Market Trends of Global Sharps Containers Industry
This section covers the major market trends shaping the Sharps Containers Market according to our research experts:
Multipurpose Containers Segment is Expected to Hold a Significant Growth in the Sharp Containers Market Over the Forecast Period
Multipurpose containers can easily store a variety of sharps waste because they have relatively bigger dimensions and come in a few sizes and shapes. These containers offer several benefits over the patient room and phlebotomy containers, the role, and usage of multipurpose containers are not specific to any room or function, they can be used in different settings with ease, and they are easy to assemble and cheap hence, multipurpose containers are anticipated to hold a significant market share in the studied market. Some of the companies that offer multipurpose containers are Cardinal Health, EnviroTain, Becton, Dickinson and Company among others.
The growing medical waste and the need for proper management of medical wastes are one of the major factors that are expected to fuel demand for the multipurpose containers as these containers are the preferred choice for several medical facilities. For instance, according to an April 2022 report of the World Health Organization on 'managing COVID-19 Waste in Africa', about 282 thousand tons of medical waste was produced every year in Africa and COVID-19 has increased this number by a significant pace with the rollout of about 435 million vaccines in the region. Further, according to the research study published in June 2021, titled 'German Heart Surgery Report 2020: The Annual Updated Registry of the German Society for Thoracic and Cardiovascular Surgery', a total of 92,809 operations were classified as heart surgery procedures in the classical sense, of which 29,444 were isolated coronary artery bypass grafting procedures, 35,469 were isolated heart valve procedures, and the number of isolated heart transplantation increased by 2% to 340. Hence, with the growing volume of medical waste, several surgeries and advantages of multipurpose containers over other types are expected to fuel growth in the studied segment due to which multipurpose containers segment is expected to hold a significant market share over the forecast period.
North America Region is Expected to Occupy a Significant Market Share During the Forecast Period
The North American region is expected to hold a significant share in the sharp containers market over the forecast period due to the factors such as strict regulations regarding medical waste, an increasing number of surgical procedures, and high medical waste generation. For example, the United States Food and Drug Administration (FDA) recommends that the utilized needles and other sharps medical objects should be immediately placed in FDA-cleared sharps disposal containers. Further, COVID-19 is expected to have a significant impact on the sharp containers market in the region due to vaccination programs and other factors. For instance, as of 25th August 2022, the number of vaccines administered in Canada, Mexico, and the United States were about 87.98 million, 209.67 million, and 600.77 million, respectively. Hence, the demand for the sharp containers market is expected to increase in the region which is expected to boost the market growth.
In the North American region, the United States is expected to be a major market for the sharp containers market due to high waste generation, a high number of surgical procedures, and other factors. For instance, according to the 2020 report of the American Society of Plastic Surgeons, 15.6 million people have undergone cosmetic procedures in the United States in 2020, among which 2.3 million were cosmetic surgical procedures and 13.2 million were cosmetic minimally invasive procedures. Similarly, according to the 2020 report of the American Heart Association, about 600,000 coronary stent transplant procedures are performed every year in the United States, and hence, owing to the high number of surgeries in the country, the volume of waste is expected to be very high, which is expected to boost the market growth. In addition, there were about 6,093 hospitals in the United States, as per the 2022 report of the American Hospital Association, and coupled with the high burden of chronic diseases in the country, the amount of medical waste produced in the United States is expected to increase over the forecast period that is expected to drive the demand of the sharp containers market. Therefore, due to the above-mentioned factors, the North American region is expected to hold a significant share in the sharp containers market over the forecast period, with the United States being the major market in the region.
