Pharmaceutical Waste Management Market Size And Forecast
Pharmaceutical Waste Management Market size was valued at USD 1,569.59 Million in 2022 and is projected to reach USD 2,500.69 Million by 2030, at a CAGR of 5.91% from 2023 to 2030.
Globally, there is a rise in the demand for medicines, which has resulted in an increase in pharmaceutical waste. These elements, taken together, contribute to an increase in the amount of pharmaceutical waste generated at various sites, as well as fueling the market’s demand for pharmaceutical waste management. The study on the Global Pharmaceutical Waste Management Market provides a comprehensive analysis of the industry. The Global Pharmaceutical Waste Management Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Pharmaceutical Waste Management Market Definition
Pharmaceutical waste is made up of contaminated, damaged, unused, or expired pharmaceuticals. It frequently consists of half-used bottles, IV equipment, spillage, and other items that were used for therapy and treatments in a healthcare facility, specialist clinics, or at home. Pharmaceutical waste is difficult to dispose of and cannot be disposed of in traditional methods because it may contain hazardous or poisonous waste that can spread contamination, necessitating the use of special disposal procedures.
Pharmaceutical Waste Management is concerned with the safe disposal of pharmaceutical waste while limiting the waste’s negative impact on humans and the environment. It all starts with sorting waste at the source so that it can be managed and disposed of in various ways. Depending on the nature of the pharmaceutical waste, it can be burnt, isolated/encapsulated, denatured, and so on. Typically, pharmaceutical waste refers to unused or expired prescription medications. The pharmaceutical waste management industry is growing due to the growing patient population around the world.
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The pharmaceutical waste management industry is being driven by rising waste volumes and increased government activities for efficient medicine disposal. Medical waste is regulated by a number of federal agencies. Occupational Safety and Health Administration (OSHA), Centers for Disease Control (CDC), Food and Drug Administration (FDA), and Drug Enforcement Administration (DEA) are among them (DEA). Glass vials and bottles, flu-absorbers, cytotoxic and cytostatic medications, and de-nurturing kits are all examples of pharmaceutical waste. Disposing of medications in the garbage pollutes the environment and encourages drug abuse; however, a disposable waste management solution ensures that pharmaceutical waste is appropriately disposed of.
Global Pharmaceutical Waste Management Market Overview
The pharmaceutical industry has grown in tandem with the healthcare sector, producing a variety of vaccines and pharmaceuticals for successful disease treatment, as well as developing drugs for diseases that have never been seen before. Label-free Array Systems and other research approaches have aided the pharmaceutical industry in developing viable medications and vaccines for diseases that were previously untreatable. Increased healthcare investment, combined with rising mortality rates, has resulted in an increase in the number of individuals admitted to hospitals, resulting in an increase in the number of consultations, therapies, and surgeries performed.
Diabetes, hypertension, obesity, cancer, and high blood pressure are among the chronic and lifestyle diseases that are on the rise. The growing global population, along with an aging population, creates a vast number of people suffering from various diseases and in need of treatment. As a result, there is a surge in global demand for medicines, which has resulted in an increase in pharmaceutical waste. These elements, taken together, contribute to an increase in the amount of pharmaceutical waste generated at various sites, as well as fueling the market’s demand for pharmaceutical waste management. The rising number of baby boomers, who are more susceptible to a variety of ailments, drives up demand for pharmaceuticals, propelling the business forward.
Manufacturing of pharmaceutical medications, creation of final dosage forms, and assessment of raw materials and finished dosage forms, as well as the synthesis of excipients and contaminants, are all part of pharmaceutical production. During the predicted period, all of the processes generate considerable amounts of pharmaceutical waste, necessitating efficient pharmaceutical waste treatment. The market for pharmaceutical waste management systems is being driven by rising infectious disease prevalence and increased research and development of new treatments. Pharmaceutical waste management solutions are becoming increasingly popular as the number of pharmaceutical enterprises grows and trash grows. The market for pharmaceutical waste management solutions is being propelled by increased government initiatives and increased outsourcing of waste management services.
Pharmaceutical waste management market growth is likely to be limited in the near future due to stringent regulations and high costs involved with disposing of pharmaceutical waste. In the projected period, the market’s demand will be boosted by an increase in government initiatives for the proper disposal of unneeded medications, as well as increased awareness about safe pharmaceutical disposal and environmental conservation. Furthermore, the market is being aided by the expansion of healthcare infrastructure. The high expense of disposing of pharmaceutical waste may limit industry growth. In the projected era, however, research and development initiatives throughout the world to support and assist medical innovations will propel the market forward.
Global Pharmaceutical Waste Management Market: Segmentation Analysis
The Global Pharmaceutical Waste Management Market is Segmented on the basis of Type of Waste, Nature of Waste, End User, And Geography.
Pharmaceutical Waste Management Market, By Type of Waste
• Over the counter Waste
• Non-controlled Prescription Drugs
• Controlled Drugs
• Hazardous Drugs
On the basis of Type of Waste, Non-controlled Prescription Drugs, accounted for the largest market share in 2021, and is projected to grow at the highest CAGR of 5.42% during the forecast period. Non-controlled drugs include over-the-counter medications and medications approved to treat medical problems such as high blood pressure, diabetes, and bacterial infections. Many non-controlled prescription drugs are misused in combination with opiates to boost euphoria. Multiple non-controlled prescription drug orders are placed on a single prescription document for drugs administered in a nursing home. Pharmacies that provide professional service to nursing homes are not required to receive separate prescriptions for these drugs. The dispensing pharmacy should be employed by or provide facilities to the nursing home under the deal. Controlled Drugs was the second-largest market in 2021, projected to grow at the highest CAGR of 7.37%. Controlled drug registrants have two disposal methods for expired or waste controlled substances. DEA registrants can only buy what they intend to use to reduce waste. Controlled drugs damaged, expired, unintended, unusable, or non-returnable are accounted for, maintained, and disposed of by applicable state and federal regulations.
Pharmaceutical Waste Management Market, By Nature of Waste
• Hazardous Pharmaceutical Waste
• Non-hazardous Pharmaceutical Waste
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Based on Nature of Waste, Non-hazardous Pharmaceutical Waste accounted for the largest market share in 2021, and is projected to grow at a CAGR of 5.63% during the forecast period. The easiest way to keep non-hazardous waste out of landfills and water supplies is to divide and incinerate it. This waste is usually placed in white containers with blue lids. Containers for pharmaceutical waste should be appropriately labelled for incineration. It is important to train all workers on what should be disposed of this way. It makes waste segregation much easier. Average disposal costs for non-hazardous pharmaceutical waste are reduced significantly. Hazardous Pharmaceutical Waste was the second-largest market, it is projected to grow at the highest CAGR of 8.03%.There is no air pollution, no risk of toxicant formation, no greenhouse gases, and temperatures comparable to those discovered in a kitchen. This technology is functional for all practical reasons.
Pharmaceutical Waste Management Market, By End User
• Hospitals
• Pharmacies
• Pharmaceutical & Biotechnology Companies
• Clinics & Physicians’ Offices
• Others
On the basis of end-User, Hospitals accounted for the largest market share in 2021, and is projected to grow at the highest CAGR of 6.49% during the forecast period. The high growth is mainly attributed to a rise in the number of hospitals and enhanced pharmaceutical waste from hospitals, as a result of the rising inpatient population base and a huge number of unused medications and other pharmaceutical waste disposed of by this healthcare center in most developed economies. As an outcome, pharmaceutical waste management from these end-users was clarified and managed more vigorously. Clinics & Physicians’ Offices was the second-largest market in 2021, it is projected to grow at a CAGR of 6.15%. Clinics also have a pharmacy that not only follows standards for dealing with different types of medical waste but also properly disposes of pharmaceuticals. Pharmaceutical waste includes anything that is expired, unutilized, or contaminated. It also refers to vaccines as well as drugs. Employee training in the clinic’s office on waste classifications ensures that everything flows efficiently and that no highly unsafe situations arise.
Pharmaceutical Waste Management Market, By Geography
• North America
• Europe
• Asia Pacific
• Rest of the world
On the basis of regional analysis, the Global Pharmaceutical Waste Management Market is classified into North America, Europe, Asia Pacific and Rest of the world. North America accounted for the largest market share in 2021, and is projected to grow at the highest CAGR of 5.27% during the forecast period. The rising usage of pharmaceuticals, owing to drug development and the aging population, is responsible for the increasing amount of generated pharmaceutical waste. This leads to the increasing adoption of pharmaceutical waste management services, which in turn propel the growth of the market over the forecast period. Rising investments in research and development and the increasing number of hospitals help to propel the demand of the pharma industry. Europe was the second-largest market in 2021, and it is projected to grow at a CAGR of 6.14%. The large demand for pharmaceutical products in the domestic market owing to the growing prevalence of chronic diseases. Rising cancer incidences in the UK, with breast, prostate, and colorectal cancers rating for more than 50% of all cancers; diagnoses of diabetes have increased rapidly; and the number of obese people is expected forecasted to double by 2035.
Key Players
The “Global Pharmaceutical Waste Management Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Cardinal Health, Covanta Holding Corporation, US Ecology, Inc., Stericycle, BioMedical Waste Solution LLC, Dickinson and Company, Waste Management Inc, Daniels Health, Sharps Compliance Inc., Stryker, Becton.
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