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Sharps Containers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 130 Pages
  • August 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 5617062
The sharps containers market is expected to register a CAGR of 4.5% over the forecast period of 2022-2027. The COVID-19 pandemic has accentuated the need for efficient medical waste disposal and management. As per the study published by the Asian Development Bank, during the pandemic in the year 2020, infectious medical waste increased by 600%, from 40 tons per day to 240 tons per day, across China. Likewise, the possible collective production of waste over 60 days totaled 60,990 tons across the cities of Jakarta, Manila, Bangkok, Kuala Lumpur, and Hanoi. Hence, the high amounts of waste produced are expected to propel market growth over the forecast period.t

Various regional level manufacturers have come ahead in the market across the globe. For instance, In February 2020, Gient, China’s largest professional supplier of medical waste treatment equipment, helped the Wuhan government to build a 30-ton daily medical waste treatment plant with a 45-ton procession productivity capacity within 24 hours of operation. Similarly, India has launched an online application to track COVID biomedical waste and ensure its safe disposal. Thus, the increasing awareness of medical waste disposal & management for curbing the transmission of infectious diseases has fueled the market growth.

The key companies are continuously making efforts to commercialize sharps containers across the world by emphasizing the advantages of the product. For example, per the journal published by the National Center for Biotechnology Information in 2020, separate temporary storage and disposal areas, tanks, and medical waste containers were allotted for COVID-19-related medical waste with a significant warning mark. Thus, the pandemic has positively impacted on sharp container market owing to the increasing need for medical waste disposal.

The rising awareness of the benefits of proper management of hospital waste in the healthcare industry of developing countries is also anticipated to increase the demand for the product. Moreover, the increasing use of medical waste containers in the proper disposal of hospital waste is expected to propel market growth over the forecast period.

The rising cases of Hospital Acquired Infections (HAIs) owing to the lack of sanitation and precaution is one of the major factors responsible for the market growth. For example, as per the Centers for Disease Control and Prevention, approximately one in 25 hospital patients diminish at least one HAI every year. The adequate disposal of medical waste in medical waste containers provides general protection from contamination and could assist in lowering the risk of contracting HAIs. Moreover, they also prevent the transmission of bacterial and other microbial infections in hospitals and clinics. Thus, these factors are anticipated to fuel the sharps container market during the forecast period.

The increasing number of surgeries worldwide is also the major factor anticipated to propel market growth over the forecast period. For example, as per Mölnlycke Health Care AB, 70 million surgical procedures are performed annually in Europe. The medical waste generated from surgeries needs adequate disposal containers, due to which the demand for sharps containers is rising. As per the Americans Surgeons Association, every year, 15 million Americans have surgery. The proper disposal of medical waste assists in curbing the transmission of nosocomial infections to some extent, due to which surgeons consistently prefer to use specific sharps containers for the disposal of products. Such factors are expected to drive the market.

Therefore, owing to the aforementioned factors, the studied market is anticipated to witness growth over the analysis period. However, the Inadequacy of suitable training for the staff handling hazardous waste and lack of awareness regarding the disposal of sharps containers is likely to impede the market growth.

Key Market Trends

Multipurpose Containers Segment is Expected to Witness Growth Over the Forecast Period

Multipurpose Containers hold a significant share in the market and are expected to do the same over the forecast period. Increasing demand for sharps containers by large quantity waste generators, including hospitals and ambulatory surgical centers, is expected to fuel the multipurpose containers segment during the forecast period.

Multipurpose Containers are of relatively larger dimensions and different sizes and shapes, which enables them to conveniently store a wide variety of sharps waste. Also, advantages offered by these products, such as being environmentally friendly and maintaining the safety of healthcare professionals, are increasing their demand in the market. These containers are less expensive and are less difficult to manage as compared to other types of containers. Such factors are anticipated to drive the demand for multipurpose containers, thereby propelling segment growth.

The increasing biological & medical waste is further fueling the segmental growth. For instance, as per the Centre for science & environment, India produced 139 tons per day of Covid-19-related biomedical waste in April 2021, as the country braced against the second wave. Additionally, In May 2021, the figure increased to 203 tons per day, an increase of 46 percent. Thus, the rising medical & biological waste is responsible for increasing the usage of multipurpose containers.

Therefore, the multipurpose containers segment is expected to witness significant growth over the forecast period due to the abovementioned factors.

North America is Expected to Dominate the Sharps Containers Market

North America is expected to dominate the market owing to the stringent regulatory guidelines by the U.S. Food and Drug Administration on medical & biological waste disposal. As per the U.S. Food and Drug Administration, it is recommended that the utilized needles and other sharps should be immediately placed in FDA-cleared sharps disposal containers. The region is predicted to continue its dominance in the forthcoming years due to increasing infections and other chronic & infectious diseases. For instance, as per the World Health Organization, every year, an estimated 16 billion injections are administered worldwide, but not all the needles and syringes are properly disposed of afterward. Thus, U.S. Food and Drug Administration has generated strict regulations regarding medical waste disposal in the U.S. All these factors are anticipated to propel market growth in the region over the forecast period.

The rising number of surgeries is expected to fuel the demand for sharps containers in the region. For instance, according to the Healthcare Cost and Utilization Project (HCUP), in 2021, more than 9,942,000 surgeries were performed in the U.S. within ambulatory care settings. Such factors are expected to drive the market.

Leading market players in the region are undertaking initiatives to raise the usage of sharps containers by offering innovations and modifications. Additionally, increasing cases of hospital-acquired infections and the outbreak of COVID-19 are further estimated to boost the product demand in North America. As per NCBI, Globally, a staggering 310 million major surgeries are performed each year, of which approximately 40 to 50 million were performed in the United States. Therefore, owing to the aforesaid factors, the growth of the studied market is anticipated in the North America Region.

Competitive Landscape

The Sharps Containers market is fragmented in nature due to the presence of several companies operating globally as well as regionally. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known. Include Sharps Compliance, Inc., Stericycle, Becto, Dickinson and Company, Medtronic Plc., MarketLab, Inc., GPC Medical Ltd, Medu-Scientific Ltd., Henry Schein, Inc., Dailymag Magnetic Technology (Ningbo) Limited., Daniels Health, MAUSER, EnviroTain, LLC, Bondtech Corporation, Bemis Manufacturing Company & Henry Schein, Inc., among others.

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  • The market estimate (ME) sheet in Excel format
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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Need for Effective Medical Waste Management
4.2.2 High Generation of Medical Waste
4.2.3 Increasing Number of Surgeries Worldwide
4.3 Market Restraints
4.3.1 Inadequate Training to the Staff Dealing with Hazardous Waste
4.3.2 Lack of Knowledge Regarding Disposal of Sharp Container
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Usage
5.1.1 Single-Use Containers
5.1.2 Reusable Containers
5.2 By Type
5.2.1 Patient Room Containers
5.2.2 Phlebotomy Containers
5.2.3 Multipurpose Containers
5.3 By Container Size
5.3.1 1-2 Gallons
5.3.2 2-4 Gallons
5.3.3 4-8 Gallons
5.4 By Distribution Channel
5.4.1 Direct Sale
5.4.2 Online Sale
5.4.3 Retail Sale
5.5 Geography
5.5.1 North America United States Canada Mexico
5.5.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.5.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.5.4 Middle-East and Africa GCC South Africa Rest of Middle-East and Africa
5.5.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Sharps Compliance, Inc.
6.1.2 Stericycle
6.1.3 Becto, Dickinson and Company
6.1.4 Medtronic Plc.
6.1.5 MarketLab, Inc.
6.1.6 GPC Medical Ltd
6.1.7 Medu-Scientific Ltd.
6.1.8 Henry Schein, Inc.
6.1.9 Dailymag Magnetic Technology (Ningbo) Limited.
6.1.10 Daniels Health
6.1.11 MAUSER
6.1.12 EnviroTain, LLC
6.1.13 Bondtech Corporation
6.1.14 Bemis Manufacturing Company
6.1.15 Henry Schein, Inc.

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Sharps Compliance, Inc.
  • Stericycle
  • Becto, Dickinson and Company
  • Medtronic Plc.
  • MarketLab, Inc.
  • GPC Medical Ltd
  • Medu-Scientific Ltd.
  • Henry Schein, Inc.
  • Dailymag Magnetic Technology (Ningbo) Limited.
  • Daniels Health
  • EnviroTain, LLC
  • Bondtech Corporation
  • Bemis Manufacturing Company
  • Henry Schein, Inc.