Yahoo Finance Global Biohazard Bags Market Predicted to Garner a Revenue of $469.1 Million at a CAGR of 6.2% during the Analysis Period, 2020-2027 – Exclusive Report [192 Pages] By Research Dive
Global biohazard bags market is predicted to experience huge growth during the projected timeframe, 2020-2027. Hospitals & clinics sub-segment is expected to be the most lucrative. Polyethylene sub-segment is projected to be the most profitable. The market is likely to be led by the North America region.
New York, USA, June 15, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global biohazard bags market is projected to garner a revenue of $469.1 million at a CAGR of 6.2%, rising from $295.6 million in 2019, during the analysis period, 2020-2027. The comprehensive research gives a concise analysis of the current market landscape, including major features such as potential opportunities, restraints, challenges, and growth factors during the analysis period. The report also includes all market statistics, making it easier and more useful for beginners to grasp the market.
COVID-19 Impact on the Market:
The global biohazard bags market is expected to expand rapidly during the emergence of the COVID-19 pandemic, owing to increased hygiene requirements of people. Many governments and non-governmental organizations in the healthcare business, including medical laboratories, hospitals, and clinics are taking major steps to limit the spread of the coronavirus. As a result, the need for biohazard bags is increasing, which is predicted to drive the growth of the global biohazard bags market during the forecast period. Furthermore, an increase in the number of surgical operations, swab tests, and PPE kits performed on a regular basis around the world is boosting the demand for biohazard bags.
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Dynamics of the Market
The global biohazard bag market is booming due increased awareness of the advantages of efficient medical waste management. Biomedical waste has risen quickly in hospitals and healthcare industry over the years, and this is the first step towards proper biomedical waste disposal safety.
Furthermore, according to a WHO (World Health Organization) article released on February 8, 2018, biological waste is on the rise around the world, with hospitals accounting for the majority of it. Furthermore, according to the WHO, hospital waste is generated at a rate of 0.5 kg per day per hospital in developed nations and 0.2 per hospital per day in underdeveloped nations.
Medical waste management, on the other hand, is an important step in keeping infectious microorganisms and pollution at bay. If this type of trash is strewn across roadways or in public spaces, and eaten by animals, it can transmit bloodborne viruses across the community, resulting in serious infections such as HIV (human immunodeficiency virus) or hepatitis.
On the contrary, one of the most significant restraints on the growth of the biohazard bags market is a lack of understanding regarding biohazard bags and their applications, particularly in developing nations.
Segments of the Market
The report has segmented the market into different segments based on capacity type, material type, end-use, and regional analysis.
Capacity Type: 15-35 Gallon Sub-Segment is Predicted to be the Most Profitable
The 15-35 gallon sub-segment is expected to be the most profitable over the analysis period and garner a revenue of $186.1 million by 2027. The biohazard bags with a capacity of 15 to 35 gallons are more effective at collecting toxic waste, blood samples, and heavy metals. Furthermore, these bags are printed with widely recognized biohazard symbols. Moreover, such bags have a 1.2 mil thickness to prevent spills and leaks. These factors are expected to drive the growth of the capacity type sub-segment during the forecast period.
Material Type: Polyethylene Sub-Segment is Expected to be the Most Lucrative
The polyethylene sub-segment is expected to be the most lucrative over the analysis period and garner a revenue of $124.3 million by 2027. This growth can be mainly attributed to the increased number of patients worldwide as a result of the pandemic. Polyethylene bags are commonly used to collect and safely dispose of hazardous medical waste such as bodily fluid-contaminated materials, blood products, and linen.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/414
End Use: Hospitals and Clinics Sub-Segment is Expected to Witness Significant Growth
The hospitals and clinics sub-segment is expected to be the most profitable over the analysis period and garner a revenue of $195.1 million by 2027. According to the WHO (World Health Organization) study released in February 2018, over 16 billion injections are provided annually around the world. Furthermore, medical waste is generated in every area of a hospital, including cleaning and housekeeping, surgical suites, infectious disease units, and so on.
Region: North-America is Expected to Experience Fastest Growth
The North America market held $88.3 million in 2019 and is projected to garner a revenue of $135.5 million in the upcoming years. Key factors such as substantial investments by market competitors and the need of efficient medical waste disposal are driving the extensive growth of the North American biohazard bags market.
Key Market Players and Strategies
The most prominent market players of the global biohazard bags market include -
VEOLIA
International Plastics Inc
Abdos Labtech Private Limited
SP Bel-Art
Stericycle
Thermo Fisher Scientific
BioMedical Waste Solutions, LLC.
Daniels Health
Transcendia.
These players are working on developing strategies such as partnerships, merger and acquisition, product development, collaborations to sustain the market growth.
For instance, in June 2019, Sharp Compliance, Inc. announced the release of the Hazardous Drug Spill Control Kit, which is a USP 800> compliant spill kit created specifically for the cleanup of chemotherapy and other HD (hazardous medicines) spills.
The report also summarizes several key aspects including SWOT analysis, product portfolio, financial position of the market players, and latest strategic developments.
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