Pharmaceutical waste usually refers to unused or expired prescription pharmaceuticals. The expanding patient population, across the globe, is driving the growth of the pharmaceutical waste management market. The rising volume of waste, along with the increasing government initiatives for proper disposal of medications is driving the pharmaceuticals waste management market. Several federal bodies maintain laws concerning medical waste. These include the Occupational Safety and Health Administration (OSHA), the Centers for Disease Control (CDC), the U.S. Food and Drug Administration (FDA), and the Drug Enforcement Administration (DEA). The increasing awareness and initiatives by the government and private bodies, in collaboration with hospitals, boost the demand of this studied market.
However, the high cost associated with the disposal of pharmaceutical waste and reluctance in the adoption of new technologies is expected to restrain the growth of the global market in the forecast period.
Scope of the Report
As per the scope of the report, Pharmaceutical waste is any waste that contains drugs that are expired, unused, contaminated damaged or no longer needed.
Key Market Trends
Hospital Segment is Expected to Dominate the Market
Based on the waste generator, the market is segmented into Hospitals, Clinics, Pharmacies, and Others. The hospital segment is expected to dominate the market. The high growth is attributed to the growing number of hospitals and increased pharmaceuticals waste from the hospital, owing to increasing patient population base and a large number of unused medications and other pharmaceutical waste are disposed of by this medical facility in most of the developed economies. Hence, pharmaceutical waste management from these end-users is more important to be tackled and controlled.
North America leads the Pharmaceutical Waste Management Market
North America leads the pharmaceutical waste management market, owing to the presence of the highly developed healthcare sector and growing number of hospitals. According to American Hospital Association,as of 2019, there are around 6,210 hospitals in the United States. Moreover, the rising prevalence of infectious and chronic diseases requires medications and treatment, which is expected to produce a large number of by-products and residues leading to high growth of the segment.
The leading players in the global market for pharmaceutical waste management are - BioMedical Waste Solution, Clean Harbors, Inc., Covanta Holding Corporation, Sharps Compliance, Inc., Stericycle, Suez SA, US Ecology, Inc., and Waste Management, Inc.
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