The competitive landscape of the sharps containers market is highly fragmented with the presence of several prominent players. Key players of the sharps containers market are investing in the development of advanced sharps containers that reduce incidences of infectious disorders in healthcare sector because of the improper disposal method, says Transparency Market Research (TMR).
This can be related with a recent development in the sharps containers market. In the year y 2018, February, Dickinson and Company, a leading player in the sharps containers market launched a new program in partnership with Becton to improve awareness in the sharps containers market among household sharps in Los Angeles. Some of the prominent players operating in the sharps containers market are Medtronic, Becton, Daniels Health, Dickinson and Company, Sharps Compliance, Inc., Enviro Tain, LLC, Bondtech Corporation, and Henry Schein, Inc. These players are considering organic growth strategies such as mergers and acquisitions, business expansion and collaboration to concretise their foothold in the sharps container market.
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According to the TMR, the global sharps containers market was noted at a valuation of US$ 450.0 mn in 2016 by the analysts. The market is expected to surpass the valuation of US$ 660.9 mn by 2025. During the forecast period, the sharps containers market is anticipated to grow at steady 4.4% CAGR.
Significant rise in Use of Needles and Syringe to Boost Prospects
The global sharps containers market is expected rise at a significant pace during the forecast period. This is mainly due to the rising need for sharps bins that are used in various medical waste generators. Sharp containers are primarily used to dispose sharps metal waste such as syringes needles, and other medical instruments like scalpels and IV catheters.
One of the prominent factors expected to drive the global sharps containers market is significant rise in hospitalizations due to several favourable policies by private and governmental bodies. Stringent governmental policies regarding the safe disposal of metal sharps in both developed and developing countries is expected to propel the sharps containers market in the coming few years.
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As per report by WHO, over 16 billion injections are used across the globe every year. The need for the save disposal of these injections is pressing healthcare authorities to adopt sharps containers in their unit. This is expected to drive the sharps container market in the coming few years.
Inadequate Disposal Awareness in Healthcare Authorities in Emerging Economies to Impede Growth
However, factors like lack of awareness among end users and addition costs burden are the two factors expected to hamper growth in the sharps container market during the forecast period.
Nevertheless, factors like increasing emphasis of local and regional players in the market towards diversification of distribution networks is a major factor anticipated to boost the sharps container market. Along with this, rise in adoption of e-commerce platform and increasing penetration of internet are some other factor expected to drive the global sharps container market.
The information is derived from TMR report titled, “Sharps Containers Market (Product Type – Patient Room Containers, Phlebotomy Containers, and Multipurpose Containers; Waste Type – Infectious and Pathological Waste, Sharps Waste, Pharmaceutical Waste, Non-infectious and Other Waste; Medical Waste Generator – Hospitals, Clinics and Physician’s Offices, Long-term Care and Urgent Care Centers, Pharmaceutical Companies, Pharmacies; Usage Type – Disposable, Reusable; Distribution Channel – Direct Sale, Online Sale, Retail Sale; Container Size – 1-2 Gallons, 2-4 Gallons, 4-8 Gallons) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”
This post was originally published on The Market Plan