Emerging Trends and Dynamics in the Pharmaceutical Waste Management Market by 2023
Author : Vinit Sawant | Published On : 22 Mar 2021
Market Drivers and Restraints:
Pharmaceutical waste majorly consists of hazardous chemicals, expired drugs, and other harmful non-biodegradable components such as packaging materials and others. Safe disposal of such components is highly necessary in order to avoid their adverse effects on the ecosystems.
Increasing government initiatives to promote the importance of safe disposal of pharmaceutical waste as it contains unused or expired medications, packaging of drugs and others, are majorly fueling the growth of the global pharmaceutical waste management market.
Market Research Future (MRFR) has published a report stating that the global pharmaceutical waste management market is marked to expand at a noteworthy growth rate during the assessment period.
The rise in patient population, increasing demand for healthcare solutions all over the world and rapidly increasing geriatric population are leading to the generation of large quantity of pharmaceutical waste, which in turn is resulting in the noteworthy growth of the global pharmaceutical waste management market.
Increasing emphasis on waste recycling to avoid the harm caused by pharmaceutical waste is also one of the factors that are driving the global pharmaceutical waste management market. However, high cost associated with the waste management services is likely to act as a major restraining factor to the growth of the global pharmaceutical waste management market.