The pharmaceutical waste management market is likely to expand by exhibiting a substantial growth rate owing to the swiftly changing industry globally. The changing pharmaceutical industry has skyrocketed the waste generated daily, which led to the need for its disposal. Additionally, this waste includes chemicals, bio-degradable, and non-biodegradable components; thus, the multiple techniques are having to be applied for pharmaceutical waste management. All the factors mentioned above are estimated to benefit the fuel the market growth during the forecasted period.
Further, increasing government attention and investment for disposal are helping the growth of the global pharmaceutical waste management market. Rapidly growing patient population coupled with awareness about the environment is augmenting the adoption of newer techniques. Robust investment in exploring more modern technologies for complete waste management is estimated to propel the market growth in the coming years.
Despite these factors, high costs involved in adopting pharmaceutical waste management systems are restraining the market growth. Nonetheless, several governmental policies and regulations are estimated to provide multiple opportunities for growth of the global pharmaceutical waste management market during the estimated time frame.
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Some of the prominent companies operating in the global pharmaceutical waste management market include Sharps Compliance Inc., Stericycle Waste Management, Inc., Ecology, Inc., BioMedical Waste Solution, LLC, Becton, Dickinson and Company, and Daniels Health.
The pharmaceutical waste management market is segmented based on the nature of waste, type of waste, source of waste generation, and region.
- In terms of the nature of waste, the market is categorized into non-hazardous pharmaceutical waste and hazardous pharmaceutical waste.
- Based on the type of waste, the market is segmented into non-controlled prescription drugs, over the counter waste, controlled drugs, and hazardous drugs.
- Based on the source of waste generation, the market is segmented into hospitals, pharmacies, pharmaceutical & biotechnology companies, and others.
Based on the region, the pharmaceutical waste management market is segmented into four parts such as North America, Europe, Asia Pacific, and Rest of the World.
North America is anticipated to hold the lion’s share in the global pharmaceutical waste management market owing to increasing pharmaceutical industries coupled with the considerable investment in the research and developments.
Europe is estimated to hold the second position in terms of revenue in the global pharmaceutical waste management market. This growth is attributable to the presence of harsh regulations over waste management and the emergence of solutions over pharmaceutical waste management.
However, Asia Pacific is estimated to witness expansion at the fastest growth rate owing to increasing awareness about the environment and the harmful effects of pharmaceutical wastes on human health. In addition, rising aging populations in countries such as India and China, coupled with the lack of availability of expertise on disposing of the waste material, are driving growth of the market in the region.
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In 2019, the European Research Council awarded USD 1.65 million to a researcher at Aarhus University in Denmark for supporting the REBOOT project. This project aims to develop sustainable liquid waste management with a feasible method of recovery of resources. Additionally, this project seeks to destroy hazardous materials such as pathogens, microplastics, and pharmaceutical waste.
In October 2019, pharmaceutical disposal has become complicated; thus, it proposed changes in reimbursement for skilled nursing facilities (SNFs). This is aimed to evolve relationships with medication waste management and acute care network regulations.
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