Sharps Containers Market
Number of pages: 100 | Report Format: PDF | Published date: October 11, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2021 |
US$ 540 million |
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Revenue forecast in 2030 |
US$ 790 million |
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Growth Rate |
CAGR of 4.38% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Segments covered |
Product Type, Usage, Waste Type, and Region. |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global sharps containers market was pegged at US$ 540 million in 2021 and is expected to witness a CAGR of 4.38% during the forecast period.
Market Fundamentals
A sharps container is made of hard plastic used to safely dispose of disposable scalpels, IV catheters, and other sharp medical devices. These are usually robust, scalable, self-locking, and designed to prevent waste from damaging the container surfaces. The most common type of sharps containers is needle/syringe disposable boxes, which are most commonly used in hospitals and clinics. These containers dispose of medical waste such as needles, syringes, damaged glass equipment, infectious pathogens, and blood samples.
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Market Dynamics
Due to numerous driving elements, the sharps container market's revenue growth is rapidly increasing. One of the main growth-promoting elements is the ongoing requirement for secure disposal of hazardous, sharps, and infectious waste. Sharps container sales are growing due to the increasing necessity to dispose of numerous amounts of medical waste produced worldwide. However, inadequate staff training for handling hazardous waste can somewhat restrain the market.
Market Ecosystem
The global sharps containers market has been analyzed from four perspectives: product type, usage, waste type, and region .
Sharps Containers Market by Product Type
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The sharps containers market, according to product segmentation, is grouped into multipurpose containers, patient room containers, and phlebotomy containers. Among these, the multipurpose containers segment holds most of the market. The demand for multipurpose containers is owing to their availability in various sizes and shapes. Additionally, the multipurpose containers provide a high volume for waste disposal, give safety to healthcare professionals, and are environment-friendly. The patient room containers segment is expected to show high growth in the forecast period as the need for correct disposal in hospitals and clinics increases. Similarly, high usage of phlebotomy containers used in clinical laboratories, diagnostic centers, and pharmaceutical companies to remove blood samples, and hypodermic and IV needles are expected to register higher CAGR.
Sharps containers market by Usage
The global market is bifurcated based on usage into single-use and reusable containers. The reusable segment holds the majority market share. The growth is owing to several benefits, including the potential to save money over time because they don't need to be changed as frequently as single-use containers. Since there is a lower risk of an unintentional needle stick while utilizing a reusable container, they offer a higher level of safety for healthcare professionals.
Sharps Containers market by Waste Type
According to waste type, the market is classified into sharp waste and infectious waste. Sharps waste has dominated the market. The segment's growth is owing to its high generation in significant amounts across the globe. An increase also aids this industry expansion in surgical and clinical procedures that need high usage of needles, catheters, syringes, and cannulas.
Global Sharps Containers Market by Region
Regionally, the global sharps containers market has been segmented into North America, Europe, Asia Pacific, and the rest of the world. North America dominates the market for sharps containers. This is due to the existence of stringent biowaste disposal standards and government-mandated rules for using disposal containers in healthcare facilities. Furthermore, advanced infrastructure would encourage market expansion in this area. Additionally, increased blood-borne illness in the region is increasing the number of diagnoses which eventually is growing demand for sharp containers for proper discard. The Asia Pacific region is expected to show high growth owing to rising healthcare spending by the government and private sector. China, India, and Japan is predicted to propel regional growth in the Asia Pacific during the projection period.
Competitive Landscape
Some of the prominent players operating in the global sharps containers market are
Key trends supporting the market growth is the ongoing requirement for secure disposal of hazardous, sharps, and infectious waste. Sharps container sales are increasing due to the increasing necessity to dispose of numerous amounts of medical waste produced worldwide.
The market expansion is anticipated to be restrained by inadequate staff training for handling hazardous waste.
The global sharps containers market was valued US$ 0.54 billion in 202 1 and is expected to witness a CAGR of 4.38% during the forecast period from 2022 to 2030.
The global sharps containers market is expected to reach US$ 0.79 billion by 2030.
*Insights on financial performance is subject to availability of information in public domain