The biohazard bags market is projected to surge at a CAGR of 6.37% from a market size of US$444.547 million in 2020 to achieve a market size of US$684.939 million by the end of 2027.
The market is propelled to grow in the forecast period with the growing patient population at the international level and the 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 and increasing health expenditure are further augmenting the market demand in the forecast period.
Additionally, growing awareness regarding medical waste management provides an opportunity for the market to thrive in the forecast period. Furthermore, concerns regarding hospital-associated infections are further 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 to treat their age-associated diseases. Additionally, significant investments for efficient waste management in a healthcare setting are 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 patient population, with the rise in chronic diseases such as cancer and heart diseases, is driving 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 further provides an opportunity for the market to grow significantly with an 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 adult citizens of the United States. The presence of an elderly population with diseases seeking better medical facilities is further fuelling 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 undergo several treatments in a medical facility. Furthermore, it is projected that the number of adults with doctor-diagnosed arthritis will reach 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. Thus, it becomes necessary to work toward effective hospital waste management with a growing number of affected coronavirus-infected patients.
Furthermore, the rising prevalence of cancer in the United States and other parts of the world is also considered 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 has been a rise in awareness related to the benefits offered by proper waste management in previous years. This is particularly being noticed in hospitals and several pharmaceutical industries, clinical trial organizations, and several diagnostic centres. The foremost step regarding the disposal of hospital waste consists of the utilization of safe, sturdy, and properly labelled waste collection bags. These are usually coloured according to the type of waste to be disposed of 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 materials that are tough and puncture-proof. Additionally, these bags are highly resistant to high pressure and high-temperature conditions of sterilization equipment like an autoclave. This is because 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 to dispose of infectious medical wastes.
This is explicitly preferred 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. 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. In comparison, 15% of the waste is 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 appropriately discarded. Hence, the need for efficient waste management arises in order to avoid infections from being 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, including the harmful release of chemicals or biological hazards. This may consist of drug-resistant microbes, so protecting the health of patients, healthcare workers, and the general public becomes necessary.
Despite the closure of major industrial processes and strict pandemic regulations, the healthcare and pharmaceutical sector saw an increase in demand. Owing to the rapidly spreading viral infection and growing COVID-19 cases, the healthcare sector faced a scarcity of medical equipment and devices. This led to a major increase in demand for medical instruments and equipment. The biohazard bags market also recorded an increase in demand, owing to its use in proper disposal and transpiration of contaminated samples, clothes, etc. Moreover, with the growing demand for healthcare treatments and procedures post-pandemic, the market demand is expected to increase significantly.
|Market size value in 2020||US$444.547 million|
|Market size value in 2027||US$684.939 million|
|Growth Rate||CAGR of 6.37% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments covered||Biohazardous Waste Type, End-Use Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Thermo Fisher Scientific, Bel-Art Products, International Plastics Inc., Cole-Parmer Instrument Company, LLC., Medegen Medical Products, Tufpak, Inc., Capitol Scientific, Inc.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the biohazard bags market size by 2027?
A1. The biohazard bags market is projected to reach a value of US$684.939 million by 2027.
Q2. What is the size of the biohazard bags market?
A2. Biohazard Bags Market was valued at US$444.547 million in 2020.
Q3. What are the growth prospects for the biohazard bags market?
A3. The biohazard bags market is projected to surge at a CAGR of 6.37% over the forecast period.
Q4. How is the global biohazard bags market segmented?
A4. The biohazard bags market has been segmented by biohazardous waste type, end-use application, and geography.
Q5. What factors are anticipated to drive the biohazard bags market growth?
A5. The growing number of hospital beds with an improved healthcare facility is further driving the market demand in the forecast period.
Thermo Fisher Scientific
International Plastics Inc.
Cole-Parmer Instrument Company, LLC.
Medegen Medical Products
Capitol Scientific, Inc.
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