Biohazard Bags Market size to exceed $450 Mn by 2026
Published Date: April 24, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Biohazard Bags Market size is poised to surpass USD 450 Mn by 2026; according to a new research report by Global Market Insights, Inc.
The increasing awareness for achieving environmental sustainability will foster the demand for biohazard bags across the globe. Moreover, increasing adoption of disposable medical bags in healthcare facilities due to the current COVID-19 outbreak will further enhance the market expansion.
Increasing demand of biohazard bags in hospital settings prevails a prominent factor for propelling market growth
Increasing demand for biohazards bags due to effective and safe disposal of medical waste will foster the biohazard bags market growth. Medical waste is hazardous and infectious that creates a serious threat to the environment. This, require specific management and treatment before its final disposal of. Furthermore, with the rising number of clinics, nursing homes and hospitals across the globe, the rate of medical waste generated has also grown. Also, medical waste includes body fluids, discarded medicines, drugs, contaminated cotton and sharps waste that needs to be disposed.
Biohazard bags are used for the collection and storage of medical waste. Moreover, biohazard bags are used for minimizing the risk of infection amongst waste handlers and others. Thus, upsurge in demand for medical waste management will lead to rising in demand for hazardous bags during the forecast timeframe. Moreover, China generates about 680,000 tons of medical waste each year that requires disposable medical bags for collection and storage of such medical waste that will eventually enhance the demand for biohazard bags.
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Increasing risk associated with hazardous waste will favor the segmental growth
More than 35 gallon segment will witness around 7% CAGR over 2020 to 2026. Exposure to hazardous medical waste can cause disease or infection to the healthcare professionals that further raise the need for biohazard bags, thereby, driving the biohazard bags market growth. Additionally, more than 35 gallon hazardous bags are must for laboratories, nursing centers, and hospitals. Such bags have 1.2 mil linear low density that provides tear resistance and excellent puncture that is enough for carrying heavy medical waste.
Also, more than 35 gallon biohazard bags prevent the risk of contamination during the treatment, disposal and collection of medical waste due to its wide thickness. Thus, increasing adoption of more than 35 gallon disposable medical bags in hospitals will foster the segmental expansion.
Browse key industry insights spread across 220 pages with 176 market data tables & 15 figures & charts from the report, “Biohazard Bags Market Size by Capacity Type (Less Than 15 Gallon, 15 To 35 Gallon, More Than 35 Gallon), By Material Type (Polypropylene, Polyethylene, Plastic, High-density Polyethylene), By End-Use (Hospitals, Laboratories and Research Centers, Chemical Industry), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Rising preference of HDPE material will foster the segmental progression
The high-density polyethylene (HDPE) segment held around 15% biohazard bags market share in 2019. HDPE is a cost-effective thermoplastic that is manufactured at a low temperature. HDPE is weather resistant, flexible and has display toughness at very low temperatures. Additionally, HDPE has good tensile strength as compared to other materials like polyethylene. Also, HDPE material provides adequate impact strength for handling of medical waste. Thus, rising demand for HDPE material for handling medical waste during coronavirus outbreak will foster the segmental progression.
Laboratories and research centers segment are anticipated to create adequate market growth
The laboratories and research centers segment was valued over USD 70 Mn in 2019. Laboratories mostly generate infectious waste such as microbiological cultures, stocks of infectious agents, blood and other body fluids, as well as small amount of tissue. Similarly, biohazard bags are required for proper handling of such infectious medical waste. Furthermore, research centers will also generate a considerable amount of medical waste from ongoing research studies for coronavirus vaccine. This will in turn drives the adoption of biohazard bags for collection and disposal of hazardous medical waste, thereby fostering biohazard bags market growth.
Increasing adoption of regulatory guidelines for handling medical waste in the North America region, will foster the market growth
North America biohazard bags market is expected to show a lucrative CAGR of more than 7% over 2020 to 2026. The Centers for Disease Control and Prevention (CDC) stated special guidelines for the collection and disposal of medical waste during recent coronavirus outbreak. The guidelines stated that sharps medical waste needs to be placed in red-colored biohazard bags.
Additionally, the guidelines also mentioned keeping an adequate inventory of biohazard bags for collection of COVID-19 related medical waste. This creates an opportunity for market players to produce more amount of biohazard bags, thereby driving business growth. Moreover, rising amount of medical waste generated enhances the demand for biohazard bags. Thus, growing adoption of regulatory guidelines due to the COVID-19 impact will propel the market progression.
Adoption of strategic agreements by market players will enhance the market progression
The presence of established healthcare facilities coupled with increasing demand for better waste management disposal services will augment the market expansion. Some of the prominent players operating in biohazard bags market share are Biomedical Waste Solutions, Stericycle, Veolia, Daniel Health, Abdos Labtech, Transcendia, Fisher Scientific, SUEZ, REMONDIS and Sharps Compliance among others.
Industry players are engaged in strategic activities such as acquisitions, collaborations, adoption of new guidelines and launch of new products to achieve considerable revenue shares in the disposable medical bags business. For instance, Daniels Health adopted guidelines for proper and safe disposal of medical waste due to the current COVID-19 outbreak. Thus, adoption of several regulatory guidelines aids the company to simplify its procedures for packaging of COVID-19 medical waste.
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