As per the report published by Fior Markets, the global pharmaceutical waste management market is expected to grow from USD 1.19 Billion in 2017 to USD 1.98 Billion by 2025 at a CAGR of 6.11% during the forecast period 2018-2025.
Pharmaceutical waste management is a serious issue worldwide. Several government organizations such as the Food and Drug Administration, the Environment Protection Agency and the Drug Enforcement Administration (DEA) have introduced various programs for proper waste disposal To ensure safety from hazardous waste. For instance, the Drug Enforcement Administration (DEA) presented the 11th National Prescription Drug Take-back Day in April 2016. The program was intended for providing a safe and convenient means of disposal of unwanted, controlled substance prescription drugs. Rapidly growing health care sector in developed and developing economies, rise in research and development activities for treatment of chronic diseases, and rapidly growing pharmaceutical industries across the world propelling demand for pharmaceutical waste management. According to the Environmental Protection Agency (EPA), the U.S. is the leading producer of medical waste in the world.
Rise in government initiatives for safe disposal of unused medications and awareness about safe disposal of pharmaceuticals and environmental conservation are boosting the demand of the market in the forecast period. Besides, growth in health care infrastructure is also augmenting the growth of the market. The high cost of disposal of pharmaceutical waste may restrict the growth of the market. However, research and development activities across the globe to support and facilitate medical advancements are propelling the growth of the market in the forecast period.
Key players operating in the global pharmaceutical waste management market include Stericycle, Waste Management, Inc., BioMedical Waste Solution, LLC, Daniels Health, Stryker, Covanta Holding Corporation, Cardinal Health, MedWaste Management, Veolia Environmental Services North America Corp, Suez Environment S.A, Clean Harbors Environmental Services and Republic Services, Inc. among others. To enhance their market position in the global Pharmaceutical Waste Management market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Pharmaceutical waste management is a serious issue worldwide. Several government organizations such as the Food and Drug Administration, the Environment Protection Agency and the Drug Enforcement Administration (DEA) have introduced various programs for proper waste disposal To ensure safety from hazardous waste. For instance, the Drug Enforcement Administration (DEA) presented the 11th National Prescription Drug Take-back Day in April 2016. The program was intended for providing a safe and convenient means of disposal of unwanted, controlled substance prescription drugs. Rapidly growing health care sector in developed and developing economies, rise in research and development activities for treatment of chronic diseases, and rapidly growing pharmaceutical industries across the world propelling demand for pharmaceutical waste management. According to the Environmental Protection Agency (EPA), the U.S. is the leading producer of medical waste in the world.
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Rise in government initiatives for safe disposal of unused medications and awareness about safe disposal of pharmaceuticals and environmental conservation are boosting the demand of the market in the forecast period. Also, growth in health care infrastructure is augmenting the growth of the market. The high cost of disposal of pharmaceutical waste may restrict the growth of the market. However, research and development activities across the globe to support and facilitate medical advancements are propelling the growth of the market in the forecast period.
Key players operating in the global pharmaceutical waste management market include Stericycle, Waste Management, Inc., BioMedical Waste Solution, LLC, Daniels Health, Stryker, Covanta Holding Corporation, Cardinal Health, MedWaste Management, Veolia Environmental Services North America Corp, Suez Environment S.A, Clean Harbors Environmental Services and Republic Services, Inc. among others. To enhance their market position in the global Pharmaceutical Waste Management market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
Source: Globe Newswire