The global pharmaceutical waste disposal and management market is expected to reach US$ 6,377.95 million in 2030 from US$ 3,358.49 million in 2022. The market is estimated to grow with a CAGR of 8.3% from 2022 to 2030.

Key factors driving the pharmaceutical waste disposal and management market growth are increasing government initiatives for proper disposal of medical waste and rising awareness regarding pharmaceutical waste.

Market Drivers of the Pharmaceutical Waste Disposal and Management Market

Pharmaceutical waste management and disposal have received greater emphasis in recent years due to growing awareness of the environmental and public health threats posed by medical waste. The market for the disposal and management of pharmaceutical waste has been significantly influenced by increased environmental and public health awareness programs, forcing healthcare product manufacturers to create more practical and long-lasting approaches to handling pharmaceutical waste. For instance, "Remove the Risk" is an FDA-led campaign to raise awareness about the serious risks of keeping unused prescription opioids in the home and to provide information about the safe disposal of these drugs. Similarly, in India, the Waste to Wealth Mission focuses on increasing awareness about cleaning and restoring water bodies, managing e-waste, agricultural waste, bio-medical waste, etc. Thus, the rising awareness regarding pharmaceutical waste fosters the growth of the pharmaceutical waste disposal and management market.

Restraint of the Pharmaceutical Waste Disposal and Management Market

The high cost of pharmaceutical waste disposal is a key concern in the pharmaceutical waste disposal and management business, affecting pharmaceutical vendors, healthcare facilities, and waste management service providers. High costs are associated with each step of the pharmaceutical waste disposal process, including appropriate waste packaging and segregation and transportation, treatment, paperwork, and compliance. Additionally, the high costs of disposing of pharmaceutical waste result from several factors, including specialist processing, regulatory compliance, and the requirement for sustainable and ethical waste management techniques. Thus, the abovementioned factors will likely hamper the growth of the pharmaceutical waste disposal and management market.

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Opportunities in the Pharmaceutical Waste Disposal and Management Market

The expanding pharmaceutical industry is expected to influence the demand for waste disposable and management positively. The US is the major shareholder in pharmaceutical production globally. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), the North America market (US and Canada) remained the world's largest market with a 49.1% share, well ahead of Europe, China, and Japan. Additionally, as per EFPIA, in 2021, North America accounted for 49.1% of global pharmaceutical sales, compared with 23.4% for Europe.

Similarly, 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, compared to the top five European Union markets and the US market, which recorded an average market growth of 5.8% and 5.6%, respectively. Furthermore, as per the India Brand Equity Foundation (IBEF), India is a major and rising global pharmaceutical industry player. The country is the world's largest trader of generic medications, accounting for nearly 20% of the worldwide 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 sector in India is valued at nearly US$ 50 billion, of which over US$ 25 billion is derived 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 significant growth and investment in pharmaceutical waste disposal and management. Thus, the growing pharmaceutical industry worldwide will likely create lucrative growth opportunities for the pharmaceutical waste disposal and management market in the coming years.

Pharmaceutical Waste Disposal and Management Market: Segmental Overview

The pharmaceutical waste disposal and management market, by type, is bifurcated into hazardous waste and non-hazardous waste. The non-hazardous waste segment held the larger market share in 2022. However, hazardous waste is anticipated to register a higher CAGR from 2022 to 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 and is anticipated to register the highest 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.

Pharmaceutical Waste Disposal and Management Market: Geographical Overview

Asia Pacific is estimated to register the highest CAGR from 2022 to 2030. Countries in the Asia Pacific, such as India and China, hold significant potential for the growth of the pharmaceutical waste disposal and management market. Developing countries in the region with improving healthcare infrastructure, increasing healthcare expenditure, and a rising focus on adopting advanced medical technologies offer opportunities for market expansion.

In 2022, North America held the largest share of the global pharmaceutical waste disposal and management market size. North America's pharmaceutical waste disposal and management market reflects a complex landscape driven by stringent regulations, advanced waste management technologies, and a commitment to environmental stewardship. Furthermore, legislation such as the Resource Conservation and Recovery Act (RCRA) in the US and the Canadian Environmental Protection Act (CEPA) in Canada mandates protocols for the safe handling and disposal of pharmaceutical waste, boosting market growth.

A few of the major primary and secondary sources referred to while preparing the report on the pharmaceutical waste disposal and management market are the World Bank Data, National Health Service (NHS), FDA (Food and Drug Administration), EMA (European Medicines Agency), and WHO (World Health Organization).