Sharps Containers Market Analysis

Sharps Containers Market Analysis

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The market by container type is categorized into multipurpose containers, pharmaceutical containers, phlebotomy containers, patient room containers, and other container types. The multipurpose containers segment accounted for over 32.5% business share in 2023 and is anticipated to witness significant growth during the forecast period.­
 

• Multipurpose containers allow healthcare facilities to streamline their waste management processes by offering a single container for various types of medical waste. This efficiency is particularly advantageous in busy healthcare settings where the disposal of different waste streams, including sharps, is required.
   
• Investing in multipurpose containers can be cost-effective for healthcare facilities compared to using separate containers for different types of medical waste. This cost efficiency can be a compelling factor for facilities looking to optimize their waste management practices.
   
• Moreover, the use of multipurpose containers aligns with environmental considerations by promoting efficient waste disposal practices. It can contribute to sustainability goals by minimizing the use of separate containers for different waste streams. This is anticipated to boost the segmental growth in the market positively.
   

The sharps containers market by usage is categorized into single-use containers and reusable containers. The reusable container segment accounted for around USD 367 million in revenue size in 2023.
 

• Reusable containers align with growing concerns about environmental sustainability. The emphasis on reducing single-use plastics and promoting reusable alternatives supports the adoption of sharps containers that can be safely emptied, cleaned, and reused, minimizing the environmental impact.
   
• Additionally, while the upfront cost of reusable containers may be higher than disposable counterparts, they offer long-term cost savings. Healthcare facilities can benefit from reduced expenses associated with the continuous purchase of disposable containers, making reusable options economically attractive. Therefore, the central role of hospitals in providing a comprehensive range of services across diverse specialties will fuel business growth positively.

The sharps containers market by container size is categorized into 1 & 2 gallons, 3 & 5 gallons, 8 & 11 gallons, and other container sizes. The 3 & 5 gallons segment is expected to grow at a CAGR of 4.7% over the analysis timeframe.
 

• The choice of sharps container size often depends on the volume of medical waste generated in a particular healthcare setting. Larger containers, such as those with 3 or 5 gallon capacity, are suitable for environments with higher patient traffic and increased medical waste generation.
   
• Hospitals, clinics, and other high-traffic healthcare settings may prefer larger sharps containers to accommodate the higher volume of sharps waste produced. This is especially true for facilities with a large number of patient rooms, treatment areas, and procedural spaces.
   
• Moreover, healthcare facilities must comply with regulations regarding the proper disposal of medical waste, including sharps. Choosing appropriately sized containers is crucial for meeting regulatory standards and ensuring that waste is contained securely.

North America sharps containers market accounted for USD 195.4 million in revenue in 2023 and is predicted to witness substantial market growth over the analysis timeline.
 

• North America experiences a substantial and rising number of surgical procedures across various healthcare facilities. Surgeries generate a considerable amount of medical waste, including sharps such as needles and scalpels. According to the American College of Surgeons, every year, 15 million Americans undergo various surgical procedures. As the frequency of surgeries increases, there is a corresponding surge in the demand for sharps containers to safely and efficiently dispose of the associated medical waste.
   
• Further, North America, including the U.S. and Canada, has stringent regulatory standards for pharmaceutical waste management. Compliance with these standards, which mandate the safe disposal of sharps, drives the demand for high-quality sharps containers.