Market Overview
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.
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COVID-19 Impact
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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?
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.
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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.
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Sharps Containers are important in terms of handling waste produced by medical institutes and healthcare centers and household waste.
Such waste usually consists of hypodermic needles, syringes, disposable scalpels, catheters and other metal sharps waste.Request Brochure – https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=28175In a recent sharps containers market study, Transparency Market Research (TMR) notes that the market will chart a steady 4.4% of CAGR (Compound Annual Growth Rate), between 2017 and 2025, taking the market worth up to USD 660.9 mn by the end of the forecast period from a USD 450 million observed in the year of 2016.A number of trends and drivers are pushing the global sharps containers market on an upward growth trajectory and some of these include strict government regulations governing medical waste and rise in surgical operations.The global sharps container market is fragmented and prominent players in the market are Medtronic, Becton, Dickinson and Company, Daniels Health, Sharps Compliance, Inc., MAUSER, EnviroTain, LLC, Bondtech Corporation, Bemis Manufacturing Company, and Henry Schein, Inc, among othersRequest COVID Analysis on Sharps Containers Market- https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19_id=28175 Increase in Geriatric Waste to Pave the Way for Growth in Sharps Containers Market over the Forecast PeriodGeriatric population is reaching new highs.
It is quite interesting to note here that it is a steep rise from a mere 900 million in the year 2015.
Aldo, in these three decade, the world will see one in every six people flank the 65 an over age group – a condition more pronounced in Europe and North America (one in every four people from the two regions to occupy the stated age bracket.In fact, there is a massive demographic shift that was noted in the year 2018.
Besides a rise in disposable income is positively contributing to this growth.Request Customization on Sharps Containers Market Report – https://www.transparencymarketresearch.com/sample/sample.php?flag=CR_id=28175North America to Demonstrate Impressive Performance over the Forecast PeriodThanks to rising geriatric population, robust healthcare infrastructure, a good reimbursement policy and presence of numerous prominent market players, the North American region will account for a major share of the global sharps market over the forecast period.
The other region that will present players with new opportunities include the Asia Pacific (APAC) which is witnessing great economic performance by nations marking the regional landscape.
The global Sharps Containers Market report offers a comprehensive assessment of the market for the forecast years.
This globe industry offers an outlook on the strategic development of the market in terms of revenue profits over the forecast period 2021-2026.The key market players for the global Sharps Containers market are listed below: Sharps Compliance Stericycle Becton Dickinson Medtronic MarketLab GPC Medical Medu-Scientific Henry Schein Dailymag Magnetics OthersClick here to get a FREE Sample Copy of the Sharps Containers Market Research Report @ https://www.decisiondatabases.com/contact/download-sample-36766The Global Sharps Containers Market Report is equipped with market data from 2016 to 2026.
It also evaluates the competitive scenario of the leading players.
The report forecasts sales and revenue from 2021 to 2026.
The detailed sales channel is also covered in the study.COVID-19 Impact Analysis on Sharps Containers marketThe global pandemic COVID-19 has affected the Sharps Containers market directly or indirectly.
The impact study on production, supply, demand and sales provides a holistic approach to the future.Do You Have Any Query Or Report Customization?
