The generators of waste across the world are on the rise mainly because of rapid industrialization. The hazardous waste materials are mostly generated from pharmaceutical companies, hospitals, nuclear plants, and various other industries. It mainly consists of the pathological wastes, infectious wastes, pharmaceutical wastes, effluents for factories and industries, sharps, etc. The healthcare facilities and hospitals play a major role in contributing to the hazardous waste generated. The bio-hazardous waste, if not disposed of the well could lead to a major threat to the people and environment.
Waste management needs to be cost effective; due to the high capital required to handle this waste is one of the major challenges for the market. Moreover, it is a time-consuming and long process. This paired with high costs acts as a load on the companies and the government.
Read the report published by Inkwood Research on “Global Hazardous Waste Management Market“
All hazardous waste poses dangers to the environment, animals, and people that come in contact with it. Hence, safety is another key factor to keep in mind. The safety factor must be given prime importance since it can create serious health problems for the employees working with the product and also the population residing nearby. Reliability and availability of a hazardous waste management system are also very important. Without them, proper and safe disposal of waste is not ensured. One of the challenges for the market growth in the developing countries is the absence of strict rules and regulations for the disposal of hazardous waste.
The growth of the pharmaceutical industry in the US among other factors makes North America the largest market in the hazardous waste materials management the world. Europe follows North America. Hazardous waste is constantly growing in Asia Pacific region as these emerging economies provide extensive growth opportunities.
Proper hazardous waste disposal is incredibly important to any manufacturer. Especially as the laws regarding correct hazardous waste treatment become even stricter and more stringently enforced, failure to comply with these legal requirements will carry increasingly severe consequences. For handling this waste, there has been a transition from conventional technology to newer and alternative technologies like gasification, bio-drying, etc. which manages waste more efficiently.
Author: Karan Khetwani
Digital Marketing Executive at Inkwood Research.