The global sharps containers market size is projected to reach USD 624.1 million by 2026, exhibiting a CAGR of 4.2% during the forecast period. Increasing volume of biomedical waste produced around the world will be a central growth driver for this market, states Fortune Business Insights™ in its report, titled “Sharps Containers Market Size, Share & Industry Analysis, By Product Type (Multipurpose Containers, Patient Room Containers, Phlebotomy Containers), By Waste Generators (Hospitals, Pharmacies, Academic & Research Institutes, Others), By Usage (Reusable Containers and Single-Use Containers), By Waste Type (Sharps Waste, Infectious Waste), By Size (1–2 Gallons, 2–4 Gallons, 4–8 Gallons Others) and Regional Forecast, 2019 – 2026”. According to the World Health Organization (WHO), approximately 16 billion injections are administered every year, but a substantial chunk of the needles used are not disposed of properly. In 2010, the WHO reports, unsafe injections led to 33,800 new HIV infection and 1.7 million hepatitis B cases. Furthermore, a joint survey by WHO and UNICEF in 2015 found that more than 40% of health facilities in 24 countries lacked essential systems for safe biomedical waste disposal. These numbers highlight the critical need for efficient health waste disposal equipment, especially in developing countries, which bodes well for this market.
As per the report findings, the market value stood at USD 449.1 million in 2018. Besides this, the report addresses the following questions:
What are the current and future market trends?
Which factors are driving and restraining the market?
Which are the leading market segments?
Who are the top market players and what are their main strategies?
How are regional developments influencing the market growth?
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Market Driver
Rising Adoption of Reusable Sharps Containers to Favor Market Growth
Reusable medical waste disposal devices, as the name suggests, can used multiple times before they are discarded. With majority of biomedical refuse being generated in prominent healthcare facilities, the demand for reusable sharps containers is rising worldwide, mainly as a result of their environmental benefits. For example, these containers are primarily made from plastic and most of the single-use variants end up in landfills, thus causing land pollution. Besides plastic waste, these types of sharps disposal systems can also reduce cardboard waste. According to study quoted in Canada’s Hospital New magazine, utilizing reusable sharps containers for every 100 beds will annually bring down plastic waste generation by 3200 kilograms. Thus, as adoption of these disposal systems rises, the sharps containers market growth is set to surge in the coming years.
Regional Insights
Stringent Medical Waste Disposal Regulations to Propel the Market in North America
Generating revenue of USD 175.6 million in 2018, North America is expected lead the global market during the forecast period. Chief among the growth drivers for the regional market is the strict imposition of medical waste disposal rules. Other than this, supportive regulatory policies for new waste elimination solutions will also augur well for the market in the region.
Asia Pacific is anticipated to strengthen its hold on the sharps containers market share owing to manufacturing of standardized sharps disposable systems in India and China, along with increasing awareness about efficient disposal of medical waste. Strong medical supply chains in the European Union countries are likely to augment the market in Europe.
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Competitive Landscape
Key Players to Focus on Meeting Challenges Posed by COVID-19
The COVID-19 pandemic has taken the world by storm and major players in this market are focused on formulating strategies to effectively deal with the impending health crisis. Most of the market companies are reformulating and redesigning their guidelines to provide the necessary back-end support to frontline health workers around the world.
Industry Developments:
March 2020: US-based Stericycle is actively developing guidelines and collating additional resources to ensure proper management and disposal of medical waste created during the treatment of COVID-19 patients. The company is aligning its policies on recommendations from bodies such as the CDC and the OSHA.
June 2018:Toter®, a brand under the US-based company Wastequip, introduced a medical waste cart with a capacity of 32 gallons. The new cart is biohazard compatible, can be deployed in multiple medical facilities, and can be easily maneuvered in any environment.
List of Players Covered in the Sharps Containers Market Report:
GPC Medical
Thermo Fisher Scientific Inc.
Daniels Healthcare Group
Bondtech Corporation
Sharps Compliance, Inc.
Stericycle
Henry Schein, Inc.
MAUSER Group
EnviroTain, LLC.
