A recent report published by Infinium Global Research on medical waste containers market provides an in-depth analysis of segments and sub-segments in the global as well as regional medical waste containers market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional medical waste containers market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global medical waste containers market. According to a report the global medical waste containers market is projected to grow at a CAGR of 5.4% over the forecast period of 2018-2024.
According to the EPA (Environmental Protection Agency), Medical Waste consists of infectious waste materials produced at the healthcare facilities which include hospitals, clinics, dental practices, veterinary hospitals/clinics, blood banks, laboratories, and medical research facilities. Medical waste is generated during medical diagnosis, research, testing, prevention and treatment of diseases of either human beings or animals. Proper disposal of medical waste is the major challenge faced by the healthcare sector. There are three methods used for the disposal of medical waste such as On-site, truck service, and disposal by mail. Medical waste containers are designed to collect medical waste which is generated from healthcare facilities.
Stringent regulatory set by the government for the proper disposal of medical waste is one of the major key factor driving the growth of the medical waste containers market. World health organization stated that health-care waste is generated in the process of providing medical services and 10-25% of healthcare waste is Hazardous Waste. Growing the prevalence of chronic diseases is indirectly driving the demand for medical waste containers across the globe. Moreover, growing awareness regarding the safe disposal of medical waste and safety concerns of healthcare patients are also boosting the market.
Laws have been established by the Department of Transportation (DOT) and the Occupational Safety and Health Administration (OSHA) that have come up with certain guidelines for the storage and disposable techniques and the requirement of specific containers for potentially harmful wastes. However, lack of awareness related to medical waste containers and failure to implement government regulations is anticipated to hamper the growth of the Medical Waste Containers Market over the coming years. Furthermore, innovations in the pharmaceutical waste containers by the leading key players and improvement in drug discovery to offer growth opportunities for the Medical Waste Containers Market over the forecast period.
Among the geographies, North America accounted to be the leading contributor in the medical waste container market followed by Europe. The factors responsible for market growth are the prevalence of chronic and infectious diseases. During the treatment of this chronic disease, a considerable amount of medical waste is generated that require proper disposal of medical waste, furthermore, the presence of key players in the North America region is also influencing the growth as well as awareness of the medical container market. Growing awareness related to medical waste management in the Asia Pacific region, growing healthcare-facilities owing to rising investment is anticipated to grow at a significant CAGR throughout the forecast period.
The report on global medical waste containers market covers segments such as product, usage, waste type, and medical waste generator. On the basis of product, the global medical waste containers market is categorized into chemotherapy containers, pharmaceutical containers, biohazard medical waste containers, RCRA (resource conservation and recovery act) containers, and sharps containers. On the basis of using the global medical waste containers market is categorized into disposable containers and reusable containers. On the basis of waste type the global medical waste containers market is categorized into infectious waste, hazardous waste, radioactive waste, pathological waste, sharps waste, and pharmaceuticals waste. On the basis of the medical waste generator, the global medical waste containers market is categorized into hospitals, clinics and physicians, pharmaceutical companies, long-term care & urgent care centers and research institutes.
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global medical waste containers market such as Sharps Compliance, Inc., Becton, Dickinson and Company, MAUSER Group, Henry Schein, Inc., Medtronic, Daniels Health, Bemis Manufacturing Company, Bondtech Corporation and Terra Universal, Inc.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global medical waste containers market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of medical waste containers market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the medical waste containers market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the medical waste containers market to understand the present and future trends in this market and formulate their strategies accordingly.