Medical Waste Container Market Size Worth $2.64 Billion By 2027 | CAGR: 5.9% |
The global medical waste container market size is expected to reach USD 2.64 billion by 2027 according to a new study by Polaris Market Research. The report “Medical Waste Containers Market Share, Size, Trends, Industry Analysis Report, By Product [Chemotherapy Containers, Biohazardous Waste Containers, Sharps Waste Containers, Resource Conservation, and Recovery Act (RCRA) Containers, Other], By Waste Type; By End-Use; and By Regions; Segment Forecast, 2020 – 2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Medical waste containers are used for the disposal and management of all types of wastes generated from healthcare activities such as treatments, surgeries, and diagnosis. These containers aid in the collection, storing, handling, and disposal of medical debris, thus reducing spill and exposure risk for laboratory professionals, service workers as well as the common public.
The major factors triggering the market growth include an increasing prevalence of infectious and chronic ailments, rising awareness pertaining to threats of improper disposal of healthcare waste, and a surge in implementation of stringent rules for the disposal and management of medical debris. For instance, governing bodies such as the Occupational Safety and Health Administration (OSHA) have set several guidelines regarding the disposal of healthcare waste.
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Moreover, the growing demand for safe and proper disposal of useless remains produced in healthcare centers especially during the COVID-19 pandemic is augmenting the market growth. Several foremost market players are increasing the production of medical waste bins and taking additional efforts toward protective measures to curtail disturbance in waste management.
Recently, in June 2020, the U.S. Environment Protection Agency (EPA) has enforced a ‘temporary policy’ for the organizations producing hazardous waste, such as healthcare waste, during the COVID-19 pandemic. Moreover, government bodies in numerous countries are making it compulsory to dispose of medical waste in specialized containment arrangements to ensure the safety of service workers as well as the general public. Such trends are contributing to demand growth.
Companies operating in the industry include Medtronic, Sharps Compliance, Inc., Mauser Group, Becton, Dickinson and Company, Daniels Sharpsmart Inc., Terra Universal, Inc., Bondtech Corporation, Thermo Fisher Scientific, Inc., Henry Shein, Inc., and EnviroTain. These players are profoundly focusing on the development of advanced and safe medical waste bins. Moreover, new product launches, mergers & acquisitions, partnerships, R&D, etc., are a few initiatives taken by these players to obtain market share.
For instance, Daniels Health, a leading supplier of sharps, medical, and biohazardous waste disposal and clinical product solutions to the U.S. healthcare industry, have invested significant funds in the R&D to develop the Sharpsmart system which significantly helped decrease injuries owing to sharps medical instruments and needles.
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