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Pharmaceutical Waste Management Market Size
Pharmaceutical Waste Management Market size will witness robust growth from 2024 to 2032 due to the rising demand for specialized pharmaceutical waste disposal methods to limit ecological risks and health hazards.
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. Various programs and investments in the development of the pharmaceutical sector are estimated to propel the market value. In August 2022, the Japanese government and the United Nations Development Program initiated an $11 million project to improve infectious waste management in Bangladesh, Bhutan, and the Maldives, addressing the surge in medical waste due to COVID-19. Such initiatives, along with the mounting number of diseases, are set to stimulate the adoption of pharmaceutical manufacturing waste management methods.
Further, the stringent environmental regulations imposed by governments and regulatory bodies worldwide are driving the industry demand.
Pharmaceutical Waste Management Market Trends
One prominent trend is the adoption of advanced waste management technologies and solutions to ensure compliance with stringent regulations and minimize the environmental impact of pharmaceutical waste. This includes the implementation of specialized treatment methods such as high-temperature incineration, chemical neutralization, and advanced filtration systems to safely dispose of hazardous pharmaceutical waste. Moreover, there is a rising emphasis on the development of innovative recycling and reuse strategies for pharmaceutical by-products and unused medications, aiming to reduce waste generation and promote circular economy principles.
Pharmaceutical Waste Management Market Analysis
The hazardous drugs waste type segment will account for a major market share by 2032, considering the growing prevalence of cancer and the wider usage of drugs in its treatment. Furthermore, technological development by industry players is also projected to boost segment progress through 2032. In February 2023, BD presented a peer-reviewed study showing its technology significantly reduces hazardous medication surface contamination, aiding pharmacies and healthcare institutions in real-time monitoring to enhance patient safety.
The hospitals end-use segment is expected to attain a significant revenue share by 2032, owing to an upsurge in the number of hospitals. There is increased pharmaceutical waste from hospitals because of the rising patient population base. The generation of unused prescription drugs and other waste disposed of from this healthcare center in developed economies bolster the demand for pharma waste management solutions.
Europe pharmaceutical waste management market size will grow robustly over 2024-2032 backed by the rising prevalence of chronic diseases and the comprehensive pharmaceutical systems in the region. Notably, the healthcare sector will play an active part in aiding UK energy security and minimizing 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.
Pharmaceutical Waste Management Market Share
Prominent players in the pharmaceutical waste management industry include:
- Cardinal Health
- MedWaste Management
- (Danielson Holding Corporation)
- Covanta Holding Corporation (EQT Group)
- Stryker
- Daniels Sharpsmart Inc.
- Sharps Compliance
- Veolia Environnement
- Clean Harbors
- Stericycle
- BioMedical Waste Solutions LLC
Pharmaceutical Waste Management Industry News
- In February 2023, Veolia, a leading ESG company, expanded its medical and healthcare waste management services to minimize carbon emissions and assure full compliance.
- In September 2032, Grundon Waste Management unveiled the launch of a nationwide inhaler recycling service, building upon the success of its pilot scheme. The company announced this groundbreaking initiative on September 20, 2023, marking a significant milestone as the "first UK-wide" inhaler recycling service.