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With speedy development of the healthcare sector and pharmaceutical industry, the amount of waste generated on a daily basis is rising steeply. Pharmaceutical waste is the waste which comprises medicinal drugs which are expired, unused or damaged or no longer needed. Generally, it is produced by healthcare sector, which include hospitals, dental practices, nursing homes and research laboratories etc. Rising government initiative for safe disposal of unused and expired medications and other pharmaceutical wastes with environmental conservation is the predominant factor driving the market. For instance, As per world health organization, the medical wastage generated from clinics, hospitals, and healthcare centers are either hazardous or non-hazardous. Though, 85% of the waste generated is non-hazardous and general stuffs, while 15% is considered to be hazardous
Globally, there is an increase in the amount of waste generated by pharmaceutical and healthcare companies. Quick rise in the patient population and increasing awareness related to adverse effect on environment caused by these companies are some of the factors estimated to propel the pharmaceutical waste disposal & management market in the foreseen years. Additionally, many federal bodies maintain laws related to medical waste, these consist of the Occupational Safety and Health Administration (OSHA), the Drug Enforcement Administration (DEA), Centers for Disease Control (CDC) and U.S. Food and Drug Administration (FDA). As per the Environmental Protection Agency (EPA), the U.S. is the prominent producer of medical waste in the world.
However, unwillingness to adopt new technologies and high cost associated with the disposal of pharmaceutical waste is estimated to hamper the growth of the market in the coming years.
Key Market Driver -
Government initiatives for safe disposal of unused and expired medications
Key Market Restraint -
Reluctance in adoption of new technologies
Globally, the pharmaceutical waste disposal & management market can be segmented on the basis of waste type, nature, waste generator and region. Based on the waste type, the market can be segmented into prescription drugs, over the counter waste, others, on the basis of nature market is segmented into non-hazardous and hazardous waste. Based on waste generator, the market can be categorised hospitals, pharmaceutical & biotechnology companies, clinics, pharmacies, others.
Geographically, the Pharmaceutical waste disposal & management market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Some of the major companies that are present in the Pharmaceutical waste disposal & management market includes Novus Environmental, Rentokil Initial plc, PHS Waste management, tericycle, Biomedical Waste Solutions, LLC., Daniels Health among others.
Based on segmentation of geography, the Pharmaceutical waste disposal & management market can be categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North American region is likely to dominate the Pharmaceutical waste disposal & management market and is projected to follow the same trend over the forecast duration. Implementation of pharmaceutical waste disposal regulations in the region are projected to drive the pharmaceutical waste management market, for example in the united states efficient management of health facilities' medical wastage is regulated under the Resource Conservation and Recovery Act (RCRA). Europe is projected to be the second highest valued market globally over the forecast duration owing to implementation of pharmaceutical waste disposal regulations for efficient waste management by the European commission in Europe by the environmental protection agency and increase in mergers & acquisitions in the region. Asia pacific is projected to witness rapid growth due to increasing awareness about waste disposal & management and also due to rising population in the regions. The market in Latin America and the Middle East and Africa are expected to capture lower share in the global Pharmaceutical waste disposal & management market attributable to lack of awareness and lack of accessibility of expertise for the safe disposal of pharmaceutical waste.
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