Market Trends of Biohazard Bags Industry
Hospital Segment is Expected to Hold Significant Market Share Over the Forecast Period
- Hospitals are expected to experience significant growth due to the increasing number of patients with infectious and chronic diseases. They are also the largest source of biohazard waste, leading to a high demand for biohazard bags in hospitals.
- According to the Government of India's Rural Health Statistics, there were a total of 761 district hospitals, 1,224 sub-divisional hospitals (SDH), 5,951 community health centers (CHCs), 30,579 primary health centers (PHCs), and 1,57,819 sub-centers (SCs) as of March 2021 in India. Given the high amount of biohazardous waste generated during surgical or diagnostic procedures, the high number of hospitals and community centers is expected to drive segment growth during the forecast period.
- Additionally, the Kingdom of Saudi Arabia's Health Indicators 2021 report indicated that there were 13.6 million emergency room visits, 0.5 million surgical interventions, 232,216 deliveries, and 186 million lab investigations in 2021 in Saudi Arabia. Thus, the large patient pool for medical intervention is expected to contribute to segment growth during the forecast period.
- Furthermore, many hospitals invite tenders for the management of biomedical waste in their facilities. For example, in February 2022, the Regional Institute of Medical Sciences (RIMS), Imphal, issued a two-stage bid system inviting proposals from Government e-Marketplace (GeM) registered firms for the supply of hospital biohazard bags or biomedical waste collection bags for use in RIMS Hospital, Imphal. Moreover, all government and private hospitals are responsible for safe and effective biomedical waste management, leading to increased use of biohazard bags in hospitals worldwide and driving segment growth.
- Furthermore, in May 2021, Mylab Discovery Solutions received approval from the Indian Council of Medical Research (ICMR) for the self-use rapid antigen test for COVID-19, CoviSelf. The kit includes an instruction kit, a nasal swab, a pre-filled extraction tube, a test card, and a biohazard bag. Hence, the use of biohazard bags in various disposable medical devices for hospital purposes is expected to drive segment growth during the analysis period.
- Therefore, due to the aforementioned factors, such as the high patient pool in hospitals, the rising number of hospitals worldwide, and the initiatives taken by hospitals to increase the use of biohazard bags, the segment's growth is expected to increase during the forecast period.
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North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
- North America is expected to hold a significant market share in the biohazard bag industry. This is due to several factors, such as the high patient pool for various infectious and chronic diseases, increased awareness among people and healthcare industry stakeholders about biohazardous waste management, and the strong presence of industry players in the region.
- The United States is one of the largest contributors to the biohazard bag market due to the country's high burden of cancer. According to the American Cancer Society's Cancer Statistics 2022, 1,918,030 new cancer cases were predicted to occur in the United States in 2022. The waste produced in cancer centers is particularly dangerous since cancer treatment often involves chemotherapy and radiation therapy, which are hazardous to patients, employees, and visitors. Various medicines and diagnostics also use radioisotopes, which can cause mutations if exposed without protection. As a result, the high burden of cancer in the country is expected to boost the growth of the biohazard bag market during the forecast period.
- In addition to the high patient pool, strategic initiatives adopted by market players are also contributing to the growth of the biohazard bags market in the region. For instance, in February 2021, Vonco Products LLC, a manufacturer of liquid-tight medical devices, fluid bags, and infection prevention solutions, increased its production of 95kPa biohazard transport bags to meet the rising demand for safe transportation of biohazardous wastes. The expanded production indicates the high demand for biohazard bags in the region, which is also expected to continue in the forecast period.
- Therefore, taking into account the above-mentioned factors, such as the high patient pool for cancer and rising company initiatives, the growth of the studied market is anticipated in the North America region.
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