According to a recent research report by a leading market intelligence company called Transparency Market Research (TMR), the global medical waste containers market is likely to exhibit a 5.1% CAGR between 2017 and 2025 and generate a revenue of US$1.4 bn by 2025. In the following blog post, TMR analysts answer three important questions pertaining to the global medical waste containers market.
Q. Which product will witness highest demand in the coming years?
The demand for pharmaceutical containers will be highest in the global medical waste containers market. The pharmaceutical containers segment accounted for 30.5% of the total market in 2017. The demand for biohazard medical waste containers will be second highest and this segment accounted for 24.9% of the total demand in 2017.
Q. How will the emerging nations fare in the medical waste containers market?
With the medical and healthcare infrastructure improving drastically in the emerging nations, thanks to the various government initiatives and funding, the market for medical waste containers will progress in a healthy manner in the emerging nations. Also, there have been several strict regulations implemented by governments for hospitals, clinics, pharmaceutical companies, and physicians’ offices regarding effective disposal methods, which will benefit the market in these nations. However, the need for high capital funding still persists. Also, the awareness level among the people needs to rise in these nations for the medical waste containers market to reach its fullest potential.
Q. What are the factors behind the growth of the market for medical waste containers?
The growth of this market is primarily attributed to the rising awareness among healthcare providers about the need for proper and improvised methods of disposal as any negligence could cause serious repercussions. The initiatives taken by governments worldwide to spread the awareness regarding effective disposal methods and implementation of stringent rules will further the demand for adequate utensils and boost the demand for medical waste containers.
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