The biohazard bags market is estimated to rise significantly in the forecast period. The 15 to 30 gallons capacity type will generate the highest revenue. The polyethylene sub-segment will produce maximum profits. The hospitals and clinics sub-segment will be the most lucrative and North America region will dominate the market.
New York, USA, Oct. 26, 2020 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the biohazard bags market is estimated to enhance with substantial revenue of $469.1 million by 2027, from a significant market size of $295.6 million in the year 2019, with a CAGR of 6.2%. The report consists of a brief outline of the present scenario of the market that includes numerous significant outlooks of the market such as growth factors, challenges, market dynamics, restraints and varied opportunities in the forecast period. Furthermore, the report displays all the market figures; thus making it easier and obliging for the new entrants to understand the scope and the market set-up.
Factors Influencing the Market
The biohazard bags market is anticipated to rise in the projected forecast period due to awareness of waste management. The augmentation of biomedical wastes, usage of biohazard bags by healthcare facilities, proper disposal of harmful waste has inclined the utilization of such bags at a large scale. Moreover, waste management prevents environmental pollution and spread of infectious diseases as well. These all factors will fuel the market growth in the forecasted period.
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On the other hand, awareness gap about biohazard bags and areas of applications has hindered the market growth. Furthermore, lack of training for disposing the waste has also hampered the market. All these aspects are responsible for restraining the market boost.
Advancements in creating biohazard bags and rise in healthcare facilities are predicted to produce ample amount of opportunities for the market.
The report has divided the market based on capacity type, material type, end-use, and regional analysis.
15 to 30 Gallons Capacity Type to Generate the Highest Revenue
This segment is anticipated to garner revenue of $186.1 million by 2027, from a healthy market size of $112.1 million in 2019. The 15 to 30 gallons capacity type ensures that blood samples, heavy metals, and toxic wastes are collected efficiently. Beyond this, bags with biohazard symbols, high film strength, and leakage proof are included in this segment. These all features help in boosting the market.
Polyethylene Sub-segment to Garner the Maximum Profit
This sub-segment is projected to surpass the $124.3 million mark by 2027, from considerable revenue of $74.4 million in 2019. The rise in patients during the Covid-19 pandemic will further take the market forward. Moreover, the necessity to dispose waste like linen, blood products, and all the materials contaminated with bodily fluids will elevate the market. All these faucets will push the market growth.
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Hospitals and Clinics Sub-segment to be the Most Lucrative
This sub-segment is expected to rise from a market size of $118.5 million in the year 2018 and surge beyond $195.1 million in the forecast period. The rise in medical wastes that is generated by every hospital department like surgical units, housekeeping, and infectious diseases unit has uplifted the demand for biohazard bags. This aspect is responsible for escalating the market growth.
North America Region to Dominate the Market
This region is accounted to harness notable revenue of $135.5 million by 2027, from $88.3 million in 2019, with a healthy CAGR of 5.70%. The progressive inclination of investments by the market players in this area and the importance of disposing waste are considered to drive the market.
Biohazard Bags Market Key Players and Strategies
International Plastics Inc
Thermo Fisher Scientific
Abdos Labtech Private Limited
BioMedical Waste Solutions, LLC
The market players of biohazard bags are aiming at merger, acquisition, and developing advanced products. These strategies are followed by most of the startups and well-established organizations. Quick Download Top Companies Development Strategies Summary Report
Apart from this, the report summarizes numerous faucets of all the prominent players functioning in the market along with recent strategic moves, financial performance, developments and portfolio of the product, and SWOT (Strengths, Weaknesses, Opportunities, and Threats) scrutiny.
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