Pune, India -- (SBWIRE) -- 12/11/2018 -- Global Pharmaceutical Waste Management Market over the forthcoming years. Pharmaceutical wastes contain active ingredients which are known to cause harm to the environment and public health. Various human and veterinary pharmaceutical compounds have been found in drinking water resources in concentration which has directed the focus of concerned authorities towards proper disposal of pharmaceutical waste.
Global Pharmaceutical Waste Management Market is marked by the presence of players such as Stericycle, Covanta Holding Corporation, Stryker, US Ecology, Inc., BioMedical Waste Solution, LLC, Cardinal Health, Becton, Dickinson and Company, Daniels Health, Sharps Compliance, Inc., and Waste Management, Inc.
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Global Pharmaceutical Waste Management Market has been segmented based on the nature of waste, type of waste, and source of waste generation.
By nature of waste, the market has been segmented into hazardous pharmaceutical waste and non-hazardous pharmaceutical waste.
By type of waste, the market has been segmented into over the counter waste, non-controlled prescription drugs, controlled drugs, and hazardous drugs.
By source of waste generation, the market has been segmented into hospitals, clinics & physicians' offices, pharmaceutical & biotechnology companies, pharmacies, and others.
MRFR's market research report on the global pharmaceutical waste management market covers current market dynamics, historical trends, growth opportunities, market valuation by region and segmentation, country-level analysis of market segments, key players' market share analysis, competitive landscape and supply chain analysis
Educating consumers and healthcare professionals about appropriate pharmaceutical waste disposal can make a significant impact on public health and the environment owing to which healthcare professionals and pharmacists are initiating towards imparting knowledge about the consequences of improper pharmaceutical waste disposal. The pharmaceutical industry is one of the most profitable and fastest growing industry and growth in the pharmaceutical industry is one of the preliminary factors influencing the growth of the pharmaceutical waste management market
In addition, the governments in various countries have endeavored to raise awareness and implement stringent regulations pertaining to pharmaceutical waste management which have contributed to market growth. Advancements in waste disposal techniques have also spurred the growth of the market. However, such developments have increased the cost of pharmaceutical waste disposal which restricts the adoption of pharmaceutical waste management.
Moreover, reluctance on the part of healthcare professionals regarding the adoption of new technologies is also likely to restrain the growth of the market in the forthcoming years. Side effects associated with pharmaceutical waste disposal methods are also possible bottlenecks to the growth of the market. The release of toxic pollutants from incineration process and scavenging in unprotected insecure landfills are hazardous and should be monitored appropriately.
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Regional analysis of the market has segmented the global market into North America, Europe, Asia Pacific, and the Rest of the World
North America is one of the leading markets for pharmaceutical waste management. North America has a huge market for pharmaceutical companies and accounts for a majority of pharmaceutical sales. Presence of major pharmaceutical companies in the region also supports the growth of the market. Europe market for pharmaceutical waste management is also strong owing to the presence of a large number of biotechnology companies and community pharmacies in the region. Asia Pacific region is poised to showcase incremental growth over the forecast period. Expanding pharmaceutical industry in the region coupled with growing emphasis on pharmaceutical waste management is likely to contribute to the growth of the Asia Pacific market.
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