Pune, India, Feb. 21, 2023 (GLOBE NEWSWIRE) -- The Europe sharps containers market size stood at USD 195.1 million in 2021. The market is anticipated to surge from USD 203.5 million in 2022 to USD 282.9 million by 2029 at 4.8% CAGR during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research report titled, “Europe Sharps Containers Market, 2022-2029.”
According to the analysis, surging demand to handle and treat clinical waste will encourage leading companies to boost their portfolios. In a bid to manage medical waste, stakeholders are likely to boost awareness about the safe disposal of medical waste. Prominently, environment-friendly attributes of reusable products will augur well for the business outlook.
Key Industry Development
- Daniels Healthcare inked a new recycled plastic supplier partnership for Post-Consumer Resin (PCR) to bolster green credentials & local economy.
- Stericycle, Inc. entered into a partnership with UPS Healthcare to manage the reverse logistics of medical waste. The partnership results in the transportation, treatment, and disposal of several medical waste types, including biohazardous, sharps, and pharmaceutical wastes.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 4.8% |
| 2029 Value Projection | USD 282.9 Million |
| Base Year | 2021 |
| Market Size in 2022 | USD 203.5 Million |
| Historical Data | 2018 to 2020 |
| No. of Pages | 92 |
Key Takeaways
- The production of clinical waste, which is produced in tonnes by businesses involved in the manufacture of pharmaceuticals, pharmacies, healthcare providers, and research institutions, has emerged as the biggest challenge.
- Due to the advantages of cost effectiveness that reusable products provide, hospital management is moving towards adopting them.
- The significant rise in public awareness of proper and safe medical waste disposal is one of the most important factors contributing to the market's expansion.
Drivers and Restraints
Heightened Awareness About Medical Waste Disposable to Propel Outlook
Leading companies expect the Europe sharps containers market share to be pronounced on the back of rising awareness among end-users about medical waste disposal. According to a survey conducted by Health Care Without Harm Europe in 2020, 92.0% of respondents (25 responses from 9 countries) had a dedicated training program on waste segregation and collection. Moreover, rising usage of syringes across the U.K., France, Germany, and Italy will add fillip to the regional market. Well-established players and new entrants could inject funds into R&D activities. Environmentally-friendly reusable products have become trendier across the region.
However, high costs and potential greenhouse gas emissions could dent the industry growth in the ensuing period.
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Regional Insights
Germany to Provide Promising Opportunities with Soaring Medical Waste
Stakeholders expect Germany to contribute significantly toward the Europe sharps containers market growth during the assessment period. An exponential rise in awareness of medical waste disposal has augmented the usage of sharps containers in Germany. Besides, robust policies will further encourage leading companies to inject funds into the region.
France market forecast will be strong against the backdrop of the prevalence of home-generated medical waste. The Association of Cities and Regions (ACR) of France claims that there are around 1.4 million self-managing patients on the French territory who produce annually 360 tons of home-generated medical waste. Prevailing trends suggest leading companies could expand their regional footprint over the next few years.
The U.K. could account for a considerable CAGR of the Europe market, largely due to the high generation of medical waste. England and Scotland could witness an increasing penetration of medical waste management, including sharps waste.
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Segments
Multipurpose Containers to Remain Dominant with Rising Application in Clinical Waste
In terms of product type, the market is segmented into phlebotomy containers, patient room containers, and multipurpose containers. Stakeholders expect the multipurpose containers segment to account for a notable share of the Europe market due to increasing applications in clinical waste. Some factors, such as maximum safety and increased volume and space, will boost the regional market.
Hospitals to Exhibit Profound Demand with Soaring Number of Surgeries
With respect to the waste generator, the market is segregated into pharmacies, hospitals, academic & research institutes, other healthcare providers, pharmaceutical companies, and others. The hospitals segment will observe a considerable CAGR due to the surging number of surgeries and infections.
Reusable Containers to Gain Traction Due to Strong Demand from Hospitals
On the basis of usage, the market is classified into single-use containers and reusable containers. The reusable containers segment will contribute notably toward the regional market due to rising demand from the hospital settings.
Sharps Waste to Remain Dominant with Increasing Demand in Homecare Settings
With respect to waste type, the market is segmented into infectious waste, sharps waste, pharmaceutical waste, and non-infectious waste. The sharps waste segment could exhibit a notable share of the Europe market during the assessment period. The growth is attributed to increasing demand in homecare settings.
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Competitive Landscape
Key Players Focus on Collaborations to Tap into Markets
Prominent players could inject funds into mergers & acquisitions, product rollouts, technological advancements, and R&D activities. Besides, major companies could invest in innovations and product offerings in the ensuing period.
Major Players Profiled in the Report:
- Bondtech Corporations (U.S.)
- Daniels Sharpsmart Inc. (U.S.)
- Daniels - A Mauser Company (U.K.)
- Henry Schein, Inc. (U.S.)
- Thermo Fisher Scientific Inc. (U.S.)
- Stericycle, Inc. (U.S.)
- GPC Medical Ltd. (India)
- BD (Becton, Dickinson and Company) (U.S.)
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FAQs:
How big is the Europe Sharps Containers Market?
The market is projected to grow from USD 203.5 million in 2022 to USD 282.9 million by 2029, exhibiting a CAGR of 4.8 % during the forecast period.
What CAGR is anticipated for the market for sharps containers in Europe during the anticipated period (2022-2029)?
The market will experience steady growth during the forecast period, expanding at a CAGR of 4.8%. (2022-2029).
Detailed Table of Content:
- Europe Sharps Containers Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Product Type
- Multipurpose Containers
- Patient Room Containers
- Phlebotomy Containers
- Market Analysis, Insights and Forecast – By Waste Generator
- Hospitals
- Other Healthcare Providers
- Pharmacies
- Academic & Research Institute
- Pharmaceutical Companies
- Others
- Market Analysis, Insights and Forecast – By Usage
- Reusable Containers
- Single Use Containers
- Market Analysis, Insights and Forecast – By Waste Type
- Sharps Waste
- Infectious Waste
- Non-Infectious Waste
- Pharmaceutical Waste
- Market Analysis, Insights and Forecast – By Size
- 1-2 Gallons
- 2-4 Gallons
- 4-8 Gallons
- Others
- Market Analysis, Insights and Forecast – By Country/Sub-Region
- Germany
- U.K.
- France
- Italy
- Spain
- Scandinavia
- Rest of Europe
- Market Analysis, Insights and Forecast – By Product Type
- Competitive Analysis
- Competition Landscape (2021)
- Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
- Bondtech Corporations
- Overview,
- Products & services,
- SWOT analysis,
- Recent developments,
- strategies,
- financials (based on availability)
- Daniels Sharpsmart Inc.
- Overview,
- Products & services,
- SWOT analysis,
- Recent developments,
- strategies,
- financials (based on availability)
- Bondtech Corporations
Continued...
Related Links:
Sharps Containers Market Size, Share | Global Industry Trends and Industry Analysis
Medical Waste Management Market Global Industry Trends and Industry Analysis
Pharmaceutical Waste Disposal & Management Market Global Share, Industry Trends and Industry Analysis
Needlestick Safety Injection Devices Market Industry Trends and Industry Analysis
Injectable Drug Delivery Market Global Share, Industry Analysis
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