According to Vision Research Reports, the global medical waste containers market size surpassed at US$ 1.8 Bn in 2019 and to reach US$ 2.8 billion by 2027 with a CAGR of 5.2% from 2020 to 2027. Rise in prevalence of autoimmune disorders, cancer, blood related disorders, are projected to drive the global medical waste containers market during the forecast period.
- 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 2019 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
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.
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 2019 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.
Non-infectious Waste Segment to be Highly Lucrative Segment
- In terms of waste type, the global medical waste containers market has been classified into infectious & pathological waste, non-infectious waste, radioactive waste, sharps waste, and pharmaceutical waste.
- Rise in incidence of chronic diseases and increase in medical care provided by health care facilities are factors responsible for the estimated dominance of this segment by during the forecast period. Consistent expansion of the pharmaceutical and health care industry in emerging countries contributes a large share to non-infectious waste, which is likely to drive the non-infectious waste segment of the global medical waste containers market.
- The pharmaceutical waste segment is expected to expand at a significant CAGR by 2027
Reusable Containers to Be the Most Promising Usage Segment for Investment
- In terms of usage type, the medical waste containers market has been segmented into reusable and disposable containers.
- The reusable segment held a dominant share of global medical waste containers market in 2019, as private players are taking initiatives to develop reusable containers with innovative features such as puncture-resistant and leak-resistant design.
Hospitals Segment to be Highly Lucrative Segment
- In terms of medical waste generators, the global medical waste containers market has been classified into hospitals, clinics & physicians’ offices, long-term care & urgent care centers, pharmacies, pharmaceutical companies, and others.
- The hospitals segment dominated the medical waste containers market due to rising number of invasive surgical procedures across the globe. According to a report published by the American Hospital Association in 2019 on waste prevention and management in hospitals, nearly 6,210 hospitals in the U.S. produce an average of 5.9 million tons of waste per year. This is one of the major factors for the estimated expansion of the hospitals segment.
- The pharmaceutical companies segment is expected to expand at a fastest CAGR during the forecast period. This is due to pharmaceutical companies generate large quantities of non-infectious medical waste. Increase in R&D activities in the pharmaceutical industry and rise in the number of retail pharmacies are anticipated to drive the segment during the forecast period.
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 2019, followed by Europe.
- North America accounted for major share of the global medical waste containers market in 2019. 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.
- 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.
By Product Type
- Chemotherapy Containers
- Biohazard Medical Waste Containers
- RCRA (Resource Conservation and Recovery Act) Containers
- Pharmaceutical Containers
- Sharps Containers
- Patient Room Sharps Containers
- Phlebotomy Sharps Containers
- Multipurpose Sharps Containers
By Waste Type
- Infectious & Pathological Waste
- Non-infectious Waste
- Radioactive Waste
- Sharps Waste
- Pharmaceutical Waste
By Medical Waste Generators
- Clinics & Physicians’ Offices
- Pharmaceutical Companies
- Long-term Care & Urgent Care Centers
By Usage Type
- Disposable Containers
- Reusable Containers
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
VRR’s report on the global medical waste containers market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2020 to 2027. The report provides revenue of the global medical waste containers market for the period 2017–2027, considering 2020 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global medical waste containers market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global medical waste containers Market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global medical waste containers market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global medical waste containers market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global medical waste containers market.
The report delves into the competitive landscape of the global medical waste containers market. Key players operating in the global medical waste containers market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global medical waste containers market that have been profiled in this report.
Key Questions Answered in Global Medical Waste Containers Market Report
- What is the scope of growth of product companies in the global medical waste containers market?
- What will be the Y-o-Y growth of the global medical waste containers market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global medical waste containers market?
- Will North America continue to be the most profitable market for medical waste containers providers?
- Which factors are anticipated to hamper the growth of the global medical waste containers market during the forecast period?
- Which are the leading companies in the global medical waste containers market?
A unique research methodology has been utilized by VRR to conduct comprehensive research on the growth of the global medical waste containers market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary methods referred to by analysts during the production of the global medical waste containers market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of VRR’s study on the medical waste containers market as primary methods.
These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the medical waste containers market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global medical waste containers market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching VRR’s estimates on future prospects of the global medical waste containers market more reliably and accurately.