Biohazard Bag Market Anticipated to Garner a Revenue of $469.1 Million by 2027, at a Growing CAGR of 6.2% - Research DiveDownload Sample Reports Overview
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 global biohazard bags market will generate a remarkable amount of revenue during the forecast period of 2019 to 2027 and the key reason supporting this breathtaking growth is increasing awareness to maintain hygiene because of the COVID-19 outbreak.
On the other hand, one of the primary steps in proper disposal of biohazardous waste is that it should be safe to workers that are collecting the waste, well labelled so that workers have knowledge about the type of waste in the bags, and it should be well managed to avoid any kind of leakage. Moreover, fear of numerous deadly infections has alarmed the healthcare industries and ministries, resulting in growing investment in hospital management, disinfection, and disposal management. LabCorp on 7 July 2020 announced that the company is offering a new home based testing services in order to screen the patients for COVID-19 infections before they proceed with surgeries and other important medical treatments; the kit consists of foam swabs, a collecting tube, biohazard bag and shipping envelope, all approved by FDA. These factors may create lucrative opportunities for the investors in the forecast period.
Global Biohazard Bags Market Analysis:
The enormous growth of the global biohazard bags market is mainly attributed to the increasing concern of waste management to avoid infection from serious health diseases and environmental pollution. Many serious health issues are eventually increasing the beds of hospitals, clinical testing for diseases, research in drugs and development and pharmaceutical industries. This factor will generate the demand for proper waste management and proper containers to dispose the waste. Biohazard bags, used to dispose waste, are mainly manufactured with materials such as HPDE (high density polyethylene), for sharp objects so that bag should not be punctured. On the other hand, LDPE (low density polyethylene) has good chemical resistance and high impact strength. These key factors may surge the demand for biohazard bags in the global market.
One of the restricting factors for the market of biohazard bags is inadequate and improper knowledge of handling waste, which can generate serious health problems and remarkable impact on the environment as well. Moreover, lack of strict regulations in developed and developing countries may obstruct the growth of the global biohazard bags market.
The global biohazard bags industry is growing extensively all over the world due to swift growth of healthcare industry, ultimately increasing the demand for waste management controls. Top key players in the production of biohazard bags are enhancing their products to attract customers. For instance, Cole-Parmer, a leading global manufacturer of proprietary products for fluidics, environmental, analytics, and lab essentials, is offering innovative biohazard bags in all sizes featured with sterilization indicator patch which glows when the bags are kept in dark. There are bags that are kept in autoclave and made of low-density polyethylene used primarily for holding all kinds of liquid and solid waste. Other different types are flip bags, which can be sealed, high temperature bags, and light-sensitive sample storing bags. These factors may provide lucrative opportunities for the global biohazard bags market, in the coming years.
The capacity type segment is majorly bifurcated into less than 15 gallons, 15 to 35 gallons and more than 35 gallons. The 15 to 35 gallons sub-segment is anticipated to hold the highest CAGR of 6.8% during the projected timeframe, and is anticipated to reach $186.1 million by 2027 growing from $112.1 million in 2019. The biohazard bags with 15 to 35 gallons capacity are significantly utilized to collect infectious healthcare waste, as well as waste that includes toxic materials, heavy metals, and chemicals that require special handling. In addition to this, these bags have text and symbols that help in the identification and proper handling of waste. This identification helps to ensure the correct transportation and disposal procedures of hazardous waste. Moreover, industrial, research, and healthcare professionals also highly rely on these bags to dispose of the medical waste material. These significant elements may create considerable opportunities for the segment, during the projected period.
The end-user segment is categorized into hospitals & clinics, home & ambulatory care, pharmaceutical & biopharmaceutical industries. The hospitals and clinics sub-segment accounted for the highest market value and is anticipated to grow at a fastest CAGR during the forecast period. Hospital and clinic sub-segment accounted for $118.5 million and is expected to reach $195.1 million by the end of 2027 growing at CAGR of 6.7%. Owing to the health emergency created by the COVID-19 pandemic, the generation of biomedical waste has extensively increased in hospitals & clinics. According to the SMS Water Grace BMW Private Limited, a notable organization operating in medical waste management, government and private hospital, was producing around 500 grams of biomedical waste on an average which included wastes such as urine bags, syringes, gauze, and others per bed, daily before the pandemic of Covid-19. But in recent months, that number has reached between 2.5 kg - 4kg per bed, on the daily basis. These key factors may generate lucrative market opportunities for the segment, during the projected period.
The North America region accounted for the highest market share in the year 2019 accounting for $88.3 million and is anticipated to reach $135.5 million by the end of forecast period. However, Asia-Pacific region is anticipated to be the fastest growing region across the globe, which is expected to reach $133.4 million by 2027, growing from $79.0 million in 2019 at a CAGR of 7.0%. This growth is majorly attributed to the presence of a number of developing countries in this region and the rapid growth in awareness regarding proper disposal of medical waste. For instance, in Mar 2019, the health minister of India stated that in next 5 years, India will have 2,500 new hospitals, thereby creating 2.5 million additional jobs.
The Report Enlists the Top Leading Players of The Biohazard Bags Market Include -
- International Plastics Inc
- Thermo Fisher Scientific
- SP Bel-Art
- Daniels Health
- Abdos Labtech Private Limited
- BioMedical Waste Solutions, LLC.
These key players are taking various initiatives in order to increase the sales as well as the global presence. For instance, in September 2020, Thermo Fisher Scientific announced to expand laboratory plastics production to support COVID-19 testing, therapies and vaccines
Porter’s Five Forces Analysis for Biohazard Bags market:
- Bargaining Power of Suppliers: The number of companies present in biohazard bags market are limited; however, the growing awareness and various initiatives taken by governments is increasing the demand of biohazard bags. Thus, the bargaining power of suppliers is moderate.
The bargaining power of the supplier is Moderate
- Bargaining Power of Buyers: Buyers do not have high bargaining power, primarily because of the high demand for the biohazard bags due to the rapid growth in the spread of COVID-19 in the recent months. Therefore, the demand for bags is more due to which the bargaining power of buyer is low.
The bargaining power of the buyer is Low
- Threat of New Entrants: The large number of regulations laid by governments and WHO is one of the major reasons for the threat of new entrants to be low.
Thus, the threat of new entrants is Low
- Threat of Substitutes: Lack of alternatives for biohazard bags in order to dispose medical waste or other hazardous wastes will keep the threat of substitutes low.
The threat of substitute is Low
- Competitive Rivalry in the Market: The companies present in the biohazard bags market are majorly focusing on partnerships, acquisitions, in order to expand their respective businesses. Thus, the rivalry among key players is high.
Competitive Rivalry in the Market: High