The biohazard bags market is poised to expand eight per cent from its current market value at over $277.86 million (US$200m) in 2019 to $625.18 million (US$450m) by 2026, according to a report by Global Market Insights.
The report states that growing awareness regarding spread of deadly infections through medical wastes will drive global biohazards market outlook. Currently, the demand for biohazard bags is escalating due to dire need of effective handling of medical waste in medical settings.
Undesirable biological material
Medical waste comprises undesirable biological material like blood products and other toxic materials such as heavy metals and chemical substances. The waste is infectious in nature and needs to be disposed of properly to avoid environmental and health hazards.
Of great concern is the findings that medical waste often goes assorted with municipal waste and is buried without check. This leads to the release of harmful particles in the atmosphere and in turn negatively impacts the environment.
Presently, the extensive usage of coloured biohazard bags for effective waste disposal is the most significant way deployed by medical practitioners to avoid infections and unwanted diseases, as well as easy identification of toxic material.
With respect to capacity type, the biohazard bags market is classified into more than 35 gallon, 15 to 35 gallon, and less than 15 gallons. According to the report, among these, the 15 to 35-gallon segment held a market value of more than $111.14 million (US$80m) in 2019. The 15 to 35-gallon hazardous bags are ideally useful in hospitals, nursing homes, offices and other medical facilities.
Plastic resists harsh chemicals
Plastic is a commonly used material owing to its durability and resistance to several harsh chemicals as compared to others. Biohazard bags are widely manufactured from plastic material so as to make them thicker as well as recyclable, and enable sufficient amount of medical waste to be stored. The plastic biohazard bags market share is likely to exhibit growth rate of 8.5 per cent over 2020-2026.
Waste generated from pharmaceutical and biotech companies include expired, contaminated, unused pharmaceutical products and wastes generated while manufacturing drugs and vaccines. This accumulation of the medical waste requires proper and effective biohazard bags for proper handling and disposal.
In 2019, pharmaceutical and biotech segment together accounted for over 9 per cent of the overall market share. Rise in amount of medical waste from biotech and pharmaceutical companies will positively impact biohazards bags business landscape.
Developing countries such as India, China and others have insufficient medical waste treatment units which is fuelling the demand for biohazard bags from these countries. Also, India’s CPCB (Central Pollution Control Board) has released guidelines for effective handling of medical waste with the advent of coronavirus outbreak. The report states that strict regulatory guidelines will foster Asia Pacific biohazard bags market.
The Indian biohazard bags market accounted for nearly 10 per cent share in 2019 and is estimated to gain major traction over the projected timeframe. Key players operating in the global market are Stericycle, Biomedical Waste Solutions, Veolia, Daniel Health, Transcendia, Abdos Labtech, Fisher Scientific, REMONDIS, Sharps Compliance and SUEZ.
These companies have been working for distinct guidelines for active disposal of regulated medical waste during the coronavirus pandemic.
For instance, BioMedical Waste Solutions guarantees effective collection as well as segregation of medical waste by utilizing coloured biohazard bags for easy identification.