Controlled Substance Disposal Service Market 2031 Business
Controlled Substance Disposal Service Market 2031 Business is a comprehensive research report on the market. It covers all aspects of this industry such as market trends, competitive landscape, growth strategies and so on.
The DEA believes that the expanded methods of disposal will help registrants comply with the CSA, reduce the supply of pharmaceutical controlled substances available for diversion, and protect the environment. Furthermore, the new regulations do not require ultimate users to use these collection methods.
The DEA received 192 comments on the NPRM. Almost all commenters supported the DEA’s proposed regulations to implement the Secure and Responsible Drug Disposal Act by expanding options for the collection and disposal of pharmaceutical controlled substances by registrants and ultimate users.
The introduction of new controlled substance products and the high incidence rate of chronic pain in the geriatric population are driving the controlled substance market. This is a major factor driving market growth in the United States
The DEA’s NPRM suggests manufacturers, distributors, reverse distributors, narcotic treatment programs, and hospitals/clinics with an on-site pharmacy to administer voluntary mail-back programs and maintain collection containers. These expanded methods of collection and destruction will benefit the public by making the supply of pharmaceutical controlled substances available for abuse, misuse, diversion, and accidental consumption, protect the environment from potentially harmful contaminants, and reduce the need for unused Transporting medicines across state lines.
The report provides a detailed analysis of the global controlled substance disposal services market. It identifies key market players and their growth strategies, allowing you to understand the competitive environment. The report includes a SWOT analysis, as well as the latest business developments.
The market size is estimated to grow at a significant rate over the projected period, owing to an increase in the geriatric population. This group is more prone to chronic pain and needs to be treated with controlled substances. Additionally, increasing investment in drug development is expected to fuel the growth of the market.
The report segments the market based on end user, with hospitals leading the market share. The hospital segment is expected to witness robust growth as hospitals generate the largest amount of pharmaceutical waste. The other segments include clinics and doctor’s offices. On the basis of the nature of the waste, non-hazardous pharmaceutical waste is the largest segment. It can be easily separated from other waste and burned.
The market share of the global Controlled Substance Disposal Service market is projected to be around 5% by the end of 2033. This market is driven by a number of factors, including increasing investment in drug development and increasing pharmaceutical waste. In addition, the growing geriatric population is expected to drive the demand for controlled substances.
The global market for controlled substance disposal service is segmented on the basis of type of waste, nature of waste, and end user. Hospitals accounted for the largest share of the global market in 2021 and is expected to grow at the fastest CAGR during the forecast period. This growth is attributed to the fact that hospitals generate large quantities of hazardous and non-hazardous pharmaceutical waste.
The report highlights the competitive landscape of the global controlled substance disposal services market and provides a detailed profile of key players. This includes companies such as Cardinal Health, Covanta Holding Corporation, US Ecology, Inc., Stericycle, BioMedical Waste Solution LLC, Dickinson and Company, and others.
The geriatric population is more prone to chronic pain due to reduced mobility and this will continue to drive the demand for controlled substances in the US. Moreover, the introduction of new controlled substance drugs will also boost the market.
The DEA received 192 comments on the NPRM when the comment period closed on February 19, 2013. While most of the comments were supportive of the proposed rule, there were some concerns with specific provisions.
Some commenters suggested that hospitals of a certain size be required to become authorized collectors or maintain collection containers. The DEA does not have the authority to require that any entity implement a collection program or maintain collection containers. Rather, these regulations are intended to help all registrants who reverse distribute to comply with the CSA in a manner that minimizes diversion during the disposal process. The DEA will continue to work with industry to find innovative ways to improve and expand the options for the collection and destruction of controlled substances by end users.