At 5.5% CAGR, the Asia Pacific Sharps Containers Market is Projected to be Worth US$ 203.52 Million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific sharps containers market was valued at US$ 133.10 million in 2022 and is expected to reach US$ 203.52 million by 2030, registering a CAGR of 5.5% from 2022 to 2030. Increase in generation of medical waste and rise in hospitalizations in private and public hospitals across the globe are among the critical factors attributed to the Asia Pacific sharps containers market expansion.        

Hospitals generate a large amount of waste, so more single-use containers are required. Growing need for waste disposal and management and regulatory compliance for medical waste disposal, increasing surgeries and infections, and surging patient visits to hospitals are driving the sharps container market. The increasing use of sharps with the proliferation of healthcare facilities, rise in surgical procedures, and growing healthcare concerns due to needlestick injuries fuel the demand for sharps disposal products. Several studies found that healthcare facilities still dispose of injections and other sharps waste in open pits or boxes instead of using disposal containers, which in turn increases the need to use effective sharp drop devices in these facilities. The continued development and updating of government policies and initiatives by public/private entities related to waste management will require compliance.

The increasing burden of chronic diseases is leading to a rise in the number of surgical procedures worldwide in which sharp medical instruments such as scalpels, needles, intravenous injections, and other devices are widely used. This is expected to fuel the demand for sharps containers, driving the market. According to the research study titled "Estimation of the National Surgical Needs in India by Enumerating the Surgical Procedures in an Urban Community Under Universal Health Coverage," published in September 2020, ~11% of the global burden of disease requires surgical procedures or anesthetic care or both and estimated 3,646 surgeries would be required annually to meet the surgical needs of the Indian population, compared to the global estimate of 5,000 surgeries per 100,000 people. Therefore, with the growing demand for surgical procedures, the amount of medical waste in hospitals is increasing, boosting demand for sharps containers to dispose of the waste.

On the contrary, lack of awareness about proper methods of sharps waste containment & disposal hampers the Asia Pacific sharps containers market.  

Based on product, the Asia Pacific sharps containers market is segmented into multipurpose containers, patient room containers, and phlebotomy containers. The multipurpose containers segment held 42.4% share of Asia Pacific sharps containers market in 2022, amassing US$ 56.42 million. It is projected to garner US$ 88.65 million by 2030 to expand at 5.8% CAGR during 2022–2030. 

Based on usage, the Asia Pacific sharps containers market is segmented into reusable containers and disposable containers. The reusable containers segment held 63.9% share of Asia Pacific sharps containers market in 2022, amassing US$ 85.08 million. It is projected to garner US$ 126.81 million by 2030 to expand at 5.1% CAGR during 2022–2030.

Based on waste type, the Asia Pacific sharps containers market is segmented into infectious waste and non-infectious waste. The infectious waste segment held 71.7% share of Asia Pacific sharps containers market in 2022, amassing US$ 95.41 million. It is projected to garner US$ 147.93 million by 2030 to expand at 5.6% CAGR during 2022–2030.

Based on waste generators, the Asia Pacific sharps containers market is segmented into hospitals, pharmaceutical companies, laboratories, clinics & physician’s offices, and others. The hospitals segment held 46.1% share of Asia Pacific sharps containers market in 2022, amassing US$ 55.52 million. It is projected to garner US$ 89.65 million by 2030 to expand at 6.2% CAGR during 2022–2030.

Based on container size, the Asia Pacific sharps containers market is segmented into 1-3 gallons, 4-6 gallons, 7-8 gallons, and others. The 1-3 gallons segment held 40.5% share of Asia Pacific sharps containers market in 2022, amassing US$ 53.91 million. It is projected to garner US$ 85.13 million by 2030 to expand at 5.9% CAGR during 2022–2030.

Based on distribution channel, the Asia Pacific sharps containers market is segmented into medical supply companies, pharmacies, online sale, and others. The medical supply companies segment held 46.2% share of Asia Pacific sharps containers market in 2022, amassing US$ 61.43 million. It is projected to garner US$ 95.66 million by 2030 to expand at 5.7% CAGR during 2022–2030.

Based on country, the Asia Pacific sharps containers market has been categorized into China, Japan, India, South Korea, Australia, and the Rest of South Korea. Our regional analysis states that China captured 34.4% share of Asia Pacific sharps containers market in 2022. It was assessed at US$ 45.81 million in 2022 and is likely to hit US$ 70.68 million by 2030, exhibiting a CAGR of 5.6% during 2022–2030.

Key players operating in the Asia Pacific sharps containers market are Stericycle Inc, Dailymag Magnetic Technology Ltd, GPC Medical Ltd, and Becton Dickinson and Co, among others. 

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