The Global Medical Waste Containers Market was valued at $3.65 Billion in 2020. Growing at a high CAGR of more than 7.4% between 2021 and 2031, it is estimated to reach $8.12 Billion by 2031. However, the current pandemic of COVID-19 might make a slight difference in the growth rate in the present year. Medical waste containers are generally used to contain body parts, organs, non-viable fetuses, tissues, placentas, bodily fluids, blood, and other hazardous wastes generated from pharmaceutical research organizations, hospitals, and pharmaceutical companies. With increasing research and development in the pharmaceutical field and the number of surgeries and operations globally, the waste generated has also increased. The rising demand for medical waste containers is anticipated to the increasing number of hospitals in developing countries, the growing volume of diagnostic and lab testing samples, the ever-increasing patient population, and rising awareness of hospital waste management's benefits curbing the spread of infection. The increasing awareness towards the benefits of proper management of hospital waste among developing countries' healthcare sector is also anticipated to increase the demand for the product during the forecast period. Now, moving forward, the robust demand for the global Medical Waste Containers market in the healthcare department is further estimated to create new necessities and augment the market of growth over the forecast period of 2021-2031.
Global Medical Waste Containers Segment Is Estimated to Witness Remarkable Growth
Source: SAI Research
The Medical Waste Containers market is segmented as product, type of waste, and application. Based on the product, the global Medical Waste Containers market has been divided into Chemotherapy Containers, Biohazardous Medical Waste Containers, Resource Conservation and Recovery Act (RCRA) Containers, and Others. Based on the type of waste, the global Medical Waste Containers market has been classified as General Medical Waste, Infectious Medical Waste, Hazardous Medical Waste, and Others. Based on the end-use, the global Medical Waste Containers market has been bifurcated as Hospitals & Private Clinics, Diagnostic Laboratories, Research Institutes, and Others.
By Region, North America is Holding the Major Market Share
The Medical Waste Containers Market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, Europe, and Africa region. In addition to this, North America has a significant share among those regions. The regional market comprises developing nations, whose development rate is faster than most of the developing countries in the world. The growing demand for medical waste containers and increasing investment in the healthcare industry are the factors in the development of the market. Increasing disposal incomes, availability of advanced technology, expansion of the private healthcare sector to rural areas, and other potential factors drive the market over the forecast period. Apart from that, the Asia Pacific and Europe are expected to increase the growth rate in the upcoming forecast period of 2021 to 2031.
Major Players in the Global Medical Waste Containers Market
The report covers a detailed outlook about the company, and it includes the company or industry profiles and market share of key players operating in the global market. Key players in the report 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, MAUSER Group, and Becton, Dickinson and Company among others.
The Global Medical Waste Containers Market Has Been Segmented into:
Global Medical Waste Containers Market: By Product
Global Medical Waste Containers Market: By Type Of Waste
Global Medical Waste Containers Market: By End-Use
Global Medical Waste Containers Market: By Region