Overview
Educating consumers and healthcare professionals about appropriate pharmaceutical waste disposal methods can make a significant impact on public health and the environment owing to which healthcare professionals and pharmacists are initiating towards imparting knowledge about the consequences of improper pharmaceutical waste disposal. The pharmaceutical industry is one of the most profitable and fastest growing industry and growth in the pharmaceutical industry is one of the preliminary factors influencing the growth of the pharmaceutical waste management market. Various regulatory agencies such Environmental protection Agency (EPA) have set standards for pharmaceutical waste disposal, and the need to comply with such regulatory standards have fuelled the growth of the global pharmaceutical waste management market.
Pharmaceutical waste is a concern for all types of healthcare facilities and is generated from pharmaceutical developers and manufacturers, hospitals, individual physicians and from all those who are involved in the healthcare system. Pharmaceutical wastes are hazardous and form a cause for apprehension since they pose a severe threat to human, animal, and environmental health.
Pharmaceutical waste management market growth is expanding at a healthy pace as pharmaceutical waste disposal is gaining more attention from the healthcare sector as well as the consumers. Market Research Future (MRFR) projects steady growth in the global pharmaceutical waste management market over the forthcoming years. Pharmaceutical wastes contain active ingredients which are known to cause harm to the environment and public health. Various human and veterinary pharmaceutical compounds have been found in drinking water resources in concentration which has directed the focus of concerned authorities towards proper disposal of pharmaceutical waste. Pharmaceuticals have not only been found in water but also on the ground surface.
Regional Analysis
North America, Europe, Asia Pacific, and the Rest of the World are the key markets for pharmaceutical waste generation. North America is one of the leading markets for pharmaceutical waste management. North America has a huge market for pharmaceutical companies and accounts for a majority of pharmaceutical sales. Presence of major pharmaceutical companies in the region also supports the growth of the market. Europe market for pharmaceutical waste management is also strong owing to the presence of a large number of biotechnology companies and community pharmacies in the region. Asia Pacific region is poised to showcase incremental growth over the forecast period. Expanding pharmaceutical industry in the region coupled with growing emphasis on pharmaceutical waste management is likely to contribute to the growth of the Asia Pacific market.
Segmentation
The global pharmaceutical waste management market has been segmented based on the nature of waste, type of waste, and source of waste generation. By nature of waste, the market has been segmented into hazardous pharmaceutical waste and non-hazardous pharmaceutical waste.
By type of waste, the market has been segmented into over the counter waste, non-controlled prescription drugs, controlled drugs, and hazardous drugs.
By source of waste generation, the market has been segmented into hospitals, clinics & physicians' offices, pharmaceutical & biotechnology companies, pharmacies, and others.
Pharmaceutical Waste Management Market Players
· Stericycle
· Covanta Holding Corporation
· Stryker
· US Ecology
· Inc.
· BioMedical Waste Solution
· LLC
· Cardinal Health
among others are some key companies in the global Pharmaceutical Waste Management that are listed by MRFR for market research.
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