The plastic biohazard bags market segment is expected to expand at 8.5% CAGR during 2020 to 2026 owing to its durability and resistance to many harsh chemicals as compared to others materials.
Selbyville, Delaware, April 27, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on biohazard bags market which estimates the global market valuation for biohazard bags will cross US$ 450 million by 2026. The rising demand for biohazard bags, along with the rising awareness for effective handling of medical waste will ultimately boost the overall market progression.
Increasing importance for eco-friendly and effective medical waste management across the globe will propel the medical bags market growth. Medical waste is an undesirable biological material that is infectious. Medical waste needs to be disposed of properly as it poses environmental and health hazards. Usage of colored biohazard bags for effective waste disposal is the foremost way to avoid infections from unwanted diseases. The usage of relevant colored bags ensures a proper and effective way of managing the overall medical waste.
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Many times, medical waste is assorted with municipal waste and is buried without adopting any regulations, leading to the release of harmful particles in the atmosphere and negatively affecting the environment. Thus, inappropriate disposal of medical waste is one of the major issues that create a need for biohazard bags for effective medical waste management.
Less than 15 gallon segment accounted for over 15% market share in 2019. Less than 15 gallon capacity bags are used for collecting, transporting and storing biohazardous waste. The 10-gallon biohazard bags are torn and puncture-resistant and provide superior strength for handling different types of medical waste. Additionally, these bags have long-lasting durability that can allow the storage of medical waste for longer duration as compared to others. Moreover, these bags are extensively used to isolate hazardous items accumulated from hospitals, laboratories, and other healthcare facilities. Hence, above-mentioned aspects prove beneficial for the segmental growth.
The plastic material segment will witness around 8.5% CAGR during 2020 to 2026. Plastic material is known for its durability and is resistant to many harsh chemicals as compared to others. Moreover, biohazard bags made from plastic material are usually recyclable and thicker that allows a sufficient amount of medical waste to be stored. However, every plastic material is not recycled. The U.S. Environmental Agency stated that only about 8% of 31 million tons of plastic is recycled every year, and the remaining material goes into waterways and landfills directly, by creating a threat to wildlife.
Moreover, plastic biohazard bags are used to carry all types of medical waste including infectious waste, biohazard waste, and chemotherapy waste. Thus, increasing usage of plastic material biohazard bags due to its recycling property will boost the segmental growth.
Browse key industry insights spread across 220 pages with 176 market data tables & 15 figures & charts from the report, “Biohazard Bags Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
The pharmaceutical & biotech segment accounted for around 9% market share in 2019. Waste generated from pharmaceutical and biotech companies include unused, expired, contaminated pharmaceutical products as well as waste generated while manufacturing vaccines and drugs. Accumulation of waste requires proper and effective biohazard bags for handling medical waste. Thus, surging amount of medical waste from pharmaceutical & biotech companies will foster the segmental expansion during the analysis period.
India biohazard bags market captured around 10% CAGR and is projected to witness substantial growth during the analysis timeframe. Developing countries such as China, India, and others have inadequate medical waste treatment facilities that rise the demand for biohazard bags. Whereas, the Central Pollution Control Board (CPCB) has released guidelines for effective handling of medical waste during recent COVID-19 outbreak. Hence, surged adoption of regulatory guidelines will enhance the demand of biohazard bags fostering the overall market growth.
Some major findings of the biohazard bags market report include:
- Increasing adoption of regulatory guidelines for proper use of biohazard bags will foster the biohazard bags market progression.
- Growing demand for biohazard bags in hospital settings especially due to the current coronavirus outbreak will substantially boost the industry market growth.
- Rising pharmaceutical industry further requires biohazard bags for easy handling of medical waste that will eventually boost market growth.
- Stringent government regulations regarding use of biohazard bags to ensure safety of healthcare professionals as well as patients will augment the market progression.
Some of the prominent business players operating in the biohazard bags industry share include Biomedical Waste Solutions, Stericycle, Veolia, Daniel Health, Abdos Labtech, Transcendia, Fisher Scientific, SUEZ, REMONDIS and Sharps Compliance among others. These industry players are adopting novel solutions for disposing of and collecting biomedical waste. Additionally, key market players are adopting special guidelines for effective disposal of regulated medical waste during the COVID-19 outbreak. For instance, BioMedical Waste Solutions ensures effective collection and segregation of medical waste by using colored biohazard bags for easy identification.
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Partial chapters of report table of contents (TOC):
Chapter 2. Executive Summary
2.1. Biohazard bags industry 3600 synopsis, 2015 – 2026
2.1.1. Business trends
2.1.2. Capacity type trends
2.1.3. Material type trends
2.1.4. End-use trends
2.1.5. Regional trends
Chapter 3. Biohazard bags Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 - 2026
3.3. Industry impact forces
3.3.1. Growth drivers
22.214.171.124. Increased demand of hazardous bags in hospitals due to rising COVID-19 cases globally
126.96.36.199. Stringent regulatory guidelines for effective waste management across the globe
188.8.131.52. Growing healthcare industry especially in developing countries
3.3.2. Industry pitfalls and challenges
184.108.40.206. Lack of awareness regarding health hazards associated with medical waste
220.127.116.11. Lack of training for proper disposal of medical waste
3.4. Growth potential analysis
3.4.1. By capacity type
3.4.2. By material type
3.4.3. By end-use
3.5. COVID- 19 impact analysis
3.5.1. Impact of COVID-19 on 10 major markets
3.5.2. Impact of COVID-19 on industry segments, by 10 major markets (2020)
18.104.22.168. Less than 15 gallon
22.214.171.124. 15 to 35 gallon
126.96.36.199. More than 35 gallon
3.6. Regulatory landscape
3.6.1. North America
3.6.3. Asia Pacific
3.7. Porter’s analysis
3.8. Competitive landscape, 2019
3.8.1. Competitive matrix analysis, 2019
3.9. PESTEL analysis
Browse complete report table of contents (ToC): https://www.gminsights.com/toc/detail/biohazard-bags-market
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