Wilmington, Delaware, United States, March 13, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The pharmaceutical waste management market was worth US$1.5 billion in 2022. The market is expected to expand at a CAGR of 4.9% from 2023 to 2031 and reach a total of US$ 2.4 billion by 2031. Pharmaceutical waste is increasing as the pharmaceutical and healthcare industries expand. In order to manage the varied types of waste generated by this growth, waste management solutions must be efficient and sustainable.
Healthcare facilities and pharmaceutical companies have become increasingly aware of the negative effects improper waste disposal can have on the environment. As a result, more facilities are adopting responsible waste management practices. Corporations' social responsibility initiatives and regulatory pressure often contribute to this awareness.
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Global Pharmaceutical Waste Management Market: Key Players
Medical waste management players are working to increase their market shares by introducing affordable, sustainable, and value-added solutions.
From clinical samples to various over-the-counter medications, special waste management systems will be developed for transporting, collecting, and disposing of non-controlled and non-hazardous medications.
- Sharps Compliance, Inc.
- US Ecology, Inc.
- Stericycle
- Waste Management, Inc.
- BioMedical Waste Solution, LLC
- Daniels Health
- Covanta Holding Corporation
- Cardinal Health
- Stryker
- Becton, Dickinson and Company
With advances in waste treatment technologies, such as methods for the safe disposal and destruction of pharmaceutical wastes, this market is poised to grow substantially in the coming years. As pharmaceutical companies continue to seek sustainable waste management solutions, innovative and efficient technologies are attracting them.
Pharmaceutical waste is commonly generated at pharmaceutical manufacturing plants. To dispose of chemical residues from the manufacturing of drugs, manufacturing plants are adopting an appropriate disposal system. In light of increasing public health concerns about improper pharmaceutical waste disposal, controlled and secure waste management practices are becoming increasingly important.
Key Findings of Market Report
- Based on the nature of waste, hazardous waste is expected to drive pharmaceutical waste management market demand.
- Over-the-counter waste is likely to drive pharmaceutical waste management market demand.
- Pharmaceutical and biotechnology companies will create a pharmaceutical waste management market.
- In 2022, North America accounted for the largest share of the pharmaceutical waste management market.
Global Pharmaceutical Waste Management Market: Growth Drivers
- Increasing public awareness and environmental sustainability has led to organizations prioritizing appropriate pharmaceutical waste disposal procedures. The adverse effects of improper medication disposal on ecosystems and human health have prompted a push for strict regulations and guidelines. Regulatory bodies, pharmaceutical companies, and healthcare facilities are investing in waste management systems.
- The disposal of biopharmaceuticals and customized treatments also requires a customized waste management plan. In addition, as healthcare services and pharmaceutical supply chains have become more global, pharmaceutical waste management issues have expanded geographically. As pharmaceuticals are manufactured and consumed cross-border, there is an increasing need for harmonized international standards and stakeholder collaboration in order to manage waste effectively.
- By promoting best practices and standardizing procedures for the disposal of pharmaceutical waste globally, international frameworks and initiatives have been developed. Technology innovation, international cooperation, and environmental concerns are driving pharmaceutical waste management's rise.
Global Pharmaceutical Waste Management Market: Regional Landscape
- North America is expected to drive the pharmaceutical waste management market. Regulatory frameworks, infrastructure accessibility, and cultural perspectives contribute to the market's growth. Pharmaceutical waste management techniques are usually more sophisticated in areas with strong healthcare systems and strict environmental restrictions, such as North America.
- Cutting-edge technologies and services are frequently invested in these areas to ensure regulatory compliance and reduce their negative environmental effects. The public and healthcare professionals can also adopt proper disposal methods through community involvement programs and public awareness campaigns.
- As part of its guidelines and regulations, the Environmental Protection Agency regulates the management of hazardous waste, including pharmaceutical waste. A regulatory framework for the management of hazardous waste is set out in the Resource Conservation and Recovery Act (RCRA). A variety of federal, provincial, and territorial regulations apply to the disposal of pharmaceutical waste in Canada.
Key Developments
- Sharps Compliance, Inc.- Sharps Compliance specializes in handling medical waste and pharmaceutical waste. The company provides a variety of services, such as mail-back programs for medical waste and sharps.
- Covanta Holding Corporation- Covanta provides environmental and waste-to-energy solutions. The company focuses on energy recovery from waste, but it also offers pharmaceutical waste disposal services.
- Cardinal Health- The Cardinal Health company is a global provider of healthcare products and services. Their broader healthcare solutions may include pharmaceutical waste management solutions, despite their diverse operations.
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Global Pharmaceutical Waste Management Market: Segmentation
- By Nature Of Waste
- Hazardous Waste
- Non-hazardous Waste
- By Type of Waste
- Over the Counter Waste
- Non-controlled Prescription Drugs
- Controlled Drugs
- Hazardous Drugs
- By Waste Generator
- Hospitals
- Pharmaceutical & Biotechnology Companies
- Clinics & Physician Offices
- Pharmacies
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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