Sharps Containers Market worth $725.1 Million by 2030 - Exclusive Report by The Insight Partners
The sharps containers market is growing at a CAGR of 4.8% from 2022 to 2030.
Pune, India, Aug. 18, 2023 (GLOBE NEWSWIRE) -- Sharps containers are made from rigid puncture-resistant plastic or metal with leak-resistant sides and bottom and a tight-fitting, puncture-resistant lid with an opening to accommodate depositing a sharp but not large enough for a hand to enter. “Sharps” refers to objects with sharp points or edges that can puncture or cut skin, such as needles, syringes, lancets, auto injectors, infusion sets, and connection needles. Generally, sharps disposal containers are regulated by the FDA as class II devices subject to premarket notification [510(k)] requirements. The increase in the generation of medical waste and the rise in hospitalizations in private and public hospitals across the globe are driving the sharps containers market size. However, the lack of awareness about proper methods of sharps waste containment & disposal hinders the sharps containers market growth.
Sharps Containers Market in terms of revenue was estimated to be worth $498.1 million in 2022 and is poised to reach $725.1 million by 2030, growing at a CAGR of 4.8% from 2022 to 2030 according to a new report published by The Insight Partners.
The sharps containers market growth is driven by increase in generation of medical waste and rise in hospitalizations in private and public hospitals across the globe.
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Browse Comprehensive TOC on "Sharps Containers Market Forecast to 2030 - COVID-19 Impact and Global Analysis by Product (Multipurpose Containers, Patient Room Containers, and Phlebotomy Containers), Usage (Reusable Containers and Disposable Containers), Waste Type (Infectious Waste and Non-Infectious Waste), Waste Generators (Hospitals, Pharmaceutical Companies, Laboratories, Clinics & Physician's Offices, and Others), Container Size (1–3 Gallons, 4–6 Gallons, 7–8 Gallons, and Others), Distribution Channel (Medical Supply Companies, Pharmacies, Online Sale, and Others), and Geography"
List of Tables - 213
List of Figures - 164
No. of Pages - 74
Global Sharps Containers Market Scope:
Report Coverage | Details |
Market Size Value in | USD 498.1 million in 2022 |
Market Size Value by | USD 725.1 million by 2030 |
Growth rate | CAGR of 4.8% from 2022 to 2030 |
Forecast Period | 2022-2030 |
Base Year | 2022 |
Segments covered | Product, Usage, Waste Type, Waste Generators, Container Size, Distribution Channel, and Geography |
Regional scope | North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. |
Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Increasing Initiatives and Guidelines by Regulatory Agencies for Safe Sharps Disposal to Offer Opportunities for Global Sharps Containers Market Growth:
Today, safe practices related to the handling and disposal of sharp healthcare instruments are being implemented to protect staff, patients, and visitors from exposure to bloodborne infections. In addition, concerned authorities, such as National Health Service (NHS) and Food and Drug Administration (FDA), have taken sharps disposal initiatives to reduce the risks involved. The waste is classified as biomedical waste, which includes items that can pierce the skin, such as blades, needles, syringes, lancets, knives, scissors, broken glass, and sharp plastic. The ultimate goal of sharps waste management is to carefully handle and treat sharp materials until disposal.
Government agencies make the necessary efforts to implement guidelines for the effective disposal of medical waste. The U.S. Food and Drug Administration (FDA) recommends that used needles and other medical sharps should be immediately placed in FDA-approved sharps disposal containers. The World Health Organization (WHO) and other regulatory agencies worldwide have established standard guidelines for the disposal and management of biomedical waste. All pharmaceutical companies, research institutes, hospitals, and other healthcare providers must comply with governing body guidelines. Manufacturers are also required to follow certain guidelines when manufacturing sharps containers.
Therefore, the increase in initiatives and guidelines by regulatory agencies for the safe disposal of sharps is expected to provide growth opportunities for the sharps containers market.
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Global Sharps Containers Market - Key Industry Dynamics:
Drivers:
Increase in Generation of Medical Waste
Rise in Hospitalizations in Private and Public Hospitals Globally
Restraints
Lack of Awareness About Proper Methods of Sharps Waste Containment and Disposal
Opportunities
Increasing Initiatives and Guidelines by Regulatory Agencies for Safe Sharps Disposal
Future Trends
Growing Use of Multipurpose Containers
Key Market Players:
Sanypick Plastic SA, Bondtech Corp, Mauser Group NV, EnviroTain LLC, Stericycle Inc, Dailymag Magnetic Technology Ltd, GPC Medical Ltd, Bemis Co Inc, Becton Dickinson and Co, and The Harloff Co are among the key companies operating in the sharps containers market. Market players adopt product innovation strategies to meet evolving customer demands, which allows them to maintain their brand name in the sharps containers market.
North America accounted for the largest share of the global sharps containers market in 2022. In the region, the US held the largest sharps containers market share and is anticipated to register the highest CAGR during the forecast period. In the US, there is a standard practice for patients to deposit their needles, syringes, and other medical waste products with their curbside trash. Medical waste from hospitals and healthcare organizations is highly regulated in the US. Medical waste is collected only by certified medical waste hauling and disposal companies; the waste is then autoclaved and placed in a landfill. Moreover, the prevalence of chronic illnesses such as Crohn's disease and diabetes, which can be treated with self-injectable medication, is rising across the US. For instance, according to the CDC 2022 National Diabetes Statistics Report estimates, more than 130 million adults are suffering from diabetes or prediabetes in the US. Due to their significance during the administration of medications and tests, syringes are necessary for most diagnostic and therapeutic techniques for the treatment of chronic diseases, which is boosting the demand for sharps containers. Major corporations such as BD and Smiths Medical are also making syringes, such as BD's Hypak SCF PRTC glass pre-fillable syringe, specifically for the treatment of chronic diseases to strengthen their market positions. Additionally, in May 2021, BD stated that it plans to expand its Diabetes Care division into a distinct, publicly traded company. BD Diabetes Care, which supports ~30 million patients annually and produces approximately 8 billion injection devices, has been a significant driver of the adoption of insulin syringes and other products in the country.
Therefore, the rising cases of diabetes and growing government initiatives are expected to boost the sharps containers market growth in the US during the forecast period.
Report Spotlights:
Progressive industry trends in the sharps containers market to help players develop effective long-term strategies
Business growth strategies adopted by developed and developing markets
Quantitative analysis of the sharps containers market from 2022 to 2030
Estimation of global demand for sharps containers
PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
Recent developments to understand the competitive market scenario
Market trends and outlook as well as factors driving and restraining the growth of the sharps containers market
Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
Size of the sharps containers market size at various nodes
Detailed overview and segmentation of the market, as well as the sharps containers industry dynamics
Size of the sharps containers market in various regions with promising growth opportunities
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