Sharps Containers Market Shows Exponential Growth, Driven by Rise in Healthcare Facilities & Regulatory Compliance

AUSTIN, TEXAS, UNITED STATES, May 17, 2024 /EINPresswire.com/ -- The Global Sharps Containers Market Size was valued at USD 448.25 Million in 2022 and is projected to reach USD 618.20 Million By 2030 exhibiting CAGR of 4.1% over the forecast period of 2023-2030. This sustained upward trajectory is fueled by the proliferation of healthcare facilities worldwide, the consequent increase in medical waste generation, and heightened regulatory emphasis on proper sharps disposal to prevent needlestick injuries and bloodborne pathogen exposure.

Sharps containers are indispensable safety tools used to collect and dispose of used needles, syringes, lancets and other sharp medical instruments contaminated with biohazardous materials. Stringent guidelines govern their utilization across hospitals, clinics, physician offices, long-term care facilities, laboratories and other healthcare settings to mitigate infection risks.

"As healthcare access expands globally, sharps waste volumes are rising in parallel, necessitating robust containment solutions," said Jason Rivera, CEO of SafetyMD Consulting. "Compliance with sharps disposal regulations is not just a best practice, but an essential safeguard for healthcare staff, patients and communities."

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Rising Healthcare Demands Driving Usage

The primary catalyst propelling sharps containers market growth is the rapid expansion of healthcare infrastructure and biomedical facilities worldwide. According to the World Health Organization, the global population over 60 years old will nearly double from 12% to 22% between 2015 and 2050, substantially increasing eldercare demands. Similarly, the number of hospital beds per capita is rising across both developed and emerging nations to meet healthcare access goals.

These macro forces are intersecting to generate more medical procedures, injections, blood sampling and other activities producing sharps waste. The sharps containers market growth essentially tracks the escalating provision of healthcare services and corresponding medical waste streams requiring proper containment.

Regulatory Compliance Fueling Adoption

Strict regulations surrounding sharps disposal practices enforced by agencies like OSHA in the U.S. and other international bodies are another key driver for sharps containers implementation. Sharps pose a serious risk of needlestick injuries which can transmit over 20 types of bloodborne pathogens including Hepatitis B & C and HIV.

Healthcare facilities must ensure sharps waste isolation at the point of generation and employ puncture-proof, leak-proof containers that are appropriately labeled for downstream disposal by accredited biohazardous waste management providers. Failure to comply can result in steep fines, legal liabilities and reputational damage. Consequently, rigorous adoption of sharps containers is imperative for healthcare providers.

"Needlestick injuries are an underreported yet critical safety issue in the medical field that receives heightened scrutiny from regulators," explained Rivera. "Using approved sharps containers is the first line of defense and an area where healthcare providers cannot cut corners."

Innovation Driving New Container Capabilities

While basic sharps containers provide puncture-resistant disposal, innovations in design and materials are enhancing their safety profiles and usability. For example, new containers utilize safer activation closures requiring less handling to seal while innovative molding processes enable easier disposal access yet prevent re-openings.

Furthermore, advances in material formulations are yielding containers with heightened resistance to chemical disinfectants and even built-in antimicrobial properties. Containers engineered for specific healthcare facility needs are also gaining popularity, such as phlebotomy containers tailored for high-volume blood sample collection settings.

Segment Snapshot and Regional Outlook

By type, the multipurpose containers segment is expected to maintain dominance due to their versatile usage across diverse healthcare environments spanning hospitals, ambulatory surgery centers and laboratories. However, the fastest growth is projected for phlebotomy containers aligned with the rapid expansion of bloodwork services.

In terms of container sizes, the 2-4 gallon capacity segment will likely experience the highest growth trajectory as these containers strike an optimal balance for sharps disposal efficiency without excessive bulk. However, large 4-8 gallon containers will retain the overall largest market share, particularly among high-volume hospital settings.

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From a regional perspective, North America currently leads the sharps containers market influenced by stringent regulatory enforcement, high healthcare spending and sturdy capex investment in expanding medical facilities. However, the Asia Pacific region is poised to experience the most accelerated growth as nations like China, India and demographic heavyweights increase healthcare access and infrastructure to serve their massive populations.

Key Takeaways:
• Sharps containers market projected to grow from USD 448.25 Mn in 2022 to USD 618.20 Mn by 2030
• 4.1% CAGR driven by expansion of healthcare facilities, rising medical waste, regulatory compliance
• Strict sharps disposal guidelines enforced by OSHA, WHO and other bodies globally
• Multipurpose and 2-4 gallon containers foresee highest growth rates by segment
• North America leads currently but Asia Pacific to be fastest growth region
• Containers evolving with safer designs, advanced materials and specialized use cases

As healthcare standards continue elevating worldwide alongside population metrics amplifying medical demands, the imperative for sharps containers supporting safer biohazardous waste practices will only intensify. While cost sensitivities exist, the urgency surrounding needlestick injury prevention and regulatory conformance will catalyze sharps containers adoption as an indispensable component of comprehensive medical waste management strategies.

List of Sharps Containers Companies Profiled in Report:
• Becton Dickinson and Company
• BemishHealthcare
• BondTech Corporation
• Cardinal Health
• EnviroTain
• GPC Medical
• Harloff
• HenrySchein
• Stericycle
• Thermo Fischer Scientific
• (To view Full list of companies, Ask for Sample Report)

Sharps Containers Market Segmentation as Follows:

By Type
• Phlebotomy Containers
• Patient Room Containers
• Multipurpose Containers

By Container Size
• 1-2 Gallons
• 2-4 Gallons
• 4-8 Gallons

By Usage
• Single-Use Containers
• Reusable Containers

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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Sharps Containers Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Sharps Containers Market Segmentation, By Type
Chapter 9 Sharps Containers Market Segmentation, By Container Size
Chapter 10 Sharps Containers Market Segmentation, By Usage
Chapter 11 Regional Analysis
Chapter 12 Company profile
Chapter 13 Competitive Landscape
Chapter 14 Use Case and Best Practices
Chapter 15 Conclusion
Continued…

Akash Anand
SNS Insider Pvt. Ltd
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