The Pharmaceutical Waste Management Solutions Market to scale vertically upwards between 2018 and 2026
Pharmaceutical waste is the waste which contains medicinal drugs which are expired, unused or contaminated damaged or no longer needed. Pharmaceutical waste is generally produced by healthcare sector, which include hospitals, dental practices, nursing homes, veterinary clinics and research laboratories. Pharmaceutical waste also include glass vials and bottles, flu-absorbers, cytotoxic and cytostatic drugs and de-nurturing kits. Disposing of drugs into the trash lead to the environmental contamination and result in drug abuse, however, disposable waste management solution provider ensure that the pharmaceutical waste is properly disposed. Pharmaceutical waste is not disposed in the usual way, special care and precautions are taken to handle and dispose pharmaceutical waste. Pharmaceutical waste management solutions in developing countries focus on organizational and technical concerns for disposing pharmaceutical waste. Pharmaceutical waste management solutions service provider provides safe methods of destruction & disposal to comply with legislation.
Increasing incidence of infectious disease and increasing research and development of new drugs drive the market of pharmaceutical waste management solutions. Growing number of pharmaceuticals companies and increasing waste furthermore spur the market of pharmaceutical waste management solutions. Increase in the government initiative and Increase in outsourcing of waste management services propel the market of pharmaceutical waste management solutions. Stringent regulations and high cost associated with the dispose of pharmaceutical waste restraints the growth of pharmaceutical waste management solutions market in the near future.
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The global pharmaceutical waste management solutions market is segmented on basis of type, of waste nature of waste, waste generator type and geography.
- Segmentation by Type of Waste
- Prescription only drugs
- Over the counter medicines
- Research and development drugs
- Segmentation by Nature of Waste
- Non-hazardous Pharmaceutical Waste
- Hazardous Pharmaceutical Waste
- Segmentation by Waste Generator Type
- Pharmaceutical & Biotechnology Companies
- Segmentation by Geography
- North America
- Latin America
- Asia-Pacific Excluding China
- Middle East & Africa
Increased number of pharmaceutical community and rapid growth in healthcare sector in developing and developed economies drive the demand for pharmaceutical waste management solutions market. New product launch for the pharmaceutical waste management drive the market of pharmaceutical waste management solutions in the forecast period. On the basis of nature of waste, hazardious waste acocunts for the larger share owing to increasing volume of hazardous waste such as physostigmine, warfarin, and chemotherapeutic agents. On the basis of waste generator type, the hospitals segment holds a large share. The growth of this segment is primarily attributed due to growing number of hospitals and increased pharmaceutical waste from hospitals.
The North America market for pharmaceutical waste management solutions holds the largest revenue share, due to growing number of pharmaceutical industries, rising government initiative for safe disposable of pharmaceutical waste generated by the industries and healthcare organizations. Europe accounts for the second large revenue share in the global pharmaceutical waste management solutions market, owing to implementation of pharmaceutical waste disposal regulations and increase in mergers & acquisitions. Asia Pacific is expected to witness rapid growth, due to increasing awareness about the pharmaceutical waste management and significant improvement in healthcare facilities. China is expected to register significant growth, due to rising aging population. Latin America and Middle East & Africa are projected to exhibit sluggish growth in pharmaceutical waste management solutions market, owing to lack of awareness and lack of availability of expertise for the safe disposable of pharmaceutical waste in this region.
Examples of some of the key service provider present in the global pharmaceutical waste management solutions market are Novus Environmental, Rentokil Initial plc, Sharps Compliance, Inc., US Ecology, Inc., Stericycle, BioMedical Waste Solutions, LLC., Daniels Health, PHS Wastemanagement, PegEx, Inc. among others.
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