segmental growth.
Based on type of waste the industry is segmented into controlled drugs, non-controlled prescription drugs, hazardous drugs and over the counter waste. Non-controlled prescription drugs segment is anticipated to experience significant growth during the forecast period as these drugs are used to treat conditions such as diabetes, bacterial infections and high blood pressure. Increasing prevalence of this conditions should impel growth.
Hospitals application segment dominated industry in 2017 and is estimated to follow similar trend over the coming years owing to increasing patient population base and large quantity of unused medications and other pharmaceutical waste disposed by this medical facility. Increasing research activities pertaining to development of innovative medicines should drive pharmaceutical and biotechnology companies’ segment.
U.S. pharmaceutical waste management market dominated North America industry in 2017 owing to rising healthcare expenditure, expansion of pharmaceutical industry and growing prevalence of chronic conditions. Stringent regulations pertaining to disposal of medical waste as well as implementation of pharmaceutical waste management programs in the region should positively impact North America pharmaceutical waste management market.
India pharmaceutical waste management market will witness robust growth during the forecast period due momentous growth of pharmaceutical industry in the country. As per the Central Pollution Control Board (CPCB) of India, nearly 1.48 million tons of waste related to healthcare industry is generated annually in the country. Out of which, only 2,919 tons is treated.
Few notable industry players include, Stericycle, BioMedical Waste Solution, Clean Harbors, Waste Management, Veolia Environnement, Sharps Compliance, Daniels Health, Stryker, Covanta Holding Corporation, Cardinal Health, MedWaste Management among others. Strategic collaboration with government authorities, new product development, mergers and acquisitions are some the major strategies adopted by market players.
Pharmaceutical waste management market, by type, 2013-2024 (USD Million)
- Hazardous waste
- Non-hazardous waste
Pharmaceutical waste management market, by type of waste, 2013-2024 (USD Million)
- Controlled drugs
- Non-controlled prescription drugs
- Hazardous drugs
- Over the counter waste
Pharmaceutical waste management market, by application, 2013-2024 (USD Million)
- Clinics & Physician Offices
- Pharmaceutical & Biotechnology Companies
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- Stericycle, Inc.
- Clean Harbors
- Waste Management, Inc.
- Veolia Environment
- BioMedical Waste Solution
- Sharps Compliance
- Daniels Health
- Covanta Holding Corporation
- Cardinal Health
- MedWaste Management
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