Market Growth of Medical Waste Containers
You voluntarily want to read an article on the financial aspect of medical waste containers? That's impressive! Most people haven't thought about the market growth of medical waste containers in a long time. Let's do an update.
Daniels Health is quite excited about the topic because medical waste containers promote so many good things, like:
- Reduced sharps injuries
- Correct and compliant waste segregation
- Reduced volume of medical waste heading to our landfills
- Reduced carbon footprint
Container-related sharps injuries cost healthcare facilities big bucks. We want to take a moment for bragging rights (it’s not bragging if you’ve done it, right?) In one 6-year study, data shows that use of our Sharpsmart sharps container in patient’s rooms decreased container-related sharps injuries to zero. You read that right. Zero. Disposal-related sharps injuries dropped 83% and recapping sharps injuries fell 86%.
And the trend is growing.
Popularity of medical waste containers moving up
The market for compliant sharps containers, wall-mounted or floor units, single-use and reusable containers, has grown exponentially. Analysts estimate that the market for sharps containers will continue to ‘garner staggering revenues by 2022’ (and beyond). Why? Compliancy and reduction of sharps-related injuries is a focus of healthcare facilities in the US and around the globe.
Sharps container use is just one piece of the medical waste puzzle for healthcare providers. Compliant disposal of pharmaceuticals is also vital. A recent press release providing a snapshot of the global medical waste container market estimated that increasing demands for pharmaceutical waste containers will surpass the $2.5 billion market value by 2026.
What’s the big deal with medical waste containers?
Medical waste containers are color coded to aid in waste segregation, such as the difference between:
- Chemotherapy waste
- Biohazard waste
- Sharps waste
- Pharmaceutical waste
Proper disposal of healthcare waste is the responsibility of every healthcare facility, from long-term care centers to dialysis centers, to outpatient surgical centers, dental offices, and of course, hospitals. If your employees don’t know the difference between every waste stream, you may be facing tens of thousands of dollars in fines and penalties due to noncompliance. Federal and state guidelines are specific in regard to compliant medical waste disposal. Healthcare waste management demands continually improve methods for healthcare waste segregation and processes conducted by medical waste pickup companies.
The market for medical waste containers varies depending on region, the size of the medical waste generator, the type of medical waste produced, and federal, state, and local regulations.
Use of regulation-compliant reusable sharps containers have found their way into healthcare facilities coast-to-coast, and have been further segmented based on need; for example, sharps containers mounted on walls and patient rooms or in nurse’s stations. Pharmaceutical container usage has also grown and expanded due to updated governmental regulations regarding pharmaceutical waste disposal and its impact not only on the environment, but public safety.
One of the primary challenges facing the medical waste container market is education for healthcare facilities and staff regarding waste segregation, meaning specific medical waste containers for specific types of medical waste.
Reusable or recyclable medical waste containers have also increased in popularity. Based on a study published by Greenhealth magazine, approximately one-third of 2 million sharps containers used in US hospitals today are reusable, a trend that is also expected to increase growth of this segment of medical waste containers by 2025. The study estimated that the 2 to 4 gallon sizes of sharps containers are expected to expand compound annual growth rate (CAGR) by approximately 5%, spanning 2017 through and beyond 2025.
It should be noted however, that this growth in sharps container usage, as well as use of reusable containers, is seeing faster expansion throughout the United States than globally. Daniels Health is proud to be a leader in the development of complaint sharps containers. Daniel has devoted years toward innovative medical waste products that have earned us global recognition in scientific and clinical communities. Our designs and products are intended to promote reduced carbon footprint, the volume of medical waste going to landfills, and needlestick injury scenarios.
Benefits of medical waste containers drive market growth
Due to increased education, increasingly strict governmental regulations, and a greater awareness of the environmental impact of medical waste, medical waste containers have grown in both popularity and usage over the past two decades, with no sign of slowing down as advancements in container design and safety also improve.
Healthcare waste management is essential, not only in protecting employees, patients, and the general public, but in regulations that demand compliance at the risk of massive penalties and fines.
Improved designs in products, such as those designed by Daniels Health cater to specific medical waste stream needs. Through the use of reusable sharps containers, it is estimated that over two million pounds of disposable sharps are kept out of landfills. Different sizes and types of openings on sharps containers facilitate different needs based on type of facility as well as volume generated.
Daniels Health: a leader in medical waste container design and production
Daniels Health is dedicated to the creation, training, and optimal usage of smart and safe healthcare waste segregation solutions that protect staff, patients, and the environment. Our versatile designs optimize space, overcome logistical challenges, and enhance point of use disposal. With three decades of experience in healthcare waste management, Daniels Health has refined safer medical waste disposal practices. For exceptional versatility, call and partner with us today.