Global Medical Waste Containers Market to Expand 1.4x through 2026, Innovations in Leak-proof Containers Sustaining Growth, Concludes Fact.MR
Published : 28 May 2020 Industry: Healthcare
The global medical waste containers market is forecast to expand 1.4x at a CAGR of 5.1% during the forecast period (2020-2026). Medical waste disposal and management is a major concern globally. Several governmental, non-governmental and community level organizations have collaborated to assist hospitals and other healthcare institutions to manage their waste. These bodies are actively engaged in recycling, collection and disposal of medical waste. According to the Environmental Protection Agency (EPA), the United States is the leading producer of medical waste in the world. Simultaneously, an independent study undertaken by the University of Leeds in 2015 inferred that on an average, 8.4 kilograms of waste per bed per day is generated in the U.S alone. These trends have greatly contributed to the expansion of the medical waste containers market.
The coronavirus pandemic has heightened market prospects for the medical waste containers market. As incidence of infections multiply at an alarming rate, hospitals, clinics and other healthcare settings are becoming highly saturated with regard to the number of patient admitted. As a consequence, the amount of medical waste generated has also compounded. In order to keep the hospital environment safe and sterile, medical practitioners are putting forth their requirement for medical waste containers. Hospitals have collaborated with key market players to ensure an adequate supply of disposable containers and pharmaceutical containers. To keep pace, manufacturers are expanding their production cycles and investing in innovations to develop safe and leak-proof containers.
Key Takeaways of Global Medical Waste Containers Market Study:
- By product type, pharmaceutical containers are anticipated to dominate the medical waste containers market. Increase in the volume of pharmaceutical waste from multiple medical waste generators is projected to drive the segment’s growth. More than 84,000 tons of waste is generated by healthcare organizations. The segment is poised to capture around one-third of the market.
- By waste type, the non-infectious medical waste segment is poised to capture greater than two-fifth of the global medical waste containers market. A rising pool of the elderly population has led to increased prevalence of chronic diseases. Therefore, usage and disposal of medical utilities such as IV bags has increased, driving the growth of the non-infectious medical waste segment.
- Hospitals shall account for the maximum usage of medical waste containers due to the high volume of waste generated by them. It is estimated that nearly 5,000 acute care hospitals in the U.S generate around 7,000 tons of waste daily. The segment is set to capture more than two-fifth of the overall medical waste containers market during the forecast period.
- Reusable containers shall find maximum application in medical waste disposal. This is attributed to rising medical waste disposal costs incurred by hospitals and other healthcare providing institutions. The segment is projected to expand 1.5x during the forecast period.
- North America is poised to retain market supremacy, owing to a highly developed healthcare sector on back of generation of copious amounts of medical waste and presence of important market players. The region is set to capture more than two-fifths of the global medical waste containers market.
- Asia-Pacific shows a positive growth trajectory during the forecast period. Growth in pharmaceutical sectors in emerging economies and prevalence of strict regulations regarding medical waste disposal are key growth engines. The region is set to expand at a CAGR of 6.1%, accounting for nearly one-fifth of the global medical waste containers market.
“The global medical waste containers market is projected to expand moderately during the forecast period. Burgeoning quantities of medical waste has prompted market players to introduce innovative, safe and user-friendly waste disposal containers to prevent damage to the environment,” concludes a Fact.MR analyst.
Global Medical Waste Containers Market Structure:
The global medical waste containers market is fragmented. Some important market players involved in the production of medical waste containers are Covidien plc (Medtronic), Sharps Compliance, Inc. Becton Dickinson and Company, Thermo Fisher Scientific, Bemis Manufacturing Company, Mauser and Stericycle among others.
The key market players concentrate on creation of a strong brand through product innovation. For example, Daniels Health invested considerable funds spread over a period of five years of research and development to develop the Sharpsmart system which greatly helped reduce injuries due to sharps and needles.
Likewise, Sharps Compliance, Inc., offers a comprehensive portfolio of waste management solutions including brands such as Sharps Recovery System, MEDSAFE, TakeAway Recycle System and Sharpsecure. Its products also include the 1-quart Sharps Collection Containers.
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The research study on the global medical waste containers market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the global medical waste containers market over 2020-2026. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2020-2026. Market statistics have been presented on the basis of Product Type (Chemotherapy Containers, Biohazard Medical Waste Containers, RCRA (Resource Conservation and Recovery Act) Containers, Pharmaceutical Containers and Sharps Containers), Waste Type (Infectious and Pathological Waste, Non-infectious Waste, Radioactive Waste, Sharps Waste and Pharmaceutical Waste), Usage Type (Disposable Containers and Reusable Containers) and Medical Waste Generators (Hospitals, Clinics and Physicians’ Offices, Pharmaceutical Companies, Long Term Care & Urgent Care Centers, Pharmacies and Others) across five major regions.
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