Global Pharmaceutical Waste Management Market – Snapshot
The global pharmaceutical waste management market is driven by increase in the geriatric population in developing economies, growth of the pharmaceutical industry, and rise in government initiatives for safe disposal of unused medications and waste generated by pharmaceutical industry and health care organizations. According to the Environmental Protection Agency (EPA), the U.S. is the leading producer of medical waste in the world.
Increase in awareness about safe disposal of pharmaceuticals and environmental conservation, and rapidly increasing patient population are likely to fuel the global pharmaceutical waste management market from 2018 to 2026. Surge in government initiatives, increase in strategic collaborations along with mergers and acquisitions, and rise in health care infrastructure are expected to drive the global market. However, high cost of disposal of pharmaceutical waste and lack of awareness are the major factors restraining the global pharmaceutical waste management market.
The global pharmaceutical waste management market has been segmented based on nature of waste, type of waste, waste generator, and region. In terms of nature of waste, the global market has been bifurcated into hazardous waste and non-hazardous waste. The non-hazardous waste segment is likely to account for major share of the market by the end of the forecast period. Increase in research and development activity in the pharmaceutical industry, development of new products, and rise in mergers & acquisitions are expected to drive the segment during the forecast period. Based on type of waste, the global pharmaceutical waste management market has been classified into over the counter waste, non-controlled prescription drugs, controlled drugs, and hazardous drugs. Based on waste generator, the global market has been categorized into hospitals, pharmaceutical & biotechnology companies, clinics & physician offices, pharmacies, and others. In terms of region, the global pharmaceutical waste management market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Based on nature of waste, the non-hazardous waste segment dominated the global pharmaceutical waste market. 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.
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In terms of type of waste, the non-controlled prescription drugs segment dominated the global pharmaceutical waste management market. Increase in usage of prescription medication for treating high blood pressure, diabetes, and bacterial infections is expected to drive the non-controlled prescription drugs segment during the forecast period. Based on waste generator, the hospitals segment is expected to account for major market share during the forecast period, as all unused medications are disposed through hospitals and community pharmacies in most of the developed economies.
North America accounted for 39.0% share of the global market in 2017. Rise in prevalence of chronic diseases, surge in health care expenditure, growth of the pharmaceutical industry, rise in mergers & acquisitions, and implementation of pharmaceutical waste disposal regulations in the region are anticipated to drive the pharmaceutical waste management market during the forecast period. Presence of emerging economies such as China and India, growing pharmaceutical industry, and rapidly increasing geriatric population are anticipated to drive the pharmaceutical waste management market in Asia Pacific during the forecast period. Latin America and Middle East & Africa are expected to grow at sluggish pace during the forecast period due to lack of availability of expertise for safe disposal of pharmaceutical waste. Growth of the health care industry, increase in the number of pharmaceutical companies, and stringent regulations regarding disposal of pharmaceutical waste are expected to fuel the growth of the market in these regions during the forecast period.
Major players operating in the global pharmaceutical waste management market include Stericycle, Waste Management, Inc., BioMedical Waste Solution, LLC, Daniels Health, Stryker, Covanta Holding Corporation, and Cardinal Health. Increase in mergers & acquisition, new product development, and strategic collaboration between major companies and governing authorities are expected to drive the global pharmaceutical waste management market during the forecast period. For instance, in December 2017, Becton, Dickinson and Company introduced BD HealthSight, a medication management platform to reduce waste and increase efficiency.