Newark, NJ, Feb. 13, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global pharmaceutical waste management market is expected to grow from USD 1.19 Billion in 2017 to USD 1.98 Billion by 2025 at a CAGR of 6.11% during the forecast period 2018-2025.
Pharmaceutical waste management is a serious issue worldwide. Several government organizations such as the Food and Drug Administration, the Environment Protection Agency and the Drug Enforcement Administration (DEA) have introduced various programs for proper waste disposal To ensure safety from hazardous waste. For instance, the Drug Enforcement Administration (DEA) presented the 11th National Prescription Drug Take-back Day in April 2016. The program was intended for providing a safe and convenient means of disposal of unwanted, controlled substance prescription drugs. Rapidly growing health care sector in developed and developing economies, rise in research and development activities for treatment of chronic diseases, and rapidly growing pharmaceutical industries across the world propelling demand for pharmaceutical waste management. According to the Environmental Protection Agency (EPA), the U.S. is the leading producer of medical waste in the world.
Rise in government initiatives for safe disposal of unused medications and awareness about safe disposal of pharmaceuticals and environmental conservation are boosting the demand of the market in the forecast period. Besides, growth in health care infrastructure is also augmenting the growth of the market. The high cost of disposal of pharmaceutical waste may restrict the growth of the market. However, research and development activities across the globe to support and facilitate medical advancements are propelling the growth of the market in the forecast period.
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Key players operating in the global pharmaceutical waste management market include Stericycle, Waste Management, Inc., BioMedical Waste Solution, LLC, Daniels Health, Stryker, Covanta Holding Corporation, Cardinal Health, MedWaste Management, Veolia Environmental Services North America Corp, Suez Environment S.A, Clean Harbors Environmental Services and Republic Services, Inc. among others. To enhance their market position in the global Pharmaceutical Waste Management market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Pharmaceutical waste management is a serious issue worldwide. Several government organizations such as the Food and Drug Administration, the Environment Protection Agency and the Drug Enforcement Administration (DEA) have introduced various programs for proper waste disposal To ensure safety from hazardous waste. For instance, the Drug Enforcement Administration (DEA) presented the 11th National Prescription Drug Take-back Day in April 2016. The program was intended for providing a safe and convenient means of disposal of unwanted, controlled substance prescription drugs. Rapidly growing health care sector in developed and developing economies, rise in research and development activities for treatment of chronic diseases, and rapidly growing pharmaceutical industries across the world propelling demand for pharmaceutical waste management. According to the Environmental Protection Agency (EPA), the U.S. is the leading producer of medical waste in the world.
Rise in government initiatives for safe disposal of unused medications and awareness about safe disposal of pharmaceuticals and environmental conservation are boosting the demand of the market in the forecast period. Also, growth in health care infrastructure is augmenting the growth of the market. The high cost of disposal of pharmaceutical waste may restrict the growth of the market. However, research and development activities across the globe to support and facilitate medical advancements are propelling the growth of the market in the forecast period.
Key players operating in the global pharmaceutical waste management market include Stericycle, Waste Management, Inc., BioMedical Waste Solution, LLC, Daniels Health, Stryker, Covanta Holding Corporation, Cardinal Health, MedWaste Management, Veolia Environmental Services North America Corp, Suez Environment S.A, Clean Harbors Environmental Services and Republic Services, Inc. among others. To enhance their market position in the global Pharmaceutical Waste Management market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- For instance, in April 2019, Waste Management, Inc. and Advanced Disposal Services, Inc. announced they are into a agreement under which a subsidiary of Waste Management will acquire all outstanding shares of Advanced Disposal. This acquisition help the Waste Management in expanding the market share and allows Waste Management to deliver to Advanced Disposal customers with unparalleled access to differentiated, sustainable waste management and recycling services.
- For instance, in April 2017, Stryker acquired all of the assets of controlled substance waste management system maker Cactus, LLC. Cactus produces the Smart Sink, Pharma Lock and Pharma Lock O.R. controlled substance waste management systems which is designed to render waste that could contain unrecoverable and unusable controlled substances. This acquisition will allow the organization to help the customer in improve their anti-drug diversion efforts and promote environmentally sustainable disposal practices, including the proper disposal of pharmaceutical waste , ensuring their facilities are regulatory compliant.
The non-hazardous waste segment dominated the segment and was valued around USD 690.27 million in 2017
The nature of waste segment is divided into hazardous waste, non-hazardous waste. The non-hazardous waste segment dominated the segment and was valued around USD 690.27 million in 2017. Increase in government awareness programs for safe and efficient pharmaceutical waste disposal in developing economies is expected to propel the segment during the forecast period.
The non-controlled prescription drugs segment held the largest market share of 43.37% in 2017
The type of waste segment is classified into over the counter waste, non-controlled prescription drugs, controlled drugs, and hazardous drugs. The non-controlled prescription drugs segment held the largest market share of 43.37% in 2017. Increase in usage of prescription medication for treating high blood pressure, diabetes, and bacterial infections is expected to drive the segment growth.
The hospitals segment is expected to attain the highest CAGR of 8.19% in the forecast period
Application segment is divided into hospitals, pharmaceutical and biotechnology companies, clinics and physician offices, pharmacies. The hospitals segment is expected to attain the highest CAGR of 8.19% in the forecast period. Unused medications are disposed through hospitals and community pharmacies driving the growth of the segment.
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Regional Segment Analysis of the Pharmaceutical Waste Management Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region captured the largest share of global pharmaceutical waste management market and was valued around USD 571.20 Million in 2017, whereas Asia pacific is anticipated to register highest growth in the forecast period. North America possesses huge market growth potential due to increasing prevalence of chronic diseases and implementation of pharmaceutical waste disposal regulations in the region are driving the growth of the market. Asia Pacific is expected to witness the fastest growth over the forecast period. Growth of the health care industry, increase in the number of pharmaceutical companies, and stringent regulations regarding disposal of pharmaceutical waste are fuelling the growth of the market in the region during the forecast period.
About the report:
The global pharmaceutical waste management market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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