Pharmaceutical Waste Management Market Analysis

Global Pharmaceutical Waste Management Market Overview

The Pharmaceutical Waste Management Market Size was valued at USD 1.18 billion in 2023. The pharmaceutical waste management market industry is projected to grow from USD 1.21 Billion in 2024 to USD 2.54 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.36% during the forecast period (2024 - 2032). Rise in volume of pharmaceutical waste, and supportive initiatives taken by governments for medical waste management are the key market drivers enhancing the market growth.

In March 2024, India’s Department of Pharmaceuticals, unveiled the Revamped Pharmaceuticals Technology Upgradation Assistance Scheme (RPTUAS) to help upgrade the technological capabilities of the country's pharmaceutical industry and align it with global standards. Key features of the revised scheme include expanded eligibility criteria that now include pharma manufacturing units with a turnover below ₹500 crores in addition to MSMEs. The scheme is designed in such a way that SMEs are given priority so as to assist these minor actors in achieving good quality manufacturing standards, as well as introduces flexible financing options emphasizing subsidies on a reimbursement basis rather than a credit-linked approach, which was traditional.

In December 2023, Panama invited bids for the handling of medical waste generated by social security agency CSS hospitals. According to process 2023-1-10-0-99-LV-524882 posted on the Panamacompra procurement site, this $58.7m contract includes hazardous medical waste management for sixty-two months. This involves collecting, destroying, or transforming pathological, anatomopathological, and sharp waste. Bids must be submitted online via Panamacompra before December 28. On Tuesday, Prensa described at least seventeen companies, including Servicios Múltiples, Construcciones Limpieza y Equipo, Pumper, and Servicios Generales de Incineración, that have shown interest.

In November 2023, the “Sustainable Healthcare and Recycling & Waste Management” framework was launched today by Barts Health NHS Trust; Greater Manchester Mental Health NHS Foundation Trust; Pennine Care NHS Foundation Trust; Bolton NHS Foundation Trust; and suppliers of various waste management services and technologies who partnered with them like a range of providers from our list above. The goal for creating this framework is to give access to vetted vendors of healthcare solutions, including pyrolysis technologies, onsite biodigesters, and food recycling management for NHS organizations and other public sector bodies that can then purchase compliantly and cost-effectively with the intent of accelerating the decarbonization process. Emma Clyne, Principal Category Manager at NHS SBS, commented that “In healthcare waste management, sustainability has moved from being an ‘add on’ to a central objective where trusts will be required to undertake initiatives to implement the new guidance.

Pharmaceutical Waste Management Market Trends

• Increase in volume of medical waste to boost market growth

Pharmaceutical waste management, a market leader, has seen tremendous expansion in the healthcare sector. Worldwide demand for healthcare services has raised the need for medical waste management, which has led to a growth in hospitals, labs, research institutes, mortuaries, autopsy centres, blood banks, and collection activities. The rise in geriatric population, rise in chronic disease incidence, and advancements in technology for the efficient treatment of medical waste are the main factors driving the growth of the  market for pharmaceutical waste management. India created roughly 45,308 tonnes of biomedical waste between June 2020 and May 2021, according to the Central Pollution Control Board (CPCB), as a result of an increase in the usage of various medical testing and the treatment of COVID-19 patients. Two out of every three geriatric individuals had a chronic condition in 2020, according to the Longitudinal Ageing Study in India (LASI). Government initiatives for the efficient handling of medical waste are another factor driving market expansion. For instance, the US Environmental Protection Agency signed a rule in 2019 titled "Management Standards for Hazardous Waste Pharmaceuticals and Modification to the P075 Listing for Nicotine" that specifies streamlined guidelines for managing waste from hazardous pharmaceuticals. Additionally, increased financing for research initiatives and extensive use of biomedical items and technologies drive market CAGR.

Moreover, the pharmaceutical waste management market revenue is also being driven by an increasing number of government-sponsored programmes. Laws governing medical waste are followed by numerous government organisations. These include the Department of Transportation (DOT), the Occupational Safety and Health Administration (OSHA), the Centers for Disease Control (CDC), the United States Food and Drug Administration (FDA), and the Drug Enforcement Administration (DEA). Additionally, the initiatives implemented by various governments are accelerating the market's expansion. For instance, the Indian government basically opened an incinerator for decentralised biomedical waste at Buxar Municipality, Bihar, in August 2021. Ganesh Engineering Works' technology was chosen through the Waste to Wealth Mission's Biomedical Waste Treatment Innovation Challenge, which was introduced in June 2020.

Figure 1 Indian Pharmaceutical Industry from 2021-2030 (in billion USD)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Additionally, the development of technology is helping in the market's expansion. For instance, Envetec Sustainable Technologies Limited debuted its GENERATIONS technology in February 2022. It is a ground-breaking cleantech solution that safely handles biohazardous materials and waste on-site at the source, including plastics, glass, PPE, sharp containers, and other common laboratory equipment. Envetec is a pioneer in the development of green, cleantech solutions for laboratories in the pharmaceutical, medical device, food & beverage, and diagnostic sectors. With the release of GENERATIONS, Envetec became one of the first and only cleantech companies in the world with a verified technology that treats biohazardous waste and materials at the source, do away with the damaging processes of treating and discarding of them in use.

Pharmaceutical Waste Management Market Segment Insights

Pharmaceutical Waste Management Nature of Waste Insights

The pharmaceutical waste management market segmentation, based on service, includes non-hazardous pharmaceutical waste, hazardous pharmaceutical Waste. The non-hazardous pharmaceutical waste segment held the majority share in 2022 in the pharmaceutical waste management market revenue. This is primarily owing to the rising number of healthcare facilities and growing surgical procedures is anticipated to support the market growth during forecast period.

Pharmaceutical Waste Management Type of Waste Insights

The pharmaceutical waste management market segmentation, based on type of waste, includes over the counter waste, non-controlled prescription drugs, controlled drugs, hazardous drugs. The non-controlled prescription drugs segment dominated the market in 2022. Over-the-counter medicines and treatments authorised to treat conditions including high blood pressure, diabetes, and bacterial infections are examples of non-controlled drugs. In order to increase euphoria, several non-controlled prescription medicines are combined with opiates. For medications provided in a nursing home, multiple non-controlled prescription drug orders are placed on a single prescription record. It is not necessary for pharmacies that offer expert care to nursing homes to get separate prescriptions for these medications. According to the agreement, the dispensing pharmacy must work for or give services to the nursing home. Hence, rising type of waste options for pharmaceutical waste management positively impacts the market growth.

Pharmaceutical Waste Management Source of Waste Generation Insights

The pharmaceutical waste management market data has been bifurcated by source of waste generation into hospitals, clinics & physicians' offices, pharmaceutical & biotechnology companies, pharmacies. The hospitals segment dominated the market in 2022. This is due to the growing inpatient population and the enormous amount of unused prescription drugs and other pharmaceutical waste discarded of by this healthcare facility in most developed economies, the high growth is primarily attributed to an increase in the number of hospitals and increased pharmaceutical waste from hospitals. As a result, the management of pharmaceutical waste from these end-users was explained and managed more effectively.

Figure 2 Pharmaceutical Waste Management Market, by Source of Water Generation, 2022 & 2030 (USD Billion)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Pharmaceutical Waste Management Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Pharmaceutical Waste Management market accounted for USD 0.503 billion in 2022 and is expected to exhibit a significant CAGR 45.80% growth during the study period. The ageing population and the development of new drugs have increased the need for pharmaceuticals, which has resulted in an increase in pharmaceutical waste generation. As a result, pharmaceutical waste management services are increasingly being used, which in turn fuels the market's expansion over the coming years. The demand for pharmaceuticals is being driven by rising R&D expenditures as well as an increase in hospital capacity.

Further, the major countries studied in the market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3 PHARMACEUTICAL WASTE MANAGEMENT MARKET SHARE BY REGION 2022 (%)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe pharmaceutical waste management market accounts for the second-largest market share due to the rising prevalence of chronic disease, there is a significant demand for pharmaceutical items on the domestic market. Rising cancer rates in the UK, where breast, prostate, and colorectal cancers account for more than 50% of all cancer cases, and rapidly rising diabetes diagnoses. Further, the Germany pharmaceutical waste management market held the largest market share, and the United Kingdom pharmaceutical waste management market was the fastest growing market in the European region

The Asia-Pacific Pharmaceutical Waste Management Market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to chronic disease prevalence, the geriatric population, the demand for healthcare services and products and the number of hospitals and clinics are all on the rise. Moreover, China pharmaceutical waste management market held the largest market share, and the India pharmaceutical waste management market was the fastest growing market in the Asia-Pacific region

Pharmaceutical Waste Management Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the pharmaceutical waste management market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the pharmaceutical waste management industry must offer cost-effective products and services to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the  pharmaceutical waste management industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, pharmaceutical waste management industry has provided transparency and reduced disruptions in supply chain. The pharmaceutical waste management market major player such as Stericycle, BioMedical Waste Solution LLC, Covanta Holding Corporation, Daniels Health, Stryker, Cardinal Health, Becton, Dickinson and Company, and others are working to expand the market demand by investing in research and development activities.

Cardinal Health, Inc. is a worldwide American health care services firm that generates the 14th biggest amount of revenue in the US. Dublin, Ohio and Dublin, Ireland are location to its headquarters. For instance, in February 2021, as a Certified Organization of the Clinically Integrated Supply Outcomes Model (CISOM), Cardinal Health WaveMark Supply Management & Workflow Solutions announced a partnership with HIMSS Analytics® to help health systems optimize and benchmark their development to support their innovations in clinical and operational supply chains.

Also, Waste Management Inc was established in year 1968 and its headquarters is in United States. The top supplier of comprehensive environmental solutions in North America is WM. In order to manage garbage from collection to disposal, reduce it, recover valuable materials, and produce clean, renewable energy, the organization collaborates with its clients and communities. For instance, in Oct. 2020, Advanced Disposal was acquired by Waste Management, Inc. (US) (US). Customers in the US now have access to sustainable waste management and recycling services due to this acquisition, which also increased Waste Management's geographic reach.

Key Companies in the pharmaceutical waste management market includes

• Stericycle


• BioMedical Waste Solution LLC


• Covanta Holding Corporation


• Daniels Health


• Stryker


• Cardinal Health


• Becton


• Dickinson and Company, among others

Pharmaceutical Waste Management Industry Developments

April 2019 An excellent provider of engineering solutions, ByrneLooby, and TerraConsult, a major medical waste management company with headquarters in the UK, have declared their plans to join forces. The geographic reach of TerraConsult will likely expand as a result of the merger.

Pharmaceutical Waste Management Market Segmentation

Pharmaceutical Waste Management Nature of Waste Outlook

• Non-hazardous Pharmaceutical waste


• Hazardous Pharmaceutical Waste

Pharmaceutical Waste Management Type of Waste Outlook

• Over the counter Waste


• Non-controlled Prescription Drugs


• Controlled Drugs


• Hazardous Drugs

Pharmaceutical Waste Management Source of Waste Generation Outlook

• Hospitals


• Clinics & Physicians' Offices


• Pharmaceutical & Biotechnology Companies


• Pharmacies


• Others

Pharmaceutical Waste Management Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America