Pharmaceutical Waste Management Market – By Waste Type (Hazardous [Infectious, Chemical, Radioactive], Non-Hazardous [General Pharmaceutical, Packaging]), Treatment Site (Offsite, Onsite), Waste Generator (Hospitals & clinics) & Forecast, 2024 – 2032
Report ID: GMI3037
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Published Date: August 2024
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Report Format: PDF
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Base Year: 2023
Companies covered: 15
Tables & Figures: 181
Countries covered: 23
Pages: 100
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Pharmaceutical Waste Management Market
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Pharmaceutical Waste Management Market Size
Pharmaceutical Waste Management Market size was valued at USD 4.7 billion in 2023 and is expected to exhibit growth at a CAGR of 7.6% from 2024 to 2032. High market growth can be attributed to the ongoing advancements in waste treatment, growing pharmaceutical industry, rising environmental concerns, increase in drug recalls and expired medications, and expanding healthcare expenditure, among other contributing factors.
Moreover, the pharmaceutical industry is expanding due to increasing demand for medications driven by aging populations, rising prevalence of chronic diseases, and advancements in medical research. For instance, according to a recent United Nations (UN) research report, the number of people aged 65 and over globally is predicted to treble over the next three decades. The senior population is expected to reach 1.6 billion by 2050, accounting for more than 16% of the worldwide population. This growth leads to higher volumes of pharmaceutical waste, necessitating efficient waste management systems to handle the disposal of expired, unused, or contaminated drugs.
Furthermore, the rising number of drug recalls due to safety concerns, manufacturing defects, or regulatory issues leads to increased pharmaceutical waste. Additionally, medications that surpass their expiration dates contribute to the waste stream. Proper disposal of these products is essential to prevent misuse and environmental hazards, fueling the demand for waste management services.
Pharmaceutical waste management involves the proper handling, disposal, and treatment of pharmaceutical waste, including expired, unused, contaminated, and hazardous medications. The process aims to prevent environmental contamination and protect public health by ensuring that pharmaceutical waste is managed in compliance with regulatory guidelines and through environmentally responsible methods such as incineration, recycling, and chemical treatment.
Pharmaceutical Waste Management Market Trends
The market is experiencing several notable trends that are shaping its growth and development. Factors such as continuous innovations in medical waste management, increased regulatory scrutiny, growing adoption of sustainable practices, and rising focus on public health and safety, among other factors are propelling the industry growth.
Pharmaceutical Waste Management Market Analysis
Based on waste type, the market is categorized into hazardous waste and non-hazardous waste. The hazardous waste segment is bifurcated into infectious waste, chemical waste, radioactive waste, and other hazardous wastes. The non-hazardous waste segment is divided into general pharmaceutical waste, packaging waste, and other non-hazardous wastes. The non-hazardous waste generated the highest revenue of USD 3.6 billion in 2023.
Based on treatment site, the pharmaceutical waste management market is classified into offsite treatment and onsite treatment. The offsite treatment segment dominated the market in 2023 with a market share of 59%.
Based on waste generator, the pharmaceutical waste management market is segmented into hospitals & clinics, pharmaceuticals & biotech companies, pharmacies, and other waste generators. The hospitals & clinics segment dominated the market in 2023 and is anticipated to reach USD 4.3 billion by 2032.
North America pharmaceutical waste management market accounted for USD 1.7 billion market revenue in 2023 and is anticipated to grow at CAGR of 7% between 2024 – 2032 period.
Germany pharmaceutical waste management market is projected to grow remarkably in the coming years.
Japan holds a dominant position in the Asia Pacific pharmaceutical waste management market.
Pharmaceutical Waste Management Market Share
The market features a mix of established waste management firms, specialized pharmaceutical waste disposal companies, and emerging technology providers. Major players focus on advanced treatment technologies, regulatory compliance, and sustainable practices to differentiate themselves. Key competitive factors include technological innovation, service reliability, regulatory expertise, and geographic reach. Companies also vie for partnerships with healthcare facilities and pharmaceutical manufacturers to secure long-term contracts. Increasing demand for comprehensive and compliant waste management solutions drives competition and innovation in the market.
Pharmaceutical Waste Management Market Companies
Prominent players operating in the pharmaceutical waste management industry include:
Pharmaceutical Waste Management Industry News:
The pharmaceutical waste management market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 - 2032 for the following segments:
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Market, By Waste Type
Market, By Treatment Site
Market, By Waste Generator
The above information is provided for the following regions and countries: