Biohazard Medical Waste Containers Market - Opportunity Analysis: Key Insights

Global Medical Waste Containers Market: Overview

The demand in the global medical waste containers market is projected to increment at a formidable CAGR of 5.1% during the forecast period of 2017 to 2025. The analysts of the report have estimated that the opportunities in this market will translate into a revenue of US$1.4 bn by 2025, substantially up from its evaluated worth of US$954.7 mn in 2016. This prosperity of the medical waste containers market is primarily attributed to growing awareness among hospital facilities and healthcare providers to improve their disposal measures as the lack of it can lead to serious repercussions. Medical waste such as infectious sharps, body fluids and parts, and contaminated blood pose strong potential of infection during medical research, diagnosis, immunization and treatment. A number of government are taking initiatives to spread the awareness and even installing stringent regulations, which is further fueling the adoption of adequate utensils and thereby providing traction to the medical waste containers market.

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Pharmaceutical Containers Most Prominent Product Segment

On the basis of product type, the medical waste containers market has been segmented into chemotherapy containers, biohazard medical waste containers, resource conservation and recovery act (RCRA) containers, pharmaceutical containers, and sharps containers, which has been further sub-segmented into patient room sharps containers, phlebotomy sharps containers, and multipurpose sharps containers. In 2017, the pharmaceutical containers segment provided for 30.5% of the total demand in the global medical waste containers market and is projected to expand at a CAGR of 5.7% during the forecast period of 2017 to 2025. The prosperity of this segment can be attributed to the rising number of healthcare facilities across the globe and improved regulations of the government regarding safe disposal of the pharmaceutical waste. RCRA containers segment is expected to witness sluggish growth during 2017-2025, owing to the lack of awareness about specificity of medical waste containers for specific type of wastes in emerging countries. On the other hand, the biohazard medical waste containers segment is poised for the second best growth rate of 5.6% during the said forecast period.

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Multispecialty Hospitals Providing for Maximum Demand

In terms of medical waste generators, the medical waste containers market is classified into hospitals, clinics & physicians’ offices, pharmaceutical companies, long term care & urgent care centers, pharmacies, and others. Large quantity of medical waste that is being generated by multispecialty hospitals and growing number of hospitals in the emerging economies are major factors responsible for the healthy growth of the hospitals segment until 2025.

North America to Remain Highly Lucrative Region

Geographically, North America emerged as the most lucrative region in terms of market share in 2017, which is attributable to the rise in prevalence of infectious and chronic diseases that require advanced medical & surgical aids. In addition to that, a number of established players operate out of the U.S. and hence the higher rate of adoption as compared to other countries. Europe has been projected to remain the second most prominent region in the medical waste containers market, due to the rising adoption by healthcare professionals for specific containers for regulated and non-regulated medical waste. However, Asia Pacific is expected to witness highest CAGR during the forecast period, owing to the increasing awareness about medical waste management and significant growth in pharmaceutical sectors in countries such as China, Japan, and India.

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Becton, Dickinson and Company, Thermo Fisher Scientific, Inc., Sharps Compliance, Inc., Medtronic, Daniels Health, Henry Schein, Inc., Bemis Manufacturing Company, Terra Universal, Inc., Bondtech Corporation, EnviroTain, LLC, and MAUSER Group are some of the prominent players currently ahead of the curve in the global medical waste containers market.

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