Biohazard Bags Market Estimated to Register $679.1 Million and Grow at 6.38% CAGR During the 2022 to 2030 Forecast Period [220-Pages] | Published by Research Dive

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Aug 25, 2022, 09:00 ET

Biohazard bags market is expected to grow by 2030 due to rising need for sanitation in medical sector. Polyethylene material type sub-segment to be highly lucrative. Market in North America region is projected to witness more growth opportunities.

NEW YORK , Aug. 25, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Biohazard Bags Market by Capacity Type (Less than 15 Gallon, 15 to 35 Gallon, and More than 35 Gallon), Material Type (Polypropylene, Polyethylene, Plastic, High-density Polyethylene, and Others), End-use (Hospitals, Clinics & Diagnostic Labs, Home & Ambulatory Care, And Pharmaceutical & Biopharmaceutical Industries), and Regional Analysis (Europe, North America, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2030".

According to the report, the global biohazard bags market is expected to register a revenue of $679.1 million and grow at 6.38% CAGR during the forecast period 2022-2030.

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Dynamics of the Market

Drivers: The growing need for cleanliness and sanitation in the medical sector and the huge volume of medical waste produced everyday by hospitals, nursing homes, pathological laboratories, etc. are the prime factors to drive the growth of the global biohazard bags market during the 2022-2030 forecast period. Additionally, increasing emphasis on using recyclable and biodegradable products is also estimated to boost the market growth.

Opportunities: The increasing expansion of healthcare sector in countries like India, Thailand, Turkey, Malaysia, etc. and the consequent need for proper management of biomedical waste produced by hospitals, pathological laboratories, etc. are some factors anticipated to create ample growth opportunities for the global biohazard bags market by 2030.

Restraints: Lack of awareness regarding the use of biohazard bags is the major hindering factor for the market growth.

Covid-19 Impact on the Market

The outbreak of the covid-19 pandemic has witnessed a surging demand for biohazard bags from the healthcare and medical industries due to growing need for proper management of medical waste produced by hospitals, nursing homes, pathological laboratories, etc. Additionally, the rising demand for cleanliness and sanitation in the medical sector along with the growing emphasis on using biodegradable and recyclable products are some more factors to boost the growth of the global biohazard bags market. Moreover, government-imposed strict laws, after witnessing the increasing number of covid-19 patients, like wearing masks, using PPE kits, rapid corona virus tests, etc. have resulted in the generation of huge amount of medical waste every day. All these factors are expected to augment the market growth post the covid-19 catastrophic chaos.

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Segments of the Market

The report has fragmented the biohazard bags market into multiple segments based on capacity type, material type, end-use, and regional analysis.

By capacity type, the less than 15 gallons sub-segment is predicted to hold a dominant market share and gather a revenue of $552.7 million during the analysis timeframe. This immense growth rate is mainly attributed to the extensive utilization of these less than 15 gallons biohazard bags in hospitals, nursing homes, pathological labs, etc. These bags are used to collect infectious agents from labs, waste from patients, swabs, used bandages, used testing kits, etc. Moreover, these bags are made of thick plastic to avoid spills and leakages. These factors are projected to bolster the sub-segment's growth by 2030.
By material type, the polyethylene sub-segment of the global biohazard bags market is estimated to have the fastest growth rate and generate a revenue of $176.6 million during the analysis years. Polyethylene ensures the content is well-preserved since it's strong and resistant to outside effects. Moreover, polyethylene is highly flexible, adaptable, and provides numerous ranges of thickness. These factors are anticipated to propel the sub-segment's growth by 2030.
By end-use, the hospitals, clinics, & diagnostic lab sub-segment is expected to hold a significant market share and gather a revenue of $442.8 million during the analysis years. Most of the medical waste like used swabs, PPE kits, bandages, used testing kits, masks, etc. is generated from clinics, hospitals, diagnostic labs, etc. These factors are predicted to increase the demand for biohazard bags, thus uplifting the sub-segment's growth by 2030.
By region, the biohazard bags market in the North America region is projected to witness better growth opportunities and grow at 5.89% CAGR by 2030 due to growing need for proper disposal of medical waste and increasing investments by key market players. Moreover, rising ageing population in the North America region is also estimated to augment the market growth by 2030.

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Key Market Players

Some key biohazard bags market players are

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

These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.

For example, in February 2021, Justrite Safety Group, a leading provider of safety products, launched its brand-new line of polywaste container bags that can efficiently identify infectious waste for appropriate disposal management. Inquire Here Before Buying the Full Report

The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.

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