sharps containers Market

The sharps containers market is expected to grow from US$ 498.07 million in 2022 to US$ 725.05 million in 2030; it is estimated to register a CAGR of 4.8% from 2022 to 2030.

The factors such as the increase in generation of medical waste and rise in hospitalizations in private and public hospitals across the globe are expected to drive the sharps containers market growth. Moreover, the growing use of multipurpose containers is also expected to foster the sharps containers market growth during the forecast period. However, the lack of awareness about proper methods of sharps waste containment & disposal hinders the sharps containers market growth.
Growing Use of Multipurpose Containers to Boost the Sharps Containers Market in Future
Multipurpose containers can easily store a variety of sharps as they are relatively larger than other sharps containers. Multipurpose containers are widely used in the market owing to their versatility in various applications, availability in various sizes and shapes, and demand by healthcare providers, research institutes, and hospitals. Multipurpose containers are not space or function-specific; they can be easily used in different environments and are easy to assemble and inexpensive. In addition, they offer maximum safety for medical professionals and are environmentally friendly. These containers can be easily disinfected and reused. Various companies offer multipurpose containers, including Cardinal Health; Becton, Dickinson, and Company; and EnviroTain.
Growing medical waste and rising need for proper disposal are among the main factors expected to drive the demand for multipurpose containers, as they are the preferred choice of multiple medical institutions. For example, according to an April 2022 World Health Organization report on "COVID-19 Waste Management in Africa," Africa produced ~282,000 tons of medical waste each year, and COVID-19 has significantly increased that pace with the vaccination of ~435 million vaccines in the region. According to a research study titled "German Cardiac Surgery Report 2020: The Annually updated Register of the German Society for Thoracic, Cardiovascular and Cardiovascular Surgery," published in June 2021, a total of 92,809 operations were classified as cardio-surgical interventions. Of these, 29,444 were isolated coronary artery bypass surgeries and 35,469 isolated heart valve surgeries. The number of isolated heart transplants increased by 2% to 340. Therefore, the growing volume of medical waste, multiple surgeries, and the advantages of multipurpose containers over other types are expected to provide growth for the multipurpose containers, thereby boosting the sharps containers market.
The global sharps containers market is segmented on the basis of product, usage, waste type, waste generator, container size, distribution channel. Based on product, the sharps containers market is segmented into multipurpose containers, patient room containers, phlebotomy containers. The multipurpose containers segment held the largest share of the sharps containers market. The same segment is expected to register the highest CAGR during 2022-2030. Multipurpose sharps containers accommodate a variety of sharps sizes with both temporary and permanent closure mechanisms. The product is designed for accommodation of large sharps items and available in variety of lid choices like flip, slide, or rotary. Multipurpose containers are not space or function-specific; they can be easily used in different environments and are easy to assemble and inexpensive. In addition, they offer maximum safety for medical professionals and are environmentally friendly. Therefore, the growing volume of medical waste, multiple surgeries, and the features of multipurpose containers over other types are expected to provide growth for the multipurpose containers, thereby boosting the sharps containers market. Based on usage, the sharps containers market is bifurcated into reusable containers and disposable containers. In 2022, the reusable containers segment held the largest share of the market. However, the disposable containers segment is expected to register the highest CAGR in the market during 2022-2030. Disposable containers are also known as single use sharps containers. Disposable sharps containers are convenient for sharps waste collection in patient rooms. In general, sharps disposal containers are regulated by the FDA as Class II devices and are subject to pre-market notification (510(k)) requirements (21 CFR 880.5570; product codes MKK and FMI). FDA-cleared sharps disposal containers are available in a variety of sizes, including smaller travel sizes to use while away from home. Therefore, owing to the aforementioned factors the disposable containers are expected to boost the sharps containers market. Based on waste type, the sharps containers market is segmented into infectious waste and non-infectious waste. In 2022, the infectious waste segment held the largest share of the market and is expected to register the highest CAGR during 2022-2030. Waste from sharps and sharps is part of the infectious waste and includes syringes, needles, lancets, broken glass, and any other material that can penetrate the skin. The combination of pathogen contamination and the ability to penetrate skin barriers makes it one of the most hazardous healthcare wastes. According to the World Health Organization (WHO), out of the 16 billion injections a year, the vast majority of sharps and sharps waste is syringes. Based on waste generators, the sharps containers market is segmented into hospitals, pharmaceutical companies, laboratories, clinics & physician's offices, and others. In 2022, the hospitals segment held the largest share of the market, and the same segment is also expected to register the highest CAGR from 2022 to 2030. Based on container size, the sharps containers market is segmented into 1-3 gallons, 4-6 gallons, 7-8 gallons, and others. In 2022, the 1-3 gallons segment held the largest share of the market, and the same segment is expected to register the highest CAGR from 2022 to 2030. Based on distribution channel, the sharps containers market is segmented into medical supply companies, pharmacies, online sales, and others. In 2022, the medical supply companies segment held the largest share of the market. However, the online sales segment is also expected to register the highest CAGR from 2022 to 2030.
Canadian Addiction Treatment Centers (CATC), Centers for Disease Control and Prevention (CDC), Chronic Obstructive Pulmonary Disease (COPD), Federal Environment Agency, Korea Disease Control and Prevention Agency (KDCA), New Mexico Department of Health (NMDOH), and the Brazilian Diabetes Society are among some of the primary and secondary sources referred to while preparing the report on the sharps containers market.