The global sharps containers market was valued at approximately US$ 450.0 Mn in 2016, and is expected to reach US$ 660.9 Mn by 2025.
Albany, NY -- (SBWIRE) -- 05/02/2018 -- Market Research Report Search Engine (MRRSE) recently announced the addition of a new research study to its comprehensive collection of research reports. The research report, titled "Sharps Containers Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025" offers a detailed analysis of the market providing insights into the market dynamics that are expected to influence the overall market positively in the next few years. Furthermore, the product segmentation, drivers, barriers, key geographical segments, and the competitive scenario of the global Sharps Containers Market have been elaborated upon in the research report.
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Sharps containers, also known as sharps bins, are hard plastic containers that are used by various medical waste generators to safely dispose metal sharps waste such hypodermic needles, syringes, and other sharp medical instruments such as disposable scalpels and IV catheters. The global sharps containers market was valued at approximately US$ 450.0 Mn in 2016, and is expected to reach US$ 660.9 Mn by 2025. The market is anticipated to expand at a CAGR of 4.4% during the forecast period. Stringent government regulatory policies for the safe disposal of metal sharps in developed countries is projected to boost the global sharps containers market during the forecast period.
Key players are investing in the development & commercialization of sharps containers to reduce incidences of infectious disorders caused due to improper disposal methods of metal sharps by health care workers. In February 2018, Becton, Dickinson and Company, a leading sharps containers manufacturer, launched a new program to help ensure proper containment of household sharps in Los Angeles (the U.S.). Rise in number of surgical procedures which generate significant amount of sharps waste are estimated to boost the sharps containers market by 2025. However, lack of awareness about proper methods of sharps waste containment & disposal in developing nations is likely to hamper the sharps containers market during the forecast period.
The global sharps containers market is segmented on the basis of product type, usage type, waste type, medical waste generators, distribution channel, size, and region. In terms of product type, the global sharps containers market is divided into patient room containers, phlebotomy containers, and multipurpose containers. Multipurpose containers accounted for the largest share of the market in 2016, and is estimated to continue to dominate the market during the forecast period. Rise in demand for sharps containers by large quantity waste generators such as hospitals and ambulatory surgical centers is expected to boost the multipurpose containers segment during the forecast period. Based on waste type, the global sharps containers market is classified into infectious & pathological waste, sharps waste, pharmaceutical waste, and non-infectious & other waste types. In 2016, the sharps waste segment dominated the market with highest revenue, due to improved regulatory policies by governments for safe disposal of contaminated sharps. However, the non-infectious & other waste types segment is projected to expand at a significant CAGR from 2017 to 2025. The medical waste generators segment is divided into hospitals, clinics & physician's offices, pharmaceutical companies, long-term care & urgent care centers, pharmacies, and others. The hospitals segment accounted for the highest share of the market in 2016. Rise in hospitalizations across the globe due to favorable reimbursement policies in private and public hospitals is estimated to increase the amount of sharps waste in hospitals. This, in turn, is expected to drive the segment by 2025.
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In terms of usage type, the global sharps containers market is bifurcated into disposable and reusable. The reusable segment is anticipated to expand at a rapid pace during the forecast period, which is attributable to the efficient distribution network of reusable sharps containers manufacturers. Based on distribution channels, the global sharps containers market is categorized into direct sale, online sale, and retail sale. The direct sale segment is anticipated to expand at a significant growth rate from 2017 to 2025. Expansion of the segment can be attributed to the rise in preference for direct purchase of sharps containers in bulk quantity by medium and large quantity waste generators across the globe. In terms of container size, the global sharps containers market is classified into 1-2 gallons, 2-4 gallons, 4-8 gallons, and other sizes. The 1-2 gallons segment accounted for the largest share of the market in 2016, due to rise in adoption for pocket sharps containers in developed countries. However, emergence of local & regional players in the sharps containers market to cater to the high unmet needs by small & medium quantity waste generators is estimated to drive the 2-4 gallons segment by 2025.
Geographically, the global sharps containers market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global sharps containers market in 2016 due to rise in adoption of sharps management service offered by key sharps containers manufacturers in the U.S. Europe accounted for the second largest share of the market in 2016. However, increase in usage of metal sharps in Asia due to rise in surgical procedures is estimated to fuel the market in Asia Pacific. The market in the region is estimated to expand at the highest CAGR during the forecast period. The market in Latin America is projected to expand owing to the emergence of medical tourism in Brazil & Mexico, which generates large amount of sharps waste.
Key companies operating in the global sharps containers market and profiled in the report include Medtronic, Becton, Dickinson and Company, Daniels Health, Sharps Compliance, Inc., MAUSER, EnviroTain, LLC, Bondtech Corporation, Bemis Manufacturing Company, and Henry Schein, Inc.
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