Westford, USA, Dec. 16, 2022 (GLOBE NEWSWIRE) -- The use of sharps containers is on the rise globally as more and more people are becoming aware of the importance of proper sharps disposal. Sharps containers are specially designed to dispose of sharp objects such as needles, syringes, and lancets. There are a number of reasons why the demand for sharps containers market is growing. One reason is the increasing prevalence of chronic and infectious diseases such as diabetes and HIV/AIDS, which require patients to self-inject medication. Recent outbreak of Covid-19 had positively driven the demand for the product to a great extent. Globally, more than 646 million infected with covid-19. Out of which, over 6.6 million people died of the infection. It has been found that out of 646 million people over 13% were hospitalized and injected with various drugs. In fact, WHO’s study suggest that infectious diseases’ burden has increased to 28%.
Another reason is the increasing popularity of home healthcare, as more people are opting to receive medical treatment at home instead of in a hospital or clinic setting, which is adding fuel to the growth of the sharps containers market. Sharps containers provide a safe and convenient way to dispose of sharp objects. They help to reduce the risk of needle-stick injuries and exposures to blood-borne diseases. Sharps containers are also becoming increasingly affordable, making them a more viable option for people around the world. The growing demand for sharps containers is having a positive impact on public health.
As more people and hospital use sharps containers, the risk of needle-stick injuries and blood-borne disease exposure will continue to decline. This, in turn, will help to create a safer environment for both patients and healthcare workers alike.
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Strong Impact of Needle-Stick Injuries on Global Sharps Containers Market
Needle-stick injuries are a major problem in healthcare facilities around the world. Injuries from needles and other sharp objects account for more than one third of all occupational injuries in healthcare workers. Sharps containers are designed to safely store used needles and other sharp objects to prevent accidental punctures. Sharps containers are required in all healthcare facilities in the United States and many other countries. The Occupational Safety and Health Administration (OSHA) requires that sharps containers be easily accessible to workers and that they be made of puncture-resistant material. The demand for sharps containers is expected to grow as the number of needle-stick injuries increases.
The World Health Organization estimates that there are 3.5 million needlestick injuries each year in the global sharps containers market. In addition, the Centers for Disease Control and Prevention estimates that 1 in 3 people who work in healthcare will be injured by a needle or other sharp object during their career. Sharps container manufacturers are working to meet the growing demand for their products. Some companies are developing new products, such as containers with built-in sharps disposal systems. Others are expanding their production capacity to meet the increasing demand.
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SkyQuest Analysis of Sharps Containers Market: High Entry Barriers, Stringent Government Regulations and Limited Number of Substitute are Shaping Market
SkyQuest conducted an analysis of the sharps containers market and found that there are four key factors that make this market attractive: 1) a large and growing market, 2) high barriers to entry, 3) few substitutes, and 4) high profit margins. The market for sharps containers is large and growing. The North America market alone is estimated to be worth $200 million per year, and global sales are expected to reach $678.89 billion by 2028. This growth is being driven by the increasing use of medical devices and the need to dispose of them safely.
High barriers to entry make it difficult for new companies to enter the market. First, there are regulatory hurdles to clear in order to sell sharps containers across the globe. Second, the leading companies in the sharps containers market have economies of scale that allow them to produce containers at a lower cost than new entrants. However, there are few substitutes for sharps containers. Medical waste disposal regulations typically require the use of dedicated sharps containers, which limits the options for customers. Moreover, sharps containers must be made of durable materials that can withstand repeated punctures from needles without leaking. This makes it difficult for other types of containers to compete.
Finally, sharps containers market have high profit margins. The average gross margin in the market is estimated to be around 50%. This is due in part to the high barriers to entry, which allow incumbent firms to charge premium prices for their products.
SkyQuest’s Survey Says More than 67% Manufactures in Global Sharps Containers Market are Having at Least 2 Products Under Development
The report surveyed a total of 14 manufacturers and rated them on a variety of factors, including product quality, customer satisfaction, and price. Product quality was rated on a scale of 1 to 5, with 5 being the highest. Overall, the average product quality rating was 4.4. The top-rated manufacturer was Sharps Compliance, with a product quality rating of 4.8. Customer satisfaction was also rated on a scale of 1 to 5, with 5 being the highest. The average customer satisfaction rating was 4.3. The top-rated manufacturer was again Sharps Compliance, with a customer satisfaction rating of 4.7. Price was not included in the overall ratings, but SkyQuest did provide price information for each manufacturer in the sharps containers market. Prices ranged from $0.50 to $1.25 per container, with Sharps Compliance coming in at the lower end of the price range ($0.50).
In another survey of sharps containers manufacturers, SkyQuest found that 76% of respondents said they have a formal product development process in place. In addition, when asked about their new product development pipeline, 67% of respondents said they have two to four products in development at any given time in the sharps containers market. When asked about the drivers behind their new product development efforts, respondents cited a need to improve patient safety (80%), help reduce environmental waste (64%), and support infection control initiatives (61%). Other drivers included meeting customer needs and wants (59%) and staying ahead of the competition (49%). While the majority of manufacturers said they are satisfied with the performance of their current products, they also indicated a desire to improve some aspects of their offerings. The most frequently cited areas for improvement were product durability/lifetime (56%), design/aesthetics (41%), and reducing costs (39%).
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Stringent Government Regulations to Pose a Challenge for Sharps Containers Market Growth
There is no denying that the global sharps containers market is facing some challenges. However, SkyQuest remains positive about the future of the industry and believes that it will continue to grow in the coming years. One of the biggest challenges facing the market is the increasing regulations being placed on waste disposal. In many countries, it is now illegal to simply throw away sharps containers without first disposing of them properly. This has led to a decrease in demand for sharps containers, as people are now more hesitant to use them.
However, our analyst believes that this regulatory environment will eventually stabilize and that the demand for sharps containers will increase once again. The company also points to the fact that the number of people using injection drugs is increasing globally, which will likely lead to an increased demand for sharps containers. In addition, the development of new and innovative products will help to drive growth in the sharps containers market growth. For example, there has been a recent trend towards "safety- engineered" sharps containers which are designed to be safer and more user-friendly. These types of products are likely to see increasing demand as they offer a better solution to users than traditional sharps containers. Overall, SkyQuest remains optimistic about the future of the global sharps containers market despite challenges. The company believes that the industry will continue to grow in the coming years and that new products will help to drive this growth.
Top Trends in Global Sharps Containers Market
There are many trends in the sharp containers industry. Here are some of the top trends:
- Technology: The use of technology is becoming more prevalent in the sharp containers industry. This includes the use of sensors, robotics, and other automation technologies to improve efficiency and safety.
- Sustainability: There is an increasing focus on sustainability in the sharp containers industry. This includes the use of recycled materials, energy-efficient manufacturing processes, and the development of cleaner and safer products in the sharps containers market.
- Regulations: There are stricter regulations being put in place for the sharp containers industry. This includes stricter safety regulations, environmental regulations, and labeling requirements.
- Consumer Trends: There are changing consumer trends in the sharp containers industry. This includes an increase in demand for safer and more sustainable products.
- Innovation: There is increased innovation in the sharp containers industry. This includes the development of new materials, designs, and manufacturing processes.
Major Players in Global Sharps Containers Market
- Sharps Compliance, Inc. (US)
- Clean Harbours (US)
- EnviroTain, LLC. (US)
- Bondtech Corporation (US)
- MAUSER Group (US)
- Daniels Healthcare Group (UK)
- Henry Schein, Inc. (US)
- Thermo Fisher Scientific Inc. (US)
- Stericycle (US)
- GPC Medical (India)
- MedPro Waste Disposal LLC (US)
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