The pharmaceutical waste management market is likely to expand by exhibiting a substantial growth rate owing to the swiftly changing industry globally. The changing pharmaceutical industry has skyrocketed the waste generated daily, which led to the need for its disposal. Additionally, this waste includes chemicals, bio-degradable, and non-biodegradable components; thus, the multiple techniques are having to be applied for pharmaceutical waste management. All the factors mentioned above are estimated to benefit the fuel the market growth during the forecasted period. Further, increasing government attention and investment for disposal are helping the growth of the global pharmaceutical waste management market. Rapidly growing patient population coupled with awareness about the environment is augmenting the adoption of newer techniques. Robust investment in exploring more modern technologies for complete waste management is estimated to propel market growth in the coming years.
There are abundant factors that is propelling the growth of the Pharmaceutical Waste Management Market Share These factors as per the MRFR (Market Research Future) report include growth of pharmaceutical industry, initiatives undertaken by the government for safe unused medication disposal as well as waste generated through healthcare organizations and the pharmaceutical industry, growing awareness regarding environmental conservation and safe and right disposal of pharmaceuticals, growing number of collaborations such as mergers and acquisitions, rapidly growing patient population, increase in healthcare infrastructure, and advancements in waste disposal methods.
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The rapid development of healthcare sector and the pharmaceutical industry is resulting in increased production of pharmaceuticals that is subsequently leading to an increase in the amount of waste generated daily. Usually, the pharmaceutical waste products consist of hazardous chemicals and non-biodegradable components. Increase in pharmaceutical waste leads to the demand for pharmaceutical waste management, subsequently creating the market for the same. A new report on the global pharmaceutical waste management market, published by Market Research Future (MRFR), sees that this market could grow between 2018 and 2023.
- Waste Management
- Sharps Compliance
- Daniels Health
- Dickinson and Company
- Cardinal Health
- BioMedical Waste Solution
- US Ecology
- Covanta Holding Corporation
- MRFR report offers a broad segmental analysis of the pharmaceutical waste management market on the basis of nature of waste, source of waste generation and type of waste.
- Based on nature of waste, it is segmented into non-hazardous and hazardous pharmaceutical waste.
- Based on the type of waste, the pharmaceutical waste management market is segmented into hazardous drugs, controlled drugs, non-controlled prescription drugs and over the counter waste.
- Based on the source of waste generation, it is segmented into pharmacies, pharmaceutical and biotechnology companies, clinics and physicians’ offices and hospitals.
A geographical outlining of the global pharmaceutical waste management market covers North America, Asia Pacific, Europe, and Rest of the World (RoW).
North America is one of the leading regional markets for pharmaceutical waste management due to the huge presence of many pharmaceutical companies and majority of pharmaceutical sales. Most of the pharmaceutical companies in this region are based in the USA. Canada is another economy that has the potential of becoming an important market as many advanced medical technologies are available in both the USA and Canada.
In Europe, the market is strong due to the presence of many biotechnology companies and community pharmacies in this region. Economies that have the potential of becoming powerful markets are France, Germany, and the UK.
During the forecast period, the Asia Pacific region is poised to experience incremental growth due to expanding the pharmaceutical industry, demand better medical facilities, the growing emphasis on pharmaceutical waste management to curb pollution. The vibrant economies in this region that can become important markets are China, India, and Japan.
The global pharmaceutical waste management market is poised to have a healthy growth over the forecast period (2018-2023). Pharmaceutical waste contains medicinal drugs that are unused, expired, damaged, contaminated or is no longer needed.
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