Global Sharps Containers Market Size

Sharps Containers Market Analysis

The sharps containers market is expected to register a CAGR of 4.5% over the forecast period of 2022-2027.

The COVID-19 pandemic is expected to have a significant impact on the growth of the sharps containers market as the pandemic has significantly increased the medical waste generation around the world. During the pandemic, sharp medical waste had a significant share, and to dispose of them, the demand for sharp containers increased. Further, large-scale vaccination programs are being run in different parts of the world to tackle the further emergence and spread of the pandemic which is expected to have a significant impact on the studied market. For instance, according to the World Health Organization Coronavirus Dashboard, by the end of August 2022, approximately 12.5 billion vaccines were administered globally which is expected to have generated a notable number of syringes as a waste. Hence, the COVID-19 pandemic is expected to have a significant impact on the sharp containers market.

The increasing need for proper medical waste disposal due to the factors such as the risk of spread of diseases, contamination of water supply, and environment among others is driving the demand of the sharp containers market as they can be used in the proper disposition of sharp medical wastes such as hypodermic needles, intravenous catheters, disposable surgical scalpels, and other sharp medical items, hence, with the increasing incidence of acute or chronic diseases, the amount of medical waste being generated is also increasing which is expected to boost demand for the sharp containers market over the forecast period. For instance, according to the July 2021 report from the Union Ministry of Environment, Forest, and Climate Change of the Government of India, from June 2020 to June 2021, about 56,898 tons of COVID-19 biomedical waste were generated in India. Similarly, according to a research study published in March 2021, titled 'The Carbon Footprint of Waste Streams in a UK Hospital', the National Health Services of the United Kingdom generates about 538,600 tons of medical waste every year as compared to the 5.9 metric tons of the United States. Thus, due to the production of a huge number of medical wastes around the world, the demand for sharp containers market for adequate disposition of these medical wastes is expected to increase which is anticipated to fuel market growth over the forecast period.

Moreover, the rising burden of chronic diseases is prompting the increase in the number of surgical procedures being performed around the world in which sharp medical objects such as scalpels, needles, intravenous injections, and other devices are used widely and hence, with the increase in the number of surgical procedures around the world, the demand for sharp containers is further expected to increase that is expected to boost the market growth. For instance, as per the research study published in September 2020, titled 'Estimation of the National Surgical Needs in India by Enumerating the Surgical Procedures in an Urban Community Under Universal Health Coverage', about 11% of the global burden of disease requires surgical or anesthesia care or both, and an estimated 3,646 surgeries would be required annually to meet the surgical needs of the Indian population as compared to the global estimate which is 5,000 surgeries per 100,000 people. Thus, with the rising demand for surgical procedures around the world, the volume of medical waste is also expected to increase which is expected to drive the demand for the sharp containers market over the forecast period. Therefore, due to the above-mentioned factors, the demand for the sharp containers market is anticipated to increase over the forecast period, and hence, the studied market is expected to grow. However, the lack of skilled professionals in waste management and lack of knowledge regarding the disposal of sharp containers is expected to restrain the growth of the studied market over the forecast period.