Biohazard Bags Market Grows Strong with Regulatory Push for Safer Biomedical Waste
The Centers for Diseases Control and Prevention (CDC) is continuously updating its guidelines with regard to disposal of medical waste. This ensures a protocol-driven risk assessment and recommends mitigation steps to be adhered to by clinical and biomedical laboratories. Therefore, demand for biohazard bags is expected to rise at a substantial pace worldwide in the near future.
Hospitals, nursing homes, and long-term care facilities are predominantly driving this demand on account of extensive need for safe discarding of the material used during a variety of patient treatments. While infectious medical waste is the key portion of the waste stream that may be contaminated by blood, body fluids, or other potentially infectious materials, it tends to pose a serious risk of transmitting infections. Growing significance of biohazard bags is thus fuelling the market at a global level.
Medical Disposables Taking a Big Leap Forward Amid COVID-19 Pandemic
The COVID-19 pandemic resulted in increased biohazardous waste. The epidemic has buoyed the market for biohazard bags, as stringent safety parameters were put in place to avoid further spread of the virus. The market is speeding up owing to increased transportation of drugs, unadulterated specimens, and research on the novel coronavirus. Transportation of all these materials necessitate biohazard bags, thereby propelling the global market.
The rising COVID-19 cases in hospitals and other medical care facilities across the globe are eventually leading to massive consumption volumes of medical disposables, sterilants, and disinfectants. This again, in turn, is generating massive volumes of medical waste, thus compelling government bodies to frame stringent waste disposal regulations covering everything from storage requirements, quantity/time limits, inspection, emergency planning, personnel training, recordkeeping, and reporting. Such a development is creating fertile ground for market growth.
Hospitals Record Remarkable Consumption in Line with Surging COVID-19 Cases
Hospitals are expected to remain a dominant consumer segment in biohazard bags market. With a solid upsurge in the number of COVID-19 cases and subsequently soaring demand for hospital beds to serve them, hospitals have become the largest producer of medical wastes such as pathological and anatomical, bulk human fluids, microbiological, sharps, and isolation wastes.
Moreover, as the maximum number of surgical procedures are conducted at hospitals, they continue to register voluminous consumption of biohazard bags. Hospitals are also the most common source of other types of biowaste, including common refuse, non-infectious medical waste, universal waste from wards/outpatient areas/clinical labs/diagnostic centres viz. blood/urine/stool/biopsy samples/radiology films.
Hospitals usually generate numerous infectious medical wastes such as laboratory, sharps, bandage, and cotton waste that are dangerous and can transfer severe infection to patients as well as healthcare professionals. Collection, storage, and careful disposal of such waste is thus mandatory. Increasing awareness and regulatory guidelines regarding this fact are accelerating the demand for biohazard bags in hospitals.
Market Potential of Asia Pacific High, Strengthens Further as Pandemic Surges On
Asia Pacific is expected to lead the global market during the forecast period, considering the impact of pandemic on the region. The sheer size of demographics here holds much promise to uphold the market potential. This region is also witnessing the number of COVID-19 cases, hospital beds, and COVID-19 centres. Adoption of new effective products is also growing at notable pace amid the pandemic. Fast developing economies such as India, and China have new regulations set by respective central pollution control boards emphasizing safety processes of handling, storing and disposing biomedical waste during COVID-19 treatment. Sales of biohazard bags will thereby remain on a climbing trajectory in Asia Pacific.
Lack of Awareness to Hamper Market Growth during Forecast Period
The global biohazard bags market is, however, expected to face certain restrains that will continue to affect long-term growth of the market. The lack of awareness among various medical and healthcare professionals about appropriate handling, treatment, and disposal of medical waste by type holds a major impact on public health. While this takes a toll on societal health, many medical and healthcare professionals even lack proper training regarding disposal of medical waste, which further hinders the market growth.
NPDs and R&D Key Focus Areas Driving Competition
The competition landscape of global biohazard bags market is highly fragmented. Both global and regional markets have been witnessing the entry of multiple new players that are looking to tap into the flourishing opportunities. Whereas key players are actively focusing on expanding their consumer base by not only improving their product quality but also indulging into new product developments (NPDs). Major players are also augmenting their R&D investments to stay ahead of the competition.
Some of the key players operating in biohazard bags market include BioMedical Waste Solutions LLC, Daniels Sharpsmart Inc., REMONDIS Medison GmbH, Stericycle Inc., Suez Environnement S.A., Veolia Environnement S.A., Waste Management, Inc., and Thermo Fisher Scientific.
Key Elements Included In The Study: Global Biohazard Bags Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.View Methodology