Global Biohazard Bags Market Expected to Generate Revenue
New York, USA, June 15, 2021 (GLOBE NEWSWIRE) – According to a report published by Research Dive, the global biohazard bags market is expected to generate revenue of $ 469.1 million at a CAGR of 6.2%, compared to $ 295.6 million in 2019, during the 2020-2027 analysis period. The comprehensive research gives a concise analysis of the current market landscape including key characteristics such as potential opportunities, restraints, challenges, and growth factors during the analysis period. The report also includes all the market statistics, which makes it easier and more useful for newbies to grasp the market.
Impact of COVID-19 on the market:
The global biohazard bag market is expected to grow rapidly during the emergence of the COVID-19 pandemic, due to increased hygiene demands on people. Many governments and healthcare nongovernmental organizations, including medical laboratories, hospitals and clinics, are taking important steps to limit the spread of the coronavirus. As a result, the need for biohazard bags is increasing which is expected to drive the growth of the global biohazard bags market during the forecast period. In addition, the increase in the number of surgeries, swab tests and PPE kits performed regularly around the world is driving the demand for biohazard bags.
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The global biohazard bag market is booming due to increased awareness of the benefits of effective medical waste management. Biomedical waste has increased rapidly in hospitals and the healthcare industry over the years, and this is the first step towards a safe disposal of biomedical waste.
In addition, according to a WHO (World Health Organization) article published on February 8, 2018, biological waste is on the increase worldwide, with hospitals accounting for the majority. In addition, according to the WHO, hospital waste is generated at a rate of 0.5 kg per day per hospital in developed countries and 0.2 per hospital per day in underdeveloped countries.
Medical waste management, on the other hand, is an important step in keeping infectious microorganisms and pollution at bay. If this type of waste is strewn on roads or in public spaces, and eaten by animals, it can transmit blood-borne viruses throughout the community, leading to serious infections such as HIV (immunodeficiency virus human) or hepatitis.
On the contrary, one of the most significant restraints to the growth of the biohazard bags market is the lack of understanding of biohazard bags and their applications, especially in developing countries.
The report has segmented the market into different segments on the basis of capacity type, material type, end use, and regional analysis.
Capacity type: 15-35 gallon sub-segment expected to be the most cost effective
The 15-35 gallon sub-segment is expected to be the most profitable during the analysis period and generate sales of $ 186.1 million by 2027. Biohazard bags with a capacity of 15 to 35 gallons are more efficient at collecting toxic waste, blood samples, and heavy metals. In addition, these bags are printed with widely recognized biohazard symbols. In addition, these bags are 1.2 mil thick to prevent spills and leaks. These factors are expected to drive the growth of the Capacity Types sub-segment during the forecast period.
Material Type: Polyethylene sub-segment expected to be the most lucrative
The polyethylene sub-segment is expected to be the most lucrative during the analysis period and generate sales of $ 124.3 million by 2027. This growth can mainly be attributed to the increase in the number. patients worldwide due to the pandemic. Polyethylene bags are commonly used to collect and safely dispose of hazardous medical waste such as material contaminated with bodily fluids, blood products and laundry.
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End Use: Hospitals and Clinics Sub-Segment Expected to See Significant Growth
The hospitals and clinics sub-segment is expected to be the most profitable during the analysis period and generate revenue of $ 195.1 million by 2027. According to the WHO study ( World Health Organization) published in February 2018, more than 16 billion injections are performed each year. around the world. Additionally, medical waste is generated in all areas of a hospital, including cleaning and housekeeping, operating theaters, infectious disease units, etc.
Region: North America Expected to Experience Fastest Growth
The North American market held $ 88.3 million in 2019 and is expected to generate revenue of $ 135.5 million in the coming years. Key factors such as substantial investments by market competitors and the need for efficient disposal of medical waste are driving the considerable growth of the North America biohazard bag market.
Key market players and strategies
Major players in the global biohazard bags market include –
- International Plastics Inc
- Abs Labtech Private Limited
- SP Bel-Art
- Thermo Fisher Scientific
- Biomedical Waste Solutions, LLC.
- Daniels Health
These players work on developing strategies such as partnerships, mergers and acquisitions, product development, collaborations to support market growth.
For example, in June 2019, Sharp Compliance, Inc. announced the release of the Hazardous Drug Spill Control Kit, a USP 800 compliant spill kit> created specifically for cleaning up chemotherapy and other spills. HD spills (hazardous drugs).
The report also summarizes several key aspects including SWOT analysis, product portfolio, financial position of market players and the latest strategic developments.
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