Global Pharmaceutical Waste Management Market is expected to grow at a CAGR of 6.11% during the forecast period from 2018-2025
A new research report published by Fior Markets with the title Global Pharmaceutical Waste Management Market by Nature of Waste (Hazardous Waste, Non-hazardous Waste), Type of Waste, Application, and Region and Global Forecast 2018-2025.
As per the report, the global pharmaceutical waste management market is expected to grow from USD 1,191.07 Million in 2017 to USD 1,980.31 Million by 2025 at a CAGR of 6.11% during the forecast period from 2018-2025. North America is expected to dominate the market during the forecast period. North America possesses huge market growth potential due to increasing prevalence of chronic diseases and implementation of pharmaceutical waste disposal regulations in the region are driving the growth of the market.
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Prominent players operating in the market are Stericycle, Waste Management, Inc., BioMedical Waste Solution, LLC, Daniels Health, Stryker, Covanta Holding Corporation, Cardinal Health, MedWaste Management Inc., Veolia Environmental Services North America Corp, Suez Environment S.A, Clean Harbors Environmental Services, Republic Services and others. Major firms are incorporating various strategies to increase their market reach.
The nature of waste segment is divided into hazardous waste, non-hazardous waste. The non-hazardous waste segment dominated the segment and was valued around USD 690.27 million in 2017. 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. The type of waste segment is classified into over the counter waste, non-controlled prescription drugs, controlled drugs, and hazardous drugs. The non-controlled prescription drugs segment held the largest market share of 43.37% in 2017. Increase in usage of prescription medication for treating high blood pressure, diabetes, and bacterial infections is expected to drive the segment growth. Application segment is divided into hospitals, pharmaceutical and biotechnology companies, clinics and physician offices, pharmacies. The hospitals segment is expected to attain the highest CAGR of 8.19% in the forecast period. Unused medications are disposed through hospitals and community pharmacies driving the growth of the segment.
Rise in government initiatives for safe disposal of unused medications and Increase in awareness about safe disposal of pharmaceuticals and environmental conservation are boosting demand of market in forecast period. In addition, growth in health care infrastructure is also augmenting the growth of the market. High cost of disposal of pharmaceutical waste may restrict the growth of the market. However, research and development activities across the globe to support and facilitate medical advancements are propelling the growth of the market in forecast period.
About the report:
The global pharmaceutical waste management market is analysed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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