Sharps Containers Market Expected to Reach $632.8 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Sharps Containers Market," The sharps containers market size was valued at $430.75 million in 2021, and is estimated to reach $632.8 million by 2031, growing at a CAGR of 3.9% from 2022 to 2031. 

A sharp container is a hard plastic container used to dispose scalpels, IV catheters, and other sharp medical devices in a safe manner. Medical wastes such as needles, syringes, damaged glass, blood samples, and infectious pathogens, which are disposed by using sharps containers. These containers are made of plastics to reduce the risk of contamination and prevent the spreading of diseases.

The sharps containers market size is driven by rise in demand for catheters, saline needles, syringes, and reagents in hospitals and other laboratory research activities. In addition, major players are investing in development and commercialization of sharps containers to decrease incidences of infectious disorders caused due to improper disposing of metal sharps further fuel the growth of market. Moreover, increase in usage of sharps containers for proper disposal of hospital waste, owing to rise in number of patients in hospitals, increase in volume of diagnostic, and laboratory testing samples are some sharps containers market trends further boosts growth of the market.

COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe respiratory diseases. The COVID-19 pandemic has helped the sharps containers industry grow significantly, as the demand for sharps containers such as multipurpose containers, patient room containers has increased, as it helps to dispose waste generated during COVID-19. Vaccinating an entire population may require approximately double the number of syringes as the COVID-19 vaccine might possibly require two doses which generates high amount of waste. This supports the sharps containers market. For instance, according to the Indian express data, between June 2020 and June 2021, India produced 56,898.4 tons of COVID-19 bio-medical waste (BMW).

The sharps containers industry is segmented on the basis of type, container size, usage and region. By type, the market is segmented into patient room containers, phlebotomy containers and multipurpose containers. Presently, multipurpose containers segment dominates the global market in 2021 and is anticipated to continue this trend during the forecast period. Multipurpose containers are widely adopted as they are more convenient to use and reduces the transmission of infections. The patient room container, is expected to exhibit the second largest segment during sharps containers market analysis. This is attributed to increase in hospital admissions due to increase in various diseases leads to rise in demand for patient room containers fuel growth of the market.

On the basis of container size, the market is segmented into 1-2 gallons, 2-4 gallons and 4-8 gallons. The 2-4 gallons segment is expected to account for the largest revenue during forecast period. This is owing to rise in local and regional companies for manufacturing 2-4 gallons sharps containers and medium quantity waste produced by hospitals and institutions. The 1-2 gallons segment is anticipated to second largest revenue contributor during forecast period owing to increase in use of pocket sharps containers in developed nations.

On the basis of usage, the market is segmented into single use containers and reusable containers. The reusable containers segment dominates the global market in 2021 and is anticipated to continue this trend during the forecast period. This is owing to factors such as reusable containers are safe to environment and maintain safety of professionals. In addition, reusable sharps containers reduce the cost and prevents spreading of infections in hospitals and clinics. 

North America accounted for the largest sharps containers market share in 2021, and is expected to remain dominant throughout the forecast period. This is majorly attributed to increase in adoption of sharps containers in the U.S. is anticipated to boost the growth of the North America market. However, Asia pacific is expected to fastest CAGR during sharps containers market forecast, owing to quick investment in the production of quality compliant sharps disposables propel the market growth.

KEY FINDINGS OF THE STUDY
 
• Based on type, the multipurpose containers held largest share in the global sharps containers industry in 2021.
• On the basis of container size, the 2-4 gallons held largest market share in 2021 and is expected to remain dominant throughout the forecast period. 
• The reusable containers segment dominates the global sharps containers industry in 2021 and is anticipated to continue this trend during the forecast period.
• Based on region, North America dominated the sharps containers industry in 2021, accounting for the highest share, and is anticipated to maintain this trend during the forecast period.