- Drugs
- Wednesday, 10 Jan 2024
Pharmaceutical Waste Disposal and Management Market is expected to reach US$ 6,377.95 million by 2030
Non-Hazardous Waste Type to Dominate Pharmaceutical Waste Disposal and Management Market During 2022–2030
According to our new research study on "Pharmaceutical Waste Disposal and Management Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis," the market is expected to grow from US$ 3,358.49 million in 2022 to US$ 6,377.95 million by 2030; it is anticipated to record a CAGR of 8.3% from 2022 to 2030. Key factors driving the market growth are increasing government initiatives to promote the proper disposal of medical waste and rising awareness regarding pharmaceutical waste.
The expanding pharmaceutical industry ultimately propels the demand for waste disposal and management. The US is the major shareholder in the global pharmaceutical production. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), North America (US and Canada) continues to be the world's largest pharmaceutical market, and it is well ahead of Europe, China, and Japan. The region accounted for 49.1% of global pharmaceutical sales in 2021, compared to Europe with a share of 23.4%.
Pharmaceutical Waste Disposal and Management Market, by Region, 2022 (%)
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Source: The Insight Partners Analysis
According to the EFPIA, the Brazilian, Chinese, and Indian pharmaceutical industries grew by 11.7%, 6.7%, and 11.8% during the 2016–2021 period, respectively. On the other hand, the top five European Union countries (cumulatively) and the US market recorded average growth of 5.8% and 5.6%, respectively. As per the India Brand Equity Foundation (IBEF), India has a prominent and emerging pharmaceutical industry in the world. It is the world's largest trader of generic medications, accounting for nearly 20% of the global supply, by volume. It supplies ~50% of the global vaccination demand. The domestic pharmaceutical industry includes a network of 3,000 drug companies and ~10,500 manufacturing units. Based on official figures from the Indian government, the pharmaceutical industry in India is valued at nearly US$ 50 billion, and over US$ 25 billion out of this amount is generated from exports. India accounts for ~20% of the world's generic medicine exports. Further, Japan is one of the largest pharmaceutical markets in the world. According to the Ministry of Health, Labor and Welfare's (MHLW) Annual Pharmaceutical Production Statistics, the Japanese market for prescription and nonprescription pharmaceuticals in 2020 was US$ 107 billion. As the industry continues to evolve and innovate, there is an increase in waste production in manufacturing facilities, which drives investments in pharmaceutical waste disposal and management systems.
Stericycle Inc, Clean Harbors Inc, WM Intellectual Property Holdings L.L.C, Veolia, BioMedical Waste Solutions LLC, Daniels Sharpsmart Inc, US Ecology Inc, Stryker, Cardinal Health, and MedWaste Management are among the key companies operating in the pharmaceutical waste disposal and management market. Companies in this market have been implementing organic strategies such as launches, expansions, and product approvals, and inorganic strategies such as collaborations, and partnerships.
In May 2023, ORIX Eco Services became the first company in Japan to obtain an industrial waste disposal license for the stripping of blister packaging waste and other materials. Blister packaging is undertaken for the packaging of prescription pharmaceuticals, and the waste generated through this method was previously incinerated.
Similarly, In April 2022, Stericycle Inc announced its new SafeShield line of high-quality, standardized containers. These antimicrobial medical waste containers are specifically designed to store, and transport regulated medical waste (RMW). These containers provide customers with better storage options, and an improved design and additional level of protection to prevent microbial growth on RMW containers. Stericycle previously began rolling out the containers to selected markets in the US after planning a phased national rollout.
The report segments the pharmaceutical waste disposal and management market as follows:
The pharmaceutical waste disposal and management market, by type, is bifurcated into hazardous waste and non-hazardous waste. The non-hazardous waste segment held a larger market share in 2022. The hazardous waste is anticipated to register a higher CAGR during 2022–2030.
The pharmaceutical waste disposal and management market, by type of waste, is segmented into controlled prescription drugs, non-controlled prescription drugs, and over-the-counter waste. The non-controlled prescription drugs segment held the largest market share in 2022. The market for this segment is anticipated to grow at the fastest CAGR from 2022 to 2030.
The pharmaceutical waste disposal and management market, by application, is segmented into healthcare facilities, pharmacies, pharmaceutical and biotechnology companies, and others. In 2022, the pharmaceutical and biotechnology companies segment held the largest market share, and the same segment is anticipated to register the highest CAGR during 2022–2030.
The pharmaceutical waste disposal and management market, based on geography, is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).
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