USD 430.8 million
Report ID: SQMIG15G2026 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 148 | Figures: 78
Global Sharps Containers Market size was valued at USD 430.8 million in 2021 and is poised to grow from USD 581.88 million in 2022 to USD 3640.95 million by 2030, growing at a CAGR of 3.9% in the forecast period (2023-2030).
To lessen the risk of damage and the transmission of infection, dangerous piercing devices are kept in sharps containers, which are specifically constructed containers. Medical needles and any other pointed medical equipment, such as an IV catheter, are often placed in a sharps container. Containers for sharps must be closed, labeled properly, and leak-proof. The main daily issues facing healthcare practitioners right now are related to the disposal of biomedical waste. Hospitals, drug manufacturers, academic institutions, and other healthcare providers produce medical waste, which is disposable trash. Syringes, needles, contaminated glass, body scrapes, infectious pathogens, blood samples, and other items are among the garbage. For example, in India, calculations based on data gathered by CPCB via the BWM App reveal that, as of May 10, 2021, the nation has produced about 45,954 tonnes of COVID-19 waste. Since the pandemic's initial wave, 126 tonnes of COVID-19 trash have been produced per day, accounting for roughly 20% of the 614 tonnes of biomedical waste that the nation produces every day.
Sharp objects like needles, syringes, lancets, and other items may be safely disposed of using biomedical waste containers, which have shown to be useful in this regard. Plastic that is robust and sturdy and can withstand repeated usage after disinfection makes up the container. The producers are always focused on following the rules established by the government to provide disposable containers that are safe for the environment. For instance, in order to make the Sharps MedSafe available to the LTC facilities in PharMerica's network, a national provider of medical waste and unused medication management solutions has announced its partnership with PharMerica Corporation, a national leader in long-term care (LTC) pharmacy services. Across the United States, PharMerica presently collaborates with more than 2,500 facilities.
US Sharps Containers Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 430.8 million
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Global sharps containers market is segmented based on the product type, waste generators, usage, waste type, size and region. Based on the product type, the global market is segmented as multipurpose containers, patient room containers, and phlebotomy containers. Based on waste generation, the global market is segmented into hospitals, other healthcare providers, pharmacies, academic & research institutes, pharmaceutical companies, and others. Based on usage analysis, the market is segmented into, reusable and single-use containers. Based on waste type analysis, the global market is segmented into, sharps waste, infectious waste, non-infectious waste, and pharmaceutical waste. Based on size, the global market is segmented as 1–2 gallons, 2–4 gallons, 4–8 gallons, and others. Based on Region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Sharps Containers Market Analysis by Product Type
Due to its versatility in a variety of applications, accessibility in a variety of sizes and forms, and demand from hospitals, research facilities, and healthcare organizations, multipurpose containers have dominated the global sharps containers market in 2021. Due to its versatility in a variety of applications, accessibility in a variety of sizes and forms, and demand from hospitals, research facilities, and healthcare organisations, multifunctional containers have dominated the market. According to the 33 pounds of garbage generated daily from each bed that is staffed, hospitals in the United States generate more than 5.9 million tonnes of medical waste annually. And that excludes medical waste produced by small quantity generators across the nation in the fields of medicine, dentistry, veterinary medicine, pharmacies, and home care.
The bins in the patient rooms are made to securely dispose of used needles, infected cotton swabs, and syringes so that both the patient and the healthcare provider are not exposed to infections. Hospitals, clinics, and other healthcare facilities frequently employ these containers to adhere to stringent regulations and ensure environmental safety. Due to the rising frequency of hospital admissions and the requirement for proper medical waste disposal, patient room containers are anticipated to see a higher CAGR during the forecast period for the global sharps containers market. For example, generally, high-income nations may produce up to 0.5 kilograms of hazardous medical waste per hospital bed every day. According to second local research, Taiwan's clinical or healthcare institutions create an average of 1.0 to 2.0 kg of infectious waste per bed every day.
Sharps Containers Market Analysis by Waste Generators
The hospital sector produced the largest revenue and is anticipated to lead the global sharps containers market over the anticipated time frame. The factors that contribute to the growth include the creation of a lot of waste that necessitates the use of more disposable containers, the growing need for waste disposal and its management, adherence to regulatory standards for the disposal of medical waste, an increase in the number of operations and infections, and an increase in patient visits. Approximately 85% of the trash produced by health care operations is an ordinary, non-hazardous waste. The remaining 15% is classified as hazardous material, which may be radioactive, poisonous, or contagious. Around the world, an estimated 16 billion injections are given each year; however, not all used needles and syringes are disposed of properly. This will help boost the segment further by increasing the demand for containers, further boosting the growth of the global sharps containers market.
It is vital to dispose of garbage in a sharp container because other healthcare professionals are likely to produce a significant volume of waste as well. The appropriate handling of medical, hazardous, and infectious waste is regularly regulated by government rules and inspections of academic and research institutions, pharmacies, and pharmaceutical companies. The need for sharps containers is rising as a result. For example, the amount of pharmaceutical waste gathered in New Zealand is rising, reaching a maximum of 542 tonnes in 2019. From 2016 to 2020, the amount of pharmaceutical waste collected from Auckland hospitals and pharmacies more than quadrupled.
Sharps Containers Market Analysis by Usage
The biggest share was observed by reusable containers, which are also expected to grow at a faster CAGR throughout the projection period in the global sharps containers market. The advantages, qualities, and safety that reusable containers provide are what is driving their expansion. Pharmaceutical businesses, hospitals, and research institutions favor reusable bins, which has increased the demand for reusable containers. Bins that are reusable can be used repeatedly as long as they are kept clean. These containers are cost-efficient, safe, and kind to the environment. For example, leading medical waste disposal company MedXwaste revealed that a new medical waste transfer station in West Haven, Connecticut, has been given the go-ahead. A new wash system for medical waste containers and reusable sharps will also be included in this new facility. This will benefit the environment while maximizing high-level disinfection rates. MedXwaste is lowering its carbon footprint by employing a wash system and nearby transfer station since they use less cardboard, fewer disposable plastic sharps containers, and less material that needs to be processed.
Sharps Containers Market Analysis by Waste Type
The infectious market segment with the greatest revenue generation is anticipated to rule the market throughout that time. Sharps waste production has increased as a result of more operations being performed, more people visiting hospitals and clinics, and an increase in the incidence of infections. Used syringes, needles, glass fragments, scalpel blades, dental scalers, and other objects are included in sharps trash. For example, worldwide, around 16 billion injections are given each year. India contributes between 25% and 30% of the world's injection burden. Furthermore, scalpel blade usage is estimated at 75,000,000 annually throughout 6090 institutions in the United States. This translates to an annual utilization of 12,315 scalpel blades per facility. The increase in usage of such sharps is expected to boost the segment and further drive the growth of the global sharps containers market.
Due to the significant amount of infectious waste generated by pharmaceutical businesses, research institutions, and R&D facilities, infectious waste is predicted to have a higher CAGR and further boost the growth of the global sharps containers market. Thus, it is anticipated that as R&D for human improvement increases globally, more trash would be generated, necessitating appropriate waste management. Infectious wastes generated an average of 0.19 to 0.88 kilogram per bed per day, whereas general medical wastes varied from 2.41 to 3.26 kg per bed per day. Medical centers generated the most infectious wastes overall on average (267.8 vs. 70.3Tons/yr), which is 3.8 times more than regional hospitals.
Sharps Containers Market Analysis by Size
The size segment's 2-4 gallons represented the biggest income output. In hospitals and clinics, nurses frequently use a jar of this size to dispose of injections, cotton swabs, etc. They are helpful for disposing of medical waste in diagnostic laboratories as well. Additionally, these containers include vertical drop lids, which are highly favored in hospitals and research facilities for simple disposal of waste such as syringes, tips, and other materials since they can be dumped right into the bin.
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During the projected period, North America is expected to become the dominating region in the global sharps containers market. The region's market would increase as a result of firms there quickly adopting regulations set by regulatory agencies governing the management and disposal of medical and hazardous waste. Along with these factors, efforts to raise awareness of waste management, concentration on mergers with public & private businesses, and a vast distribution network are anticipated to drive market expansion in North America over the projection period.
For example, before being collected and consolidated for treatment, medical wastes need to be disposed of carefully and contained. Initial procedures for disposing of regulated medical waste have been prescribed by OSHA. These precautions are intended to safeguard those who produce medical waste and handle it from generation through disposal. Regulated medical wastes may often be contained in a single, leak-proof biohazard bag as long as the bag is robust and the waste can be disposed of without contaminating the exterior of the bag. A second biohazard bag must be used if the bag has been contaminated or punctured. The CDC has released a set of general instructions for managing sharps. In order to avoid the generation of aerosols when handling blood-contaminated materials for some unusual diseases or ailments, healthcare institutions may need to take special measures.
The global sharps containers market value is anticipated to expand at the greatest rate in Asia Pacific. The primary factor influencing the market in the region is the rapid investment in the production of high-quality, compliant sharp disposables. To compete in the market and provide clients unique solutions, manufacturers in India, China, Japan, and the rest of Asia Pacific are working to establish regulatory criteria for efficient medical waste disposal. This will fuel market expansion for biomedical waste containers in the area.
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Sharps Containers Market Driver
Sharps Containers Market Restraint
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The Global Sharps Containers market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.
Top Players in the Global Sharps Containers Market
Sharps Containers Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Sharps Containers Market Analysis, in terms of product type, the multi-purpose segment held the largest share in the global sharps containers market in 2021, due to its versatility in a variety of applications, accessibility in a variety of sizes and forms, and demand from hospitals, research facilities, and healthcare organizations, multifunctional containers have dominated the market. By usage, the reusable segment held the largest share in the global sharps containers market in 2021, due to the advantages, qualities, and safety that reusable containers provide are what is driving their expansion. By waste type, the infectious segment held the largest market share because sharps waste production has increased as a result of more operations being performed, more people visiting hospitals and clinics, and an increase in the incidence of infections. And by region, the North American region held the largest market share as a result of firms there quickly adopting regulations set by regulatory agencies governing the management and disposal of medical and hazardous waste.
|Market size value in 2021||USD 430.8 million|
|Market size value in 2030||USD 581.88 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Sharps Containers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
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