The biohazard bags market is projected to surge at a CAGR of 6.34% from a market size of USD291.774 million in 2019 to achieve a market size of USD421.917 million by the end of 2025.The market is propelled to grow in the forecast period with the growing patient population at the international level and rising number of several diseases including cardiac, infectious, and many more. The growing number of hospital beds with an improved healthcare facility is further driving the market demand in the forecast period. The growing global elderly population, increasing health expenditure is further augmenting the market demand in the forecast period. Additionally, growing awareness regarding medical waste management is providing an opportunity for the market to thrive in the forecast period. Furthermore, concerns regarding hospital-associated infections are further providing an impetus in fueling the market demand over the next five years. Geographically, the North American region is estimated to hold a significant market share with advanced medical facilities, a high rate of coronavirus infection cases, and a high prevalence of chronic diseases requiring hospitalization. On the other hand, the Asia Pacific region is projected to show high growth prospects due to the high prevalence of the geriatric population who require better healthcare facilities for the treatment of their age-associated diseases. Additionally, significant investments for efficient waste management in a healthcare setting is further raising the market growth prospects in the region.
Growing patient population is fueling the growth of the global biohazard bags market over the next five years.
The increasing number of the patient population with the rise in chronic diseases such as cancer and heart diseases among others is driving the market growth in the forecast period. In addition, the global geriatric population affected by age-associated diseases is contributing to market growth in the forecast period. The growing health expenditure with improved healthcare facilities is further providing an opportunity for the market to grow at a significant pace with increasing patient population during the forecast period. For example, in the United States, there is a high prevalence of diseases; lower back pain is one of the most common causes of disability in the adult citizens of the United States. The presence of an elderly population with diseases seeking better medical facilities is further fueling the market growth in the forecast period. According to the World Bank estimates, the population aged 65 years and above increased from 45,426,418 in 2014 to 51,717,496 by the end of 2018.
According to the U.S Department of Health and Human Services, almost half of the U.S adults who suffer from arthritis have persistent pain and many of them undergo several treatments in a medical facility. Furthermore, it is projected that the number of adults with doctor-diagnosed arthritis will reach to around 78 million by 2040. Additionally, the prevalence of cardiovascular diseases and several respiratory diseases is augmenting the market demand. In the present COVID-19 scenario, the United States is among the most affected nations in the world, hence, in such a case, the market is propelled to thrive at present with a high risk of contracting coronavirus infections and thus, it becomes necessary to work towards effective hospital waste management with a growing number of affected coronavirus infected patients.
Furthermore, the rising prevalence of cancer in the United States and in the other parts of the world is also considered as one of the driving factors for the market to grow throughout the forecast period. According to the data provided by the U.S Department of Health and Human Services, the new number of cancer cases is estimated to grow to a patient population size of around 1.9 million people per year by 2020 from a patient population size of around 1.5 million people per year in 2010.
The growing awareness regarding proper waste management is driving the market demand in the forecast period.
There is a rise in awareness related to the benefits offered by the proper waste management in the previous years. This is particularly being noticed in the hospitals and several pharmaceutical industries, clinical trial organizations, and several diagnostic centers. The foremost step regarding the disposal of hospital waste consists of the utilization of safe, sturdy, and properly labeled waste collection bags. These are usually coloured according to the type of waste to be disposed-off and are accordingly used as per the country’s healthcare standards. Biohazard bags for the disposal of sharps, surgical tools, and other contaminated metal items are usually discarded in the material that are tough and are puncture-proof. Additionally, these bags are highly resistant to high pressure and high-temperature conditions of sterilization equipment like an autoclave. This is because of the fact that these contaminated or infectious hospital wastes are subjected to sterilization in an autoclave before being finally discarded. Autoclaves are also cost-effective and are capable of hospital waste decontamination in order to ensure that they no longer remain hazardous. However, in many medical institutes, the incineration method is utilized for the disposal of infectious medical wastes. This is preferred specifically in the case of an epidemic or a pandemic situation like the current COVID-19 outbreak. Hence, the demand for biohazard bags will increase at its peak in the case of a novel coronavirus scenario. The biohazard bags containing infectious medical wastes can be easily subjected to incineration and hence are an effective solution for healthcare waste disposal during pandemic situations.
According to the WHO statistics, out of the total waste generated by healthcare activities, around 85% of waste generated is non-hazardous, while 15% of the waste is considered to be hazardous and contains infectious, toxic, or radioactive materials. It has been noticed that each year around 16 billion injections or syringes are administered on the global level, but not all of them are discarded properly, hence, the need for efficient waste management arises in order to avoid infections to be spread in the surrounding environment. Effective measures for ensuring safe and eco-friendly management of medical wastes will prevent untoward health and environmental impacts from such contaminated wastes which include the harmful release of chemicals or biological hazards. This may consist of drug-resistant microbes and hence, protection of the health of patients, healthcare workers, and the general public becomes necessary.