By HFT Editorial Staff

The global medical waste containers market is scheduled to be valued at $20 billion in 2021, according to a research report by market research and competitive intelligence provider. Long-term projections appear further optimistic, with an anticipated CAGR of 6 percent from 2021-2031 and an expected valuation of $36 billion. Rapid expansion of healthcare infrastructure and the consequent increase in medical waste generation is likely to drive future demand.

Sales of medical waste containers expanded significantly throughout 2016-2020, clocking a CAGR of more than 5 percent. Implementation of stringent waste disposal guidelines to prevent community spread further accelerated growth prospects for medical waste containers throughout the duration of the COVID-19 pandemic.

According to the World Health Organization, 85 percent of all medical waste generated is non-hazardous in nature. Much of this is disposed-off in the conventional way — open burning and incineration. This has raised concern, as they are responsible for bulk of all particulate matter, dioxins and furans emissions. Hence, countries are looking to incorporate medical waste containers and reduce their environmental footprint.

Other notable takeaways from the study include:

• By product type, the pharmaceutical containers to secure around 30 percent of the market share
• By waste type, the non-infectious medical waste segment is poised to capture 2/5th of global demand
• Chemotherapy medical waste containers to experience a CAGR of 5 percent until 2031
• Hospitals to account for at least two out of five medical waste container sales
• North America to register a CAGR of 5 percent across the forecast period
• Asia to expand at 6.1 percent CAGR, capturing one-fifth of the global market share.