Sharp Safety Market Infographics Description
- The Global Sharp Safety Market was valued at US$ 22,742.3 Mn in 2019.
- The Worldwide Sharp Safety Market is projected to reach US$ 40,988.1 Mn in 2029 at a CAGR of 6.1% from 2020 to 2029.
- Amongst product types the injection equipment type in the Global Sharp Safety Market is estimated to account for a majority revenue share of 81.7% in 2018 end, owing to rising incidences of sharps injuries across the globe.
- Among all the technology segments, the retractable safety sector is expected to register the highest CAGR of over 6.3%, owing to stringent regulations, policies, and guidelines that focus on implementing safety instruments.
- North America market is expected to dominate the Global Sharp Safety Market and is expected to account for the largest market revenue share than that of markets in other regions.
Sharps Safety Market Scope and Estimation (2023-2033)
- The Global Sharps Safety Market is projected to expand from US$ 28.9 billion in 2023 to US$ 59 billion by 2033, growing at a 7.4% CAGR.
- In 2023, the Injection Equipment segment dominated the market, accounting for over 32% share due to the widespread use of injectable drugs.
- The Retractable Safety technology captured over 52% of the market in 2023, emphasizing healthcare worker safety and compliance with strict safety regulations.
- Hospitals were the largest end-users in 2023, holding over 35% of the market share, primarily due to numerous invasive procedures and strict safety protocols.
- North America led the Sharps Safety Market in 2023 with a 43.1% share, supported by stringent safety regulations and advanced healthcare infrastructure.
Growth Drivers and Strategic Developments
The Sharps Safety Market is experiencing robust growth driven by high demand from hospitals, clinics, and pharmaceutical companies. These institutions generate significant medical waste, necessitating efficient sharps disposal systems for items like needles and scalpels. Inadequate disposal poses substantial public and environmental health risks, as evidenced by studies showing hospitals in Lagos, Nigeria, producing up to 0.561 kg of medical waste per bed daily. Regulatory bodies in the U.S. and EU, such as the FDA and EMA, enforce stringent waste management standards to ensure safe disposal and prevent injuries or infection spread.
Regulatory compliance is integral to market dynamics, with sharps disposal containers categorized as class II devices requiring premarket notification by the FDA. The global administration of approximately 16 billion injections annually underscores the critical need for effective sharps management strategies to mitigate associated hazards. Government initiatives in regions like North America and Europe bolster healthcare safety protocols, notably in sharps management. The UK’s Health and Safety Regulations 2013 and France’s safety mechanisms integration have significantly reduced sharps injuries, highlighting effective regulatory impacts.
Trade dynamics also influence the Sharps Safety Market. In 2022, Europe reported a medical devices trade surplus of 5.2 billion EUR, with robust exports to major markets such as the U.S., China, and Japan. The U.S. exported medical devices worth $17.6 billion to the EU-28 in 2018, indicating strong international trade flows that support market growth. These figures demonstrate the global reliance on advanced medical safety equipment, including sharps safety products, which are essential for protecting healthcare personnel and patients alike.
Strategic business activities and government funding are pivotal for market expansion. The UK’s investment plan of over £20 billion for new hospital facilities by 2030 and Canada’s commitment of $198.6 billion over ten years to health services exemplify the significant financial inputs bolstering market growth. Companies like Stericycle and Daniels Health are actively pursuing mergers and acquisitions to enhance their medical waste management capabilities, further driving market development.
Recent developments in 2024 highlight the market’s dynamic nature. Medtronic’s collaboration with Cosmo Pharmaceuticals to launch ColonPRO software for the GI Genius system marks significant technological advancement. Additionally, Smiths Group’s half-year results showed a 3.9% organic revenue growth, driven by next-generation safety technologies. DeRoyal Industries’ recall of Surgical Tracecarts due to sterility concerns and Cardinal Health’s enhanced outlook with its Medical Improvement Plan also reflect ongoing industry efforts to ensure product safety and efficiency in the Sharps Safety Market.
Sharps Safety Market Leading Key Players Are
- Cardinal Health Inc.
- Smiths Group PLC
- Medtronic PLC
- DeRoyal Industries Inc.
- Terumo Corporation
- Ansell Ltd.
- Becton Dickinson & Co.
- UltiMed Inc.
- Other Key Players.
