Sharps Containers Market: Increase in Geriatric Waste to Pave the Way for Growth in Market
Sharps Containers are important in terms of handling waste produced by medical institutes and healthcare centers and household waste. Such waste usually consists of hypodermic needles, syringes, disposable scalpels, catheters and other metal sharps waste.
In a recent sharps containers market study, Transparency Market Research (TMR) notes that the market will chart a steady 4.4% of CAGR (Compound Annual Growth Rate), between 2017 and 2025, taking the market worth up to USD 660.9 mn by the end of the forecast period from a USD 450 million observed in the year of 2016.
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A number of trends and drivers are pushing the global sharps containers market on an upward growth trajectory and some of these include strict government regulations governing medical waste and rise in surgical operations.
The global sharps container market is fragmented and prominent players in the market are Medtronic, Becton, Dickinson and Company, Daniels Health, Sharps Compliance, Inc., MAUSER, EnviroTain, LLC, Bondtech Corporation, Bemis Manufacturing Company, and Henry Schein, Inc, among others.
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Increase in Geriatric Waste to Pave the Way for Growth in Sharps Containers Market over the Forecast Period
Geriatric population is reaching new highs. And, as per a recent study, it is believed that over the next 20 years – by 2050 – 2 billion people will occupy the age group of 60 and above. It is quite interesting to note here that it is a steep rise from a mere 900 million in the year 2015. Aldo, in these three decade, the world will see one in every six people flank the 65 an over age group – a condition more pronounced in Europe and North America (one in every four people from the two regions to occupy the stated age bracket.
In fact, there is a massive demographic shift that was noted in the year 2018. History was created when for the first time in the year the number of people in the age group of 5 and below was surpassed by the number of people aged 65 and above.
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These demographics are susceptible to illness and chronic diseases, requiring surgeries often. Therefore, it remains a critical consumer segment for the healthcare, and thus sharps market. Besides a rise in disposable income is positively contributing to this growth.
North America to Demonstrate Impressive Performance over the Forecast Period
Thanks to rising geriatric population, robust healthcare infrastructure, a good reimbursement policy and presence of numerous prominent market players, the North American region will account for a major share of the global sharps market over the forecast period.
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The other region that will present players with new opportunities include the Asia Pacific (APAC) which is witnessing great economic performance by nations marking the regional landscape. This is leading to a rise in disposable income.
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