Global Pharmaceutical Waste Management Market

Global Pharmaceutical Waste market Overview

The global pharmaceutical waste management market was valued at USD 7.22 billion in 2020 and projected to reach USD 12.22 billion by 2027, growing at a CAGR of 5.5% during the forecast period, 2021-2027. The growing pharmaceutical industry and government initiatives for proper disposal of pharmaceutical waste to prevent chronic diseases are the primary factors driving the pharmaceutical waste management market. Furthermore, the growing awareness regarding the negative impacts of pharmaceutical waste on humans and the environment increases market growth during the forecast year. According to the Central Pollution Control Board (CPCB), India generated nearly 45,310 tons of pharmaceutical waste between June 2020 and May 2021.

What is Pharmaceutical Waste Management?

Pharmaceutical waste contains medicinal drugs that are expired, unused, contaminated, damaged or no longer required, chemical sludges, and wastewater produced during pharmaceuticals manufacturing. It also includes waste medical items, such as used gloves and wipes, disposable garments, and sharps. Pharmaceutical waste can be categorized into two categories, including Solid and Liquid waste. Solid waste commonly includes sharps, needles, syringes, gloves, face masks, bandages, hazardous and non-hazardous drugs, pill bottles, etc. At the same time, sludge from chemical processing and unused liquid medicines are considered liquid waste.

Growth Drivers

Growing pharmaceutical industry and government initiatives for proper disposal of pharmaceutical waste will boost the market. The global pharmaceutical waste management market’s growth is primarily driven by the rapid demand for medicines and growing stringent government regulations for better management and treatment of pharmaceutical waste. The growing concern towards pharmaceutical waste management is attributable to the rapid growth in the harmful diseases and infections among people and the negative impact of medicinal waste on the environment. The government is taking several initiatives to protect people and the domain from the severe effects of pharmaceutical waste. The growing geriatric population and young population are suffering from several diseases increasing the pharmaceutical industries will drive the market growth globally. The increasing chronic diseases like diabetes, cancer, hypertension, obesity, and blood pressure increase the demand for medicines globally. Furthermore, the rapid growth in surgical procedures due to several injuries which resulted in medical waste products will increase the global pharmaceutical waste management market during the forecast period. The availably of technologically advanced methods for the treatment and disposal of waste products is the primary factor in increasing the market globally. The increasing funding by the government and high investment in R&D by the key market payers will further increase the pharmaceutical waste management market during the forecast period.

Pre COVID-19 impact

Due to the increased demand for medicines, significant growth in the pharmaceutical industry shall stimulate the Pharmaceutical Waste Management market growth. Additionally, the increasing number of diseases among the young and old population has increased the demand for medicines and various surgical procedures worldwide. Moreover, pharmaceutical production involves multiple operations, including manufacturing medicinal drugs, producing final doses forms, assessing raw materials and finished dosage forms, and synthesizing excipients and impurities. These operations generate a huge amount of pharmaceutical waste and require pharmaceutical waste management will drive the product market growth.

Covid-19 impact

The COVID-19 outbreak has had a positive impact on the growth of the global pharmaceutical waste management market. The development is attributable to the high demand for medicines and medical products in the healthcare industry worldwide. The increased demand for medicine and medical products has increased pharmaceutical waste, including gloves, masks, and PPE kits in hospitals, diagnostic centers, research centers, laboratories, and clinics. According to the WHO report, 219 million COVID-19 cases have been registered worldwide, resulting in the stressed healthcare system globally. Moreover, the outbreak of COVID-19 and its subsequent entry into the Asia Pacific has stressed the healthcare system. Additionally, the pharmaceutical and healthcare sectors are estimated to witness the most significant increase in growth and demand for medicines and medicinal products in the region. The highly populated countries like India have registered over 33.1 million cases and four lakhs plus deaths. The significant growth in the COVID 19 cases has increased the demand for medicines and medical products, resulting in the country’s increased demand for pharmaceutical waste management systems. However, the government and healthcare industry’s taking various initiatives, and high investment in the R&D by the key market players for the treatment and disposal of pharmaceuticals waste to minimize COVID 19 outbreak are the prime factors increasing the demand for pharmaceutical waste management market during the forecast period.

Post Covid-19 impact

The healthcare and pharmaceutical industry is expected to have significant growth due to the permanent impact of the COVID-19 pandemic worldwide. The increase in chronic and acute diseases such as cancer, diabetes, blood pressure and others will increase the demand for medicines and medical products. In addition, the growing geriatric population and increase in surgical procedures will boost the pharmaceutical waste management market across the world.

Type of Waste Segmental Analysis

Based on the type of waste, the global pharmaceutical waste management market is segregated into Hazardous waste and Non-Hazardous waste. The non-hazardous segment has the largest market share in 2020 and is expected to continue this trend during the forecast period. The growth is attributable to the growing healthcare and pharmaceutical industry and the high demand for medicines and medical products to treat various diseases. Furthermore, the hazardous segment is expected to have significant market growth during the forecast period, owing to increased awareness of chronic and infectious diseases, a surge in the pharmaceutical and biotechnological industries, and high investment in the R&D activities healthcare sector.

Services Segmental Analysis

Based on Services, the global pharmaceutical waste management market is classified into a collection, storage, transportation, treatment & disposal, and recycling. The treatment & disposal segment has the largest market share in 2020 and is expected to continue this trend during the forecast period. This growth is referred to the growing demand for incineration, rise in the incidence of chronic diseases, and growing adoption of technologically advanced methods for pharmaceutical waste treatment. Furthermore, the collection, storage, and transportation segments are expected to have significant market growth during the forecast period due to pharmaceutical waste, increasing hospitals and clinics, and growing government stringent government regulations for the collection, storage, and transportation of pharmaceutical waste.

Treatment Site Segmental Analysis

The global pharmaceutical waste management market is classified into onsite treatment and offsite treatment based on the treatment site. The offsite treatment segment has the largest market share in 2020 and is expected to continue this trend during the forecast years. This growth is because of the increase in the incidence of chronic diseases, surgical procedures, and high investment in R&D by the key market players to introduce technologically advanced methods in pharmaceutical waste management in the healthcare sector. The onsite treatment segment is expected to have significant market growth during the forecast years due to an increase in the volume of pharmaceutical waste in hospitals, research laboratories, clinics, and veterinary hospitals. The increased investment by the government and key players in the R&D to introduce new technological methods for the onsite treatment of pharmaceutical waste to save transportation and storage costs will boost the market in the coming years.

Source of Waste Segmental Analysis

Based on the source of waste global pharmaceutical waste management market is divided into hospitals, pharmaceutical companies, pharmacies, veterinary hospitals, and others. The Hospital segment contains the largest market share in 2020 and is expected to continue this trend during the forecast years. The growth is referred to the increasing demand for medicines and medical products, owing to the growing population in the hospital due to various chronic diseases and injuries. The outbreak of the COVID-19 pandemic is expected to have a long impact on the world, which will further increase the demand for medicines and medical products such as gloves, masks, and PPE kits. The increase in the treatment & disposal of these waste products will further increase the global pharmaceutical waste management market. Furthermore, the pharmaceutical companies are expected to have significant market growth during the forecast year due to the high production of chemical residue in the manufacturing of drugs. The government’s growing stringent rules and regulations for treating waste products in the pharmaceutical industry will help increase the pharmaceutical waste management market in the coming years.

Region Segmental Analysis

Based on Region, Global Pharmaceutical Waste Management Market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America region has the largest market share in 2020 and is expected to continue its dominance during the forecast period. This growth is referred to the rising incidence of chronic diseases, the growing geriatric population, and environmental concerns. Growing concern towards the treatment & disposal of pharmaceutical waste further increases the growth of the pharmaceutical waste management market during the forecast period. The government and the key players are taking various initiatives to protect the environment and humans from the negative effects of pharmaceutical waste. Furthermore, the Asia Pacific region is expected to have significant market growth in the forecast period. This growth belongs to the rapid expansion of healthcare facilities due to chronic diseases among the young and geriatric population. According to the Longitudinal Ageing Study in India (LASI), in 2020, it was recorded that two in every three senior people were diagnosed with chronic or acute diseases. In addition, the recent outbreak of the COVID-19 pandemic in populated countries like India and China has drastically increased the healthcare and pharmaceutical industry. The pharmaceutical waste management market is expected to have desired growth in the coming years.

Competitors Analysis

The global Pharmaceutical Waste Management market is volatile, with many international and regional players in the market. STRYKER, Biomedical Waste Solutions, Stericycle, Inc., Veolia Environment, Clean Harbors, Daniels Health, ECOMED SERVICES, Republic Services Inc., Covanta Holding Corporation, and Dickinson and Company are the key players in the Global Pharmaceutical Waste Management market.

Key Stakeholders

• Market research and consulting firms
• Industry associations
• Global Pharmaceutical Waste Management technology manufacturing firm
• Research organizations and consulting companies
• Organizations, associations, and alliances related to microarray analysis
• Regulatory bodies
• Suppliers
• Retailers

Scope of the Report

Report Attribute	Details
Market Size Value in 2020	USD 7.22 billion dollars
The revenue forecast in 2027	USD 12.22 billion dollars
Growth Rate	USD 12.22 billion dollars
Historical data	2017-2019
Forecast period	2021-2027
Region covered	America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	STRYKER, Biomedical Waste Solutions, Stericycle, Inc., Veolia Environment, Clean Harbors, Daniels Health, ECOMED SERVICES, Republic Services Inc., Covanta Holding Corporation, Dickinson and Company

Market Modelling

By Type of Waste

• Hazardous waste
• Non-Hazardous waste

By Services

• Collection
• Storage
• Transportation
• Treatment & Disposal
• Recycling

By Treatment Site

• Onsite Treatment
• Offsite Treatment

By Source of Waste

• Hospitals
• Pharmaceutical Companies
• Pharmacies
• Veterinary Hospitals
• And others

By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

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