Pharmaceutical Waste Management Market size is likely to witness robust growth from 2023 to 2032 due to the rising demand for specialized pharmaceutical waste disposal methods to limit ecological risks and health hazards.
In addition, high spending on R&D across the pharmaceutical industry to introduce new drugs will positively influence industry expansion in the coming years. In August 2022, Brightmark, a global waste solutions company, and Jamar Health Products, a healthcare device manufacturer, inked a strategic agreement to recycle plastic medical waste.
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.
Various programs and investments in the development of the pharmaceutical sector are estimated to propel pharmaceutical waste management market value. To cite an instance, in August 2022, the Japanese government and the United Nations Development Program established a two-year $11 million 'Project for the Improvement of Infectious Waste Management' to assist national health agencies and other key players in Bangladesh, Bhutan, and the Maldives in dealing with the extraordinary spike in the amount of infectious medical waste created after the COVID-19 outbreak, which was overloading waste treatment facilities. Such initiatives, along with the mounting number of diseases, are set to stimulate the adoption of pharmaceutical manufacturing waste management methods.
However, a lack of awareness about the impacts of improper disposal of medications, coupled with high costs associated with this waste management, may hinder industry expansion over 2023-2032.
Based on the type of waste, the hazardous drugs segment will account for a major share of the pharmaceutical waste management market by 2032, considering the growing prevalence of cancer and the use of these drugs in its treatment.
Furthermore, technological development by industry players is also projected to boost segment progress through 2032. In February 2023, BD (Becton, Dickinson and Company), a major global medical technology firm, presented the findings of a peer-reviewed study that demonstrated that BD technology can be used to considerably minimize hazardous medication surface contamination and provide real-time measures to pharmacies and healthcare institutions to more effectively monitor and enhance the safety of health care personnel and patients.
In terms of end users, the hospitals segment is expected to attain a significant revenue share in 2032, owing to an upsurge in the number of hospitals and increased pharmaceutical waste from hospitals as a result of the rising patient population base and many unused prescription drugs and other waste disposed of from this healthcare center in most developed economies.
Europe will emerge as a lucrative revenue prospect for the pharmaceutical waste management market by 2032 backed by the rising prevalence of chronic diseases and the comprehensive pharmaceutical systems in the region. In February 2023, Veolia, a leading ESG company, expanded its medical and healthcare waste management services to minimize carbon emissions and assure full compliance. The healthcare industry will play an active part in aiding UK energy security and reliance on fossil fuels by utilizing clinical waste for power and heat generation and sending energy back into the National Grid. Such innovative advancements are expected to impel regional market progression through 2032.
Prominent players in the pharmaceutical waste management market include Cardinal Health, MedWaste Management, (Danielson Holding Corporation), Covanta Holding Corporation (EQT Group), Stryker, Daniels Sharpsmart Inc., Sharps Compliance, Veolia Environnement, Clean Harbors, Stericycle, and BioMedical Waste Solutions LLC, among others.