Biohazard Bags Market to Garner $679.1 Million and Grow at a Fascinating CAGR of 6.38% in the 2022-2030 Timeframe [220-Pages] | Described by Research Dive

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13 Apr, 2023, 10:30 GMT

The global biohazard bags market is expected to grow significantly during the forecast period due to the rising need for sanitation in medical sector. The North America region to witness massive growth opportunities by 2030

NEW YORK, April 13, 2023 /PRNewswire/ -- Global Biohazard Bags Market Forecast Analysis:

As per the report published by Research Dive, the global biohazard bags market is expected to register a revenue of $679.1 million by 2030 at a CAGR of 6.38% during the forecast period 2022–2030.

Segments of the Biohazard Bags Market

The report has divided the market into the following segments:

  • Capacity Type: Less than 15 gallon, 15 to 35 gallon, and more than 35 gallon
    • Less than 15 gallon: To garner a revenue of $552.7 million by 2030
      The extensive utilization of less than 15 gallons biohazard bags in hospitals, nursing homes, pathological labs, etc. Besides, these bags are made of thick plastic to avoid spills and leakages. All these factors are projected to bolster the sub-segment's growth by 2030.
  • Material Type: polypropylene, polyethylene, plastic, high-density polyethylene, and others
    • Polyethylene – To register a revenue of $176.6 million by 2030
      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.
  • End-use: hospitals, clinics, & diagnostic labs, home & ambulatory services, and pharmaceutical & biopharmaceutical industries
    • Hospitals, Clinics, & Diagnostic Labs– Expected to surpass $1,442.8 million by 2030
      Most of the medical wastes, such as used swabs, bandages, PPE kits, used testing kits, masks, etc. are generated from clinics, hospitals, diagnostic labs, etc. This factor is predicted to increase the demand for biohazard bags, thus uplifting the sub-segment's growth by 2030.
  • Region: North America, Europe, Asia-Pacific, and LAMEA
    • North America – To grow at a CAGR of 5.89% during the forecast period
      The rising need for proper disposal of medical waste, growing ageing population, and the increasing investments by key market players in the region is estimated to augment the market growth by 2030.

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Dynamics of the Global Biohazard Bags Market

The growing need for sanitation and cleanliness in the medical sector and the increased volume of medical waste produced by hospitals, clinics, diagnostic labs, nursing homes, etc. are the major factors predicted to boost the growth of the global biohazard bags market during the forecast period from 2022 to 2030. Moreover, the growing expansion of healthcare sector in countries like Malaysia, Turkey, Thailand, India, etc. and the rising need for proper management of biomedical waste are the factors anticipated to create massive growth opportunities for the global biohazard bags market by 2030. However, the lack of knowledge regarding the use of biohazard bags and proper dispose process are the factors that may hamper the market growth in the coming years.

COVID-19 Impact on the Biohazard Bags Market

The outbreak of the COVID-19 pandemic has had a positive impact on the biohazard bags market. This is mainly due to the rising demand for biohazard bags from the healthcare and medical industries owing to the rising need for appropriate management of medical waste produced by hospitals, labs, nursing homes, etc. Besides, the growing demand for sanitation and cleanliness in the medical sector and the growing emphasis on using recyclable & biodegradable products other factors boosting the growth of the global biohazard bags market. Moreover, the strict laws imposed by governments across various countries to prevent the spread of coronavirus like wearing masks, using PPE kits, rapid corona virus tests, etc. has resulted in the huge generation of medical waste every day, which is driving the market growth during the pandemic chaos.

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Key Players of the Global Biohazard Bags Market

The major players of the market include

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

These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.

For instance, in February 2021, Justrite Safety Group, a global leader in the manufacturing of safety products, announced the launch of its brand-new line of polywaste container bags that efficiently identifies infectious waste for proper disposal management.

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What the Report Covers

Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)

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