Market Analysis :
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. Generally, such waste is produced by the healthcare sector including research laboratories, veterinary clinics, nursing homes, dental practices and hospitals. Along with medications, pharmaceutical waste can also include de-nurturing kits, cytostatic and cytotoxic drugs, flu-absorbers, bottles and glass vials. Disposing them into the trash can result in environmental contamination and drug abuse.
The threat which pharmaceutical waste is posing undoubtedly is quite intense. Such wastes enter the environment through various routes including sewer lines, wastewater and landfill seepage. Thus, it is utterly significant to ensure that such wastes are disposed of in the right and safest way possible. Numerous regulatory bodies are taking part for preventing pharmaceutical pollutions. These include government agencies, waste management agencies, law enforcement agencies and environmental protection organizations.
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There are abundant factors that is propelling the growth of the pharmaceutical waste management market. 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.
On the contrary, high price of pharmaceutical waste disposal, reluctance of healthcare professionals in adopting new technologies, side effects related to the methods used in pharmaceutical waste disposal, high cost of land to dump the waste and expensive waste collection equipment and vehicles are factors that may deter pharmaceutical waste management market growth.
Leading players profiled in the pharmaceutical waste management market include Waste Management, Inc., Sharps Compliance, Inc., Daniels Health, Dickinson and Company, Becton, Cardinal Health, LLC, BioMedical Waste Solution, US Ecology, Inc., Stryker, Covanta Holding Corporation, Stericycle, and others.
April 2019– State Drugs Department together with AKCDA (All Kerala Chemists and Druggists Association) has come up with an initiative, “PROUD”, and the first of its kind. This is an unused drugs removal program to be initiated in Thiruvananthapuram. 100 collection boxes will be installed in hospitals as well as other government offices across the city for collecting expired or unused drugs. The collection boxes will have a tracking system that will help to identify the medical shop or pharmacy from where the drug had been purchased.
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. Of these, the non-hazardous waste segment will have the largest share over the forecast period.
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. Of these, non-controlled prescription drugs will dominate the market over the forecast period.
Based on the source of waste generation, it is segmented into pharmacies, pharmaceutical and biotechnology companies, clinics and physicians’ offices and hospitals. Of these, hospitals will lead the market over the forecast period.
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By region, the pharmaceutical waste management market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Rest of the World. Of these, North America will lead the market over the forecast period owing to presence of major pharmaceutical companies accounting for maximum pharmaceutical sales. The pharmaceutical waste management market in Europe will have the second major share due to the presence of many community pharmacies and biotechnology companies here. In the APAC region, the market is poised to have an incremental growth owing to the region’s expanding pharmaceutical industry and growing focus on pharmaceutical waste management.
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