by The global Specimen Retrieval Bag Market is estimated to be valued at US$ 308.36 Mn or Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Specimen retrieval bags are sterile pouches used to retrieve surgically removed tissues, organs or devices from the body during minimally invasive surgeries. They help contain spillage and maintain sterility during organ removal, preventing potential infections.
Market key trends:
Specimen retrieval bags are increasingly being used in laparoscopic procedures like cholecystectomy, appendectomy and hysterectomy due to the benefits of minimally invasive approach over open surgery such as reduced hospital stay, less pain and faster recovery. Growing popularity of bariatric procedures along with increasing insurance coverage for these surgeries is also bolstering market growth. Furthermore, rising geriatric population undergoing various medical surgeries on a regular basis acts as another major demand booster. However, availability of alternative endocatch bags poses a challenge for market participants.
SWOT Analysis:
- Strength: Specimen retrieval bags offer benefits like minimal incisions, reduced risk of infection, less pain and scarring for patients.
- Weakness: Limited storage capacity of some bags can be a restraint.
- Opportunity: Rising aging population prone to chronic diseases and increasing investments in medical infrastructure present an opportunistic market.
- Threats: Stringent regulatory approvals and trained workforce requirement pose threats.
Key Takeaways:
The Global Specimen Retrieval Bag Market Size is expected to witness high growth, exhibiting CAGR of 4.0% over the forecast period, due to increasing preference for minimally invasive procedures. The North America region is expected to dominate the market due to high healthcare spending and growing adoption of advanced medical technologies in the region.
Regional analysis:
North America is expected to retain its dominance in the global specimen retrieval bag market during the forecast period. This can be attributed to the high healthcare spending and growing prevalence of chronic and lifestyle diseases in the region driving surgical procedures. Asia Pacific exhibits potential for high growth due to improving access to healthcare in developing countries, rising medical tourism and focus of key players to tap opportunities.
Key players:
Johnson & Johnson Services, Inc., Teleflex Incorporated, Cooper Surgical, Inc., Genicon, Medtronic, B. Braun SE, Applied Medical Resources Corporation, LaproSurge, Purple Surgical, CONMED, Hangzhou Boer Medical Instruments Co., Ltd., Duomed, Changzhou Cheayoo Medical Devices Co., Ltd., and Tianjin Zhichao Medical Technology Co., Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
