The global biohazard bags market is expected to register a revenue of $469.1 million by 2027, growing from $295.6 million in 2019 at a healthy CAGR of 6.2%.
Impact Analysis of COVID-19 On the Global Biohazard Bags Market-
The health emergency of COVID-19 has boosted the global biohazard bags market significantly because of the increase in infectious diseases across the world that rose the demand for strict handling of COVID-19 waste separately. Many industries and organizations including hospitals, clinics, and laboratories from healthcare sectors are taking sharp-eyed measures to prevent the spread of this infectious disease. Pandemic safety increases biohazardous waste such as gloves, surgical masks, swab tests, contaminated syringe, chemicals, heavy metals, and toxic materials. This type of waste may spread diseases that can be highly infectious and it should be disposed of properly to avoid infection and environmental pollution. Moreover, notable players such as MiniGrip, TufPakes are offering services in the COVID-19 chaos. For instance, in April 2020 Vonco, a pioneer in the flexible packaging solutions, developed the first ‘95kPa biohazard transport bag’ in order to replace rigid and heavier containers for safe air transportation of biohazardous material. Such company developments and crucial factors are further anticipated to create significant market opportunities, in the analysis timeframe.
Global Biohazard Bags Market Analysis:
The significant growth of the global biohazard bags market is mainly driven by the surge in awareness regarding biohazard waste management and stringent government regulations. As per the guidelines of the CDC (Centre for Disease Control and Prevention), the best way to manage biomedical waste is to pack them securely with a leak-resistant and sturdy biohazard bag which is adequate for the regulation of medical wastes. This type of government recommendation can support the growth of biohazard bags industry to protect the health of workers from the risk of exposure to pathogens.
Contrary to this, the lack of knowledge regarding waste management techniques, proper packaging, and transportation may restrain the global biohazard bags market during the forecast period.
However, several key players in the biohazard bags industry are providing innovative biohazard bags to enhance the customer experience and offer more efficient and integrated services to customers. For instance, BioMedical Waste Solutions, LLC. is offering complete biohazardous waste solutions such as red bag medical waste management, complete disposal, 100% OSHA compliance guarantee, and proper containers and biohazard bags for disposal of waste. Such transformations in global biohazard bags may create enormous opportunities for the global biohazard bags market in the coming years.
Based on capacity type, the global biohazard bags market is mainly classified into less than 15 gallon, 15 to 35 gallons, and more than 35 gallons. The 15 to 35 gallon capacity sub-segment of the biohazard bag market will have the fastest market growth and it is projected to register a revenue of $186.1 million by 2027, with a rise from $112.1 million in 2019; mainly because of the huge significance these bags in dental offices, veterinary clinics, or laboratories, for the disposing of hazardous waste. However, the 35 gallon capacity sub-segment of the biohazard bag market will have a dominating market share in 2020 and is expected to increase at a 5.9% CAGR by generating a revenue of $192.4 million by 2027. This growth may be owing to the supportive government policies coupled with high spending in the R&D and innovation by key manufacturers are expected to flourish the market growth in the analysis period.
On the basis of material, the global market for biohazard bags is mainly divided into polyethylene, polypropylene, high-density polyethylene, plastic, and others. The polyethylene sub-segment will have the fastest market growth and is projected to register a revenue of $124.3 million by 2027 owing to the growing demand for heavy-duty bags with high impact strength and extra puncture resistance for usage in clinics and hospitals. However, the polypropylene biohazard bags are anticipated to generate a revenue of $123.5 million by 2027 mainly because these bags are significantly durable along with the ability to withstand higher temperatures of 275F (135°C).
Depending on the end-use, the global biohazard bags market is broadly categorized into hospitals & clinics, home & ambulatory care, and pharmaceutical & biopharmaceutical industries. The hospitals & clinics end-use for the biohazard bags market will be a rapidly increasing sub-segment and is expected to register a revenue of $195.1 million by 2027. This is mainly because of the massive amount of medical waste being generated in recent years. For example, according to the data published by WHO (World Health Organization) in February 2018, approximately 16 billion injections are administered across the world annually.
The North America biohazard bags market shall have rapid market growth and is anticipated to surpass $135.5 million by the end of 2027 owing to rising awareness pertaining to environmental sustainability propelling the market growth particularly in the U.S. and Canada. On the other hand, the biohazard bags market for the Asia Pacific region holds the largest market share and it is estimated to generate a revenue of $133.4 million, throughout the analysis timeframe owing to growing emphasis on the collection of medical waste surging the demand for biohazard bags, particularly in China, India, and Australia.
Some of the leading players include VEOLIA, International Plastics Inc, Transcendia, BioMedical Waste Solutions, LLC., Abdos Labtech Private Limited, Thermo Fisher Scientific, SP Bel-Art, Daniels Health and Stericycle.
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