by The Specimen Retrieval Bag Market is estimated to be valued at US$ 296.5 Million in 2023 and is expected to exhibit a CAGR of 4.00% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Specimen retrieval bags are used in minimally invasive surgeries to remove tissue samples during procedures such as laparoscopy, robotic-assisted surgeries, and single-incision laparoscopic surgeries. These bags are designed to securely contain the specimen and prevent contamination, thus ensuring accurate pathological analysis. They are available in various sizes and materials, including nylon, polyester, and polyethylene. With the increasing adoption of minimally invasive techniques and advancements in surgical technologies, the demand for specimen retrieval bags is expected to witness significant growth in the forecast period.
Market Dynamics:
The growth of the specimen retrieval bag market can be attributed to two main drivers. Firstly, the increasing number of minimally invasive surgeries is driving the demand for specimen retrieval bags. Minimally invasive procedures offer benefits such as reduced post-operative pain, shorter hospital stays, and faster recovery times, leading to their growing adoption. Secondly, the growing geriatric population, who are more prone to age-related health conditions and require surgical interventions, is expected to drive the market growth further. The elderly population is increasing globally, leading to a rise in age-related surgical procedures such as hernia repairs and gallbladder removals, which require specimen retrieval bags. Overall, these factors are expected to contribute to the high growth of the specimen retrieval bag market.
SWOT Analysis:
- Strength: The specimen retrieval bag market is expected to witness high growth due to the increasing prevalence of chronic diseases that require surgical interventions, such as cancer and gastrointestinal disorders. Additionally, advancements in surgical techniques and the increasing adoption of minimally invasive surgeries are driving the demand for specimen retrieval bags.
- Weakness: One weakness in the specimen retrieval bag market is the high cost associated with these devices, which can limit their accessibility, especially in developing regions. Another weakness is the potential risk of contamination or damage to the specimen during retrieval and transportation, which may affect the accuracy of pathology testing.
- Opportunity: There are two major opportunities in the specimen retrieval bag market. Firstly, the growing awareness regarding the importance of early diagnosis and screening for various diseases is expected to drive the demand for specimen retrieval bags for biopsy and tissue sample collection. Secondly, the increasing focus on improving healthcare infrastructure in emerging economies presents a lucrative market for specimen retrieval bags.
- Threats: Two threats to the specimen retrieval bag market are the intense competition among key players and the presence of alternative devices or techniques for specimen retrieval. The market is witnessing the entry of new players, leading to pricing pressures and potential market saturation. Additionally, the development of alternative specimen retrieval techniques, such as liquid biopsy, poses a threat to the market’s growth.
Key Takeaways:
The Global Specimen Retrieval Bag Market Growth is expected to witness high, exhibiting a CAGR of 4.00% over the forecast period (2023-2030), due to the increasing prevalence of chronic diseases and the adoption of minimally invasive surgeries. Regionally, North America is the fastest-growing and dominating region in the market, driven by the high healthcare expenditure, advanced healthcare infrastructure, and favorable reimbursement policies.
Key players operating in the specimen retrieval bag market include 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. These players focus on product innovation, strategic collaborations, and mergers and acquisitions to gain a competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
