Covid 19 Pandemic to Foster the Demand for Bio Hazards Bags
Research Nester published a report titled “Bio Hazards Bag Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers a detailed overview of the bio hazards bag market in terms of market segmentation by product, by end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis, and Porter’s five force model.
Biohazard bags are designed for collecting biomedical waste. They are labeled, colored, and marked separately for different types of hospital waste, as per the healthcare standards. The waste contains infectious materials and is generated from the diagnosis, prevention, or treatment of diseases in the healthcare sector.
According to WHO, poor management of healthcare waste (used needles & syringes, soiled dressings, body parts, diagnostic samples, blood, chemicals, pharmaceuticals, medical devices, and radioactive materials) possibly expose patients, healthcare workers, waste handlers and community at large to toxic effects, infection and injuries.
The bio hazards bag market is estimated to record a significant CAGR during the forecast period, i.e., 2020-2028. The market is segmented by product type, application, end-user, and region. Among end use segmentation, the hospital segment is expected to hold the leading market share during the forecast period owing to the escalating generation of biohazardous waste across the earth particularly attributable to the COVID 19 pandemic.
Regionally, the bio hazards bag market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
As a result of the rising aging population, highly developed healthcare infrastructure, and widespread presence of infectious and chronic diseases, North America is estimated to hold significant market share in the bio hazards bags market followed by Europe.
The Occupational Safety and Health Administration (OSHA is an agency under the US Dept. of Labor) stringently controls the Occupational Exposure to Bloodborne Pathogens Standard which was created in 1991, in order to keep the patients and staff safe when trading with bloodborne pathogens.
The Asia Pacific region is estimated to develop at a steady speed during the forecast period owing to the budding population, fast development that may lead to effective waste management systems.
A rapid development in construction of hospitals and other medical facilities across the world
In 2018, WHO estimated that in high-income countries, about 0.5 kg of hazardous waste is produced from each hospital bed everyday, and in low-income countries, it is about 0.2 kgs.
Henceforth, hospitals are the biggest producers of biohazardous waste and is one of the biggest carriers of biological samples such as blood, test samples, and organs thereby contributing significantly to the growth of bio hazards bag market in the forecast period.
However, lack of awareness related to health hazards, improper training for disposal methods, and operation of waste care without authorization of Biomedical Waste Management Rules in developing countries is hampering the market growth.
This report also provides the existing competitive scenario of some of the key players of the bio hazards bag market which includes company profiling of Clean Harbors, Inc. (NYSE: CLH), Daniels Sharpsmart, Inc., REMONDIS Medison GmbH, Republic Services, Inc. (NYSE: RSG), Sharps Compliance, Inc. (NASDAQ: SMED), Stericycle, Inc. (NASDAQ: SRCL), Suez Environment S.A. (EPA: SEV), Veolia Environnement S.A. (EPA: VIE), WM Intellectual Property Holdings, L.L.C., BioMedical Waste Solutions, LLC. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the bio hazards bags market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.