Transparency Market Research (TMR) has published a new report titled, ‘Medical Waste Containers Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global medical waste containers market was valued at US$ 1.7 Bn in 2018 and is projected to expand at a CAGR of 5.1% from 2019 to 2027.
Overview
- Medical waste consists of discarded biological products removed from health care facilities. The 1988 Medical Waste Tracking Act defines medical waste as the waste material generated during medical research, testing, diagnosis, immunization, or treatment of either human beings or animals.
- Medical waste containers are used by waste generators to collect waste that is generated by health care facilities. They are available in different designs depending upon the type of waste that is to be collected. Containers are defined by specific colors and labels to make them distinguishable from others.
- North America dominated the global medical waste containers market in 2018 and the trend is anticipated to continue during the forecast period. Highly structured health care industry, increase in prevalence of major chronic diseases and are expected to drive the market in North America.
- Asia Pacific is likely to be a highly lucrative market for medical waste containers and it is expected to expand at a high CAGR during the forecast period
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Rapidly growing health care and pharmaceutical industries and Initiatives by governments and non-government organizations (NGOs) to Drive Market
- Increasing R&D activities, rising pool of patients suffering from chronic diseases, and rapidly growing health care and pharmaceutical industries worldwide are some factors that lead to increase in the demand for collection of medical waste from large as well as small medical waste generators across the world
- Medical waste management is a critical issue worldwide. In order to ensure safety from hazardous medical waste, several government organizations such as the Food and Drug Administration (FDA), the Environment Protection Agency (EPA), and the Drug Enforcement Administration (DEA) are constantly working toward proper management of medical waste.
- Several non-government organizations (NGOs) and community-based organizations (CBOs) are stepping in to help hospitals and other health care facilities collect, recycle, and dispose of medical waste. For instance, Intervol, a New York-based NGO, is actively engaged in collecting unused medical supplies. It encourages health care facilities to recycle such unused supplies and reduce costs of their disposal.
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Pharmaceutical Containers Segment to Dominate Market
- Based on product type, the global medical waste containers market has been divided into chemotherapy containers, biohazard containers, RCRA containers, pharmaceutical containers, and sharp containers. The pharmaceutical containers segment dominated the global medical waste containers market in 2018 and the trend is projected to continue during the forecast period. Increased investment by key players in the pharmaceutical sectors and increasing R&D activities in the medical field. The biohazard medical waste containers segment is a prominent segment of the global medical waste containers market.
- Biohazard containers segment is likely to be a highly lucrative market for medical waste containers and it is expected to expand at a high CAGR during the forecast period. Health care institutions generate enormous amount of waste which is considered potentially hazardous. Hospitals generate around 0.5 to two kilograms of hazardous waste per bed per day, which is projected to propel the growth of this segment.
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North America to Dominate Global Market
- In terms of region, the global medical waste containers market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global medical waste containers market in 2018, followed by Europe.
- North America accounted for major share of the global medical waste containers market in 2018. This is attributable to highly developed health care sector, rise in prevalence of infectious & chronic diseases that require advanced medical & surgical aids and generate significant medical waste and residues, and presence of established players in the U.S.
- The medical waste containers market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. This can be attributed to Increase in awareness about medical waste management, growth in pharmaceutical sectors in countries such as China, Japan, and India, and establishment of stringent regulations for the proper disposal of medical waste by government organizations are anticipated to trigger the growth of the medical waste containers market in Asia Pacific.
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Competitive Landscape
- The global medical waste containers market is fragmented in terms of number of players. Key players in the global market include Sharps Compliance, Inc., Henry Schein, Inc., BD, Medtronic, Daniels Health, Bemis Manufacturing Company, Bondtech Corporation, Terra Universal, Inc., Thermo Fisher Scientific, Inc., EnviroTain, LLC, and MAUSER Group and other prominent players.
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