Global Sharps Containers Market Analysis Size, Share, Trend and Business Opportunities and Global Overview
Sharps containers, also known as sharps bins, are hard plastic containers that are used by medical waste generators to safely collect and dispose of sharps waste. Sharps containers are utilized for contaminated hypodermic needles, syringes, and other metal objects such as scalpels and IV catheters. Rising usage of metal sharps in surgical procedures is a major driving factor for the global sharps containers market. According to the WHO, approximately 16 billion injections are administered every year and not all sharps are disposed of safely, creating a high risk of infections. Initiatives taken by various public and private players to spread awareness about safe collection and disposal of sharps waste and improved distribution network of key manufacturers in developing countries are major factors estimated to drive the global sharps containers market from 2017 to 2025.
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Global Sharps Containers market Witness Most Promising Rise in Demand:
The global Sharps Containers market was valued at US$ 832.0 Mn in 2017. It is estimated to reach a value of US$ 1,266.0 Mn by 2026, expanding at a CAGR of 4.8% during the forecast period. Rise in prevalence of chronic respiratory diseases, increase in geriatric population, and rise in health care expenditure on Sharps Containers that are utilized in different medical emergencies are likely to propel the market during the forecast period. Furthermore, rapid innovation and favorable reimbursement policies are driving the global Sharps Containers market.
The global Sharps Containers market has been segmented based on product type, patient age, end-user, and region. In terms of product type, the market has been classified into supraglottic device, infraglottic device, resuscitators, and laryngoscope. The supraglottic device segment is expected to lead the market during the forecast period. Based on patient age, the Sharps Containers market has been divided into adult and pediatric. Among these, the adult segment dominates the market due to the high demand for Sharps Containers in adult and geriatric population.
Sharps Containers Market - Snapshot
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 are 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.
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Key Players of Sharps Containers Market Report:
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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