Dublin, Nov. 06, 2024 (GLOBE NEWSWIRE) -- The "Sharps Containers Market: Analysis By Product, Usage, Waste Type, Waste Generators, Container Size, Distribution Channel, By Region Size and Trends and Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.
The global sharps containers market was valued at US$528.08 million in 2023. The market value is expected to reach US$700.95 million by 2029. The market is expected to grow at a CAGR of approx. 5% during the forecasted period of 2024-2029.
The global sharps containers market is fragmented in nature, with several large multinationals, small and mid-sized companies competing in the industry.
One of the primary drivers of this expansion is the growth in medical waste production, on account of burgeoning prevalence of chronic diseases and the resultant rise in number of surgeries. Furthermore, the rising adoption of eco-friendly and biodegradable sharps containers to address environmental concerns is shaping the market landscape. Lastly, the expansion of home healthcare services and self-injection therapies is likely to contribute to a sustained demand for sharps disposal solutions in residential settings.
In 2023, the North America region led the sharps containers market, propelled by the increased awareness of the need for safe disposal of medical waste along with growing number of surgeries, heightened safety regulations, and expanding healthcare infrastructure.
During 2024-2029, the US is forecasted to maintain its lead within North America, owing to the country's advanced healthcare system, including hospitals, clinics, and outpatient facilities, generates a substantial volume of sharps waste, necessitating robust disposal solutions. Regulatory frameworks, such as OSHA guidelines and state-specific regulations, mandate stringent disposal practices, further fueling demand. Canada and Mexico are also emerging as important markets, with growing healthcare investments and increasing adoption of advanced sharps containers.
Market Segmentation Analysis:
By Product: The report provides the bifurcation of the global sharps containers market into three types: Multipurpose Containers, Patient Room Containers, and Phlebotomy Containers.
The multipurpose containers segment held the highest share of the market. The segment is projected to show remarkable growth during the forecast years due to their convenience in managing different types of sharps waste in a single container streamlines disposal processes, which is particularly valuable in busy medical environments. Additionally, the advancements in design and technology have improved the safety and functionality of multipurpose containers, are some of the factors propelling the multipurpose containers segment of the sharps containers market.
By Usage: The global sharps containers market has been further analyzed on the basis of usage: Reusable Containers and Disposable Containers.
The reusable sharps containers segment held the dominant share in the market as they align with growing concerns about environmental sustainability. The emphasis on reducing single-use plastics and promoting reusable alternatives supports the adoption of these sharps containers since they can be safely emptied, cleaned, and reused, minimizing the environmental impact. Moreover, stringent regulations and guidelines that mandate safe disposal practices encourage the adoption of reusable options, thus, augmenting the market segment growth.
By Waste Type: The global sharps containers market has been further analyzed based on the waste type: Infectious Waste and Non-Infectious Waste.
The infectious waste segment held the dominant share in the market. The growth in this segment is driven by rise in healthcare activities and the expansion of medical and research facilities that contribute to the generation of infectious waste, necessitating specialized containers. Stringent regulations and standards for the disposal of infectious and hazardous materials further support market growth by ensuring compliance and promoting the use of safe disposal practices, further fueling market growth.
By Waste Generators: The global sharps containers market has been further analyzed in terms of waste generators: Hospitals, Pharmaceutical Companies, Laboratories, Clinics & Physician's Offices, and Others.
The hospitals segment held the dominant share in the market as the hospital sector is a major waste generator of sharps containers, which are essential for safely managing and disposing of sharp waste generated within these facilities. The growth of the sharps containers market within the hospital segment is supported by increasing regulatory requirements and safety standards that mandate proper disposal practices. Additionally, the rising volume of medical procedures and injections generates a higher demand for safe disposal solutions.
By Container Size: The global sharps containers market has been further analyzed according to the container size: 1-3 gallons, 4-6 gallons, 7-8 gallons, and others.
The 1-3 gallons segment. Their compact size makes them convenient for use in spaces with limited room and allows for easy handling and disposal. Stringent regulations and safety standards in various industries necessitate the use of appropriate disposal containers, driving demand for these containers. Additionally, as awareness of workplace safety and environmental sustainability grows, there is an increasing emphasis on proper waste management practices, further supporting the adoption of 1-3 gallon sharps containers.
By Distribution Channel: The global sharps containers market has been further analyzed based on the distribution channel: Medical Supply Companies, Pharmacies, Online Sale, and Others.
The medical supply companies segment held the dominant share in the market. Medical supply companies are key distributors of sharps containers, benefiting from their extensive networks and specialized knowledge in healthcare product distribution. They offer a broad range of products, including sharps containers, to healthcare facilities, laboratories, and clinics, ensuring compliance with safety regulations and standards. The growth of this segment is driven by the increasing demand for reliable and compliant waste management solutions in medical settings, the need for bulk purchasing, and the ability of these companies to provide expert guidance and customer support.
Competitive Landscape:
The global sharps containers market players are focusing on tapping emerging markets to increase market share and the consumer base through exclusive product launches and approval in the emerging market. Key players in the global sharps containers market are focusing on development and launch of novel advanced products based on different technologies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 182 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $552.16 Million |
| Forecasted Market Value (USD) by 2029 | $700.95 Million |
| Compound Annual Growth Rate | 4.9% |
| Regions Covered | Global |
Market Dynamics
Growth Drivers
- Burgeoning Prevalence of Chronic Diseases
- Increasing Acceptance of Aesthetic and Cosmetic Procedures
- Upsurge in Healthcare Expenditure
- Growth in Medical Waste Production
- Rapid Shift Towards Home Healthcare & Remote Monitoring
Challenges
- Lack of Awareness About Proper Disposal
- Environmental and Sustainability Concerns
Market Trends
- Surging Trend of Medical Tourism
- Increasing Adoption of Multipurpose Containers
- Growing Emphasis on Sustainability and Eco-Friendly Solutions
- Heightened Focus on Initiatives and Regulatory Framework
- Technological Advancements
The key players in the global sharps containers market are:
- Stericycle, Inc.
- Amcor plc (Bemis Company, Inc.)
- Cardinal Health, Inc.
- Becton, Dickinson and Company
- Henry Schein, Inc.
- Medtronic plc
- Thermo Fisher Scientific Inc.
- Bondtech Corporation
- Mauser Packaging Solutions
- Aurora Capital Partners (Sharps Compliance Corporation)
- Sanypick Plastic SA
- The Harloff Company
For more information about this report visit https://www.researchandmarkets.com/r/5jamdn
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