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Biowaste Containers Market - Forecast(2023 - 2028)
Biowaste Containers Market Overview
Biowaste Containers Market size is estimated to reach $26.4 billion by 2027, growing at a CAGR of 5.1% during the forecast period 2022-2027. Biowaste can be delineated as any sort of infectious material or product which can pose numerous health and life-threatening complications. If we consider only medical waste it may comprise fluids of the body, used needles and blades, infected bandages, blood, and many more. Generally, containers are used to store biowastes. A few common types of containers are high-density polyethylene, paper containers, and steel containers. The Biowaste container market outlook is quite appealing due to augmenting health illnesses broadening the demand for disease treatments, diagnostic practices, and research activities which are the primary source of waste. Biowaste may lead to life-threatening health maladies like HIV, cancer, and tuberculosis as well as an environmental problem of soil and water contamination. Proliferating cognizance regarding the harmful effects of biowaste is a prominent factor set to drive the growth of the Biowaste Containers Market for the period 2022-2027.
Report Coverage
The report: “Biowaste Containers Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Biowaste Containers Market.
Key Takeaways
- Geographically, the North America Biowaste Containers Market accounted for the highest revenue share in 2021. However, Asia-Pacific is poised to dominate the market over the period 2022-2027.
- The broadening number of hospitalized patients is said to be a preeminent driver driving the growth of the Biowaste Containers Market. Poor quality of containers is said to reduce the market growth.
- Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Biowaste Containers Market report.
Biowaste Containers Market- Geography (%) for 2021.
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Biowaste Containers Market Segment Analysis-By Waste Type
The Biowaste Containers Market based on waste type can be further segmented into Radioactive material, Hazardous material, Infectious material, and General material. The General material segment held the largest share in 2021. The general material waste can be delineated as normal waste produced from medical facilities such as hospitals, laboratories, and research facilities such as wrappers, plastic, gloves, glass, etc. Around 70-80% of the waste produced by hospitals is in the form of general waste. However, the infectious waste segment is estimated to be the fastest-growing with a CAGR of 6.7% over the forecast period 2022-2027. This growth is owing to surging transmissible maladies around the globe that have stimulated the demand for medical surgeries, the prevalence of life-threatening sicknesses like Cancer, HIV, and other cardiovascular complication with expanding old-age population. For example, the projections of various organizations believe that by 2030, one in every five Americans would be above 65+ in 2030. As a result, more waste is being produced and stored in biowaste containers.
Biowaste Containers Market Segment Analysis-By Waste Generator
The Biowaste Containers Market based on the waste generator can be further segmented into Hospitals, Research and Diagnostic laboratories, Health clinics, etc. The Hospital segment held the largest share in 2021. The growth is owing to colossal enlargement in the prevalence of acute and chronic maladies. On another hand, injuries inflicted by sporting events, road accidents, and other causes are also prevailing which are enlarging infectious waste such as blood, bandages, and post-mortem waste. Moreover, the COVID-19 outbreak has fueled the market. According to statistical analysis, there has been a 46% proliferation of biomedical waste in starting of the second quarter in India. Moreover, the hospital segment is estimated to be the fastest-growing with a CAGR of 6.9% over the forecast period 2022-2027. This growth is owing to a mutation in COVID-19 which is swelling the virus cases all over the world again, augmenting breakthroughs in diagnosis and treatment techniques.
Biowaste Containers Market Segment Analysis-By Geography
The Biowaste Containers Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share with 38% of the overall market in 2021. The growth in this segment is owing to the factors such as shooting up health consciousness among the general public of north American countries, state-of-the-art health infrastructure attributing to affluent economies, the heightening trend of sporting activities, and augmenting mass shooting incidences in the U.S. Further, the U.S. provides close to 19% of its GDP towards healthcare, which rounds up to $4 trillion in 2020. However, Asia-Pacific is expected to be the fastest-growing segment over the forecast period 2022-2027. This growth is owing to proliferation in the overall elderly population, unhygienic and deprived living conditions in many Asian countries worsening the prevalence of communicable ailments, accruing government spending to refine health infrastructure, broadening research and development activities in the medical field.
Biowaste Containers Market Drivers
Increasing acute and chronic sicknesses owing to the rising population are Anticipated to Boost Product Demand.
Modern-day society is facing several contemporary health hitches but following COVID-19 there has been a rush in the frequency of incalculable contagious and unconventional illnesses leading to grave health complications. Most of these are ascribed to proliferating population and declining immunity. The total population of the world is approximately 8 billion people as of now and out of these 8 billion around 700 million is the number of people aging above 65 and the figure is projected to inflate up to 1-2 billion in the coming future. Therefore, waste-producing rates are swelling and driving the demand for such storage capacities. For instance, India has witnessed a 46% proliferation of biomedical waste in starting of the second quarter.
Shooting up mergers and acquisitions and accruing research and development activities are Expected to Boost Product Demand.
Owing to increased government and private players spending on research and development of novel techniques and treatments of diseases medical sector is witnessing unprecedented growth. India proliferated its healthcare expenditure by 137% and assigned 2.23 lakh crore (approximately $20.1 billion) to healthcare in the union budget 2021-2022. Therefore, due to presence of state-of-the-art diagnostic procedures motivates health-stricken people to undergo them and lead a healthy life which in turn fueled the demand for storing medical waste produced through all such activities. In addition to that, the rising number of mergers and acquisitions in respective fields is stimulating the progress of the market. For instance, healthcare giant Mckesson has spent more than $18 billion until this date and has acquired around 24 firms.
Biowaste Containers Market Challenges
Poor quality of containers is Anticipated to Hamper Market Growth.
Even though, the prospect for the Biowaste medical containers market is quite appealing as their demand is selling day after day but there are a few aspects that can slow down the speed at which it is progressing. According to WHO, of the total amount of waste generated by health-care activities, about 85% is general, non-hazardous waste comparable to domestic waste. The remaining 15% is considered hazardous material that may be infectious, chemical, or radioactive. High-income countries generate on average up to 0.5 kg of hazardous waste per hospital bed per day; while low-income countries generate on average 0.2 kg. Compromising the quality of waste containers may lead to leakage of the infectious and hazardous waste which in turn can ensure several life-threatening complications and environmental headaches. Moreover, a lack of employees in the management of medical waste ascribing to risks associated with it can strangle the market.
Biowaste Containers Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Biowaste Containers Market. Key companies of this market are-
- Mckesson Corporation
- Otto Environmental Systems
- LB Medwaste
- Eagle Manufacturing Company
- Covidien
- Dynalon Corporation
- Bemis Healthcare
- W. W. Grainger, Inc.
- Justrite
- Thermo Fisher Scientific
Recent Developments/Product Launches:
- On December 2, 2021, the Southern-Central American state of Oklahoma successfully launched a six-month program with a motive to collect medical sharps that is infected syringes, and needles which are considered one of the most treacherous forms of medical waste. The state has decided to set up 4 different collection sites throughout the state.
- On December 24, 2021, To promote the circular economy, two new taxes are included, one on non-reusable plastic packaging and a tax on incineration, co-incineration, and the deposit of waste in a landfill, as well as the obligation for local entities within 3 years to develop a non-tax, specific, differentiated and non-deficit public equity rate or benefit associated with the management services of lending waste. Meanwhile, bio-waste should have a maximum percentage of improper 20% in 2022 and 15% in 2027, moving towards more efficient models such as door-to-door or collection in closed or smart containers.