19.08.2022 13:30

Biohazard Bags Market to Reach $679.10 Million, Globally, by 2030 at 6.38% CAGR: Allied Market Research

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Rise in awareness regarding the benefits of hospital waste disposal in preventing the spread of infections, beneficial properties of biohazard bags such as their strength and excellent puncture resistance, growing number of hospitals and pathology centers around the world, and increase in adoption of biohazards bags by these institutions drive the growth of the global biohazard bags market.

PORTLAND, Ore., Aug. 19, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Biohazard Bags Market By Capacity (Less than 15 gallons, 15-30 gallons, More than 30 gallons), By Material Type (Polypropylene, Polyethylene, Plastic, High-Density Polyethylene, Others), By End-use (Hospitals, Clinics, & Diagnostic Lab, Home & Ambulatory Care, Pharmaceutical & Biopharmaceutical Industries): Global Opportunity Analysis and Industry Forecast, 2022-2031." According to the report, the global biohazard bags industry generated $396.60 million in 2021, and is estimated to reach $679.10 million by 2030, witnessing a CAGR of 6.38% from 2022 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers and Opportunities

Increase in awareness regarding the benefits of hospital waste disposal in preventing the spread of infections, advantageous properties of biohazard bags such as their superlative strength coupled with excellent puncture resistance, rapidly increasing number of hospitals and pathology centers around the world, and growing adoption of biohazards bags by these institutions/centers are expected to fuel the growth of the global biohazard bags market. However, lack of awareness regarding health hazards, lack of training for proper disposal methods and waste care being operated without authorization under Biomedical Waste Management Rules hinder the market growth. On the other hand, robust growth in pharmaceutical industry, advancements in medical sectors and increasing demand for plasticizers present new opportunities in the market in the coming years.

Covid-19 Scenario

  • The COVID-19 pandemic outbreak led to an enormous rise in the amount of biological waste generation worldwide. Due to poor medical waste management, this biomedical waste facilitated other infectious diseases along with COVID-19.
  • This, in turn, raised the demand for biohazard bags significantly and stimulated the global biohazard bags market growth. Clinics and medical laboratories took serious measures to curb the spread of the virus.
  • The increasing burden of biomedical waste and rapid urbanization in emerging economies are expected to act as the major driving factors for the market during the forecast period.

Scope of the Report: -

Report Attribute

Details

Revenue forecast in 2030

$ 679.10 Million

Growth rate

CAGR of 6.38% from 2022 to 2030

Forecast period

2022 - 2030

Regional scope

North America, Europe, Asia Pacific, Latin America, MEA

Country scope

U.S., Canada, Germany, U.K., France, Italy, Spain, Japan, China, India, South Korea, Australia, Brazil, Mexico, South Africa, Saudi Arabia

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The polyethylene segment to grow at the fastest rate during the forecast period

Based on material type, the polyethylene segment is projected to witness the fastest CAGR of 6.95% from 2022 to 2030. This is because bags are extensively used in labs, hospitals, and clinics as they have high strength and are designed to resist tear and puncture. The polypropylene segment contributed to the highest share in 2021, grabbing more than one-fourth of the global biohazard bags market. The report also discusses segments such as plastic, high-density polyethylene and others.

The less than 15 gallons segment to maintain its lion's share during the forecast period

Based on capacity, the less than 15 gallons segment held the largest share of more than four-fifths of the global biohazard bags market in 2021, and is expected to maintain a prominent growth during the forecast period. The same segment is expected to exhibit the highest CAGR of 6.56% from 2022 to 2030. These types of bags are small in size and are mostly used in research labs, manufacturing units, and doctor cabins. The other segments mentioned in this category are 15-30 gallons and more than 30 gallons.

The hospitals, clinics & diagnostic lab segment to maintain its dominance in terms of revenue during the forecast period

Based on end use, the hospitals, clinics & diagnostic lab segment held the largest share of nearly two-thirds of the global biohazard bags market in 2021, and is expected to maintain a noteworthy growth during the forecast period. The home & ambulatory care segment, on the other hand, is expected to exhibit the highest CAGR of 7.15% from 2022 to 2030. The increasing number of ambulatory care centers worldwide drive the biohazard bags market. In addition, the increase in awareness of hygiene among consumers fuel the demand for biohazard bags in home care settings. The other segment mentioned in this category is pharmaceutical & biopharmaceutical industries.

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Asia-Pacific to achieve the fastest growth by 2030

Based on region, Asia-Pacific is anticipated to manifest the fastest CAGR of 7.11% during the forecast period, 2022-2030. Increase in awareness regarding the importance of biohazard bags and safety standards for disposing such bags and a growing number of clinics, hospitals, and ambulatory care centers are driving the biohazard bags market in the region. However, North America held the highest market share in 2021, accounting for nearly one-third of the global market. The other regions discussed in the report are Europe and LAMEA.

Leading Market Players

  • International Plastics Inc.
  • SP Bel-Art
  • Thermo Fisher Scientific
  • Transcendia
  • Daniels Health
  • BioMedical Waste Solutions, LLC
  • Stericycle
  • Abdos Labtech Private Limited
  • MiniGrip
  • VEOLIA

The report analyzes these key players of the global biohazard bags market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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SOURCE Allied Market Research

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