The “Specimen Retrieval Bag Market” is Expected to be Flourished by Enhancements in Minimal Invasive Surgeries. Specimen retrieval bags are sterile bags used during minimally invasive surgeries to remove specimens, organs or tissues from the body through small incisions without any contamination. These bags protect and encapsulate the excised tissues during extraction for histopathological or microbiological examination. In laparoscopic surgeries, specimen retrieval bags play a key role in effective extraction and prevent spillage of substances into the abdominal cavity. Growing demand for minimally invasive procedures and organ transplants are augmenting the usage of specimen retrieval bags across hospitals and clinics.
The global Specimen Retrieval Bag Market is estimated to be valued at US$ 308.36 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 Dynamics:
Improvements in Minimal Invasive Surgeries is Expected to be Flourished by Enhancements in Minimal Invasive Surgeries. Advancements in minimally invasive surgical techniques coupled with innovations in specimen retrieval bag designs are propelling market growth. Increasing adoption of laparoscopic hernia repair, cholecystectomy and appendectomy procedures is expanding the uptake of specimen bags. Rapid development of healthcare infrastructure and growing number of ambulatory surgical centers and multi-specialty hospitals in developing economies are also augmenting market value. However, higher costs associated with minimally invasive instruments and retrieval bags may restraint market growth over the forecast period.
Another key market driver is Growing demand for minimally invasive procedures and organ transplants are augmenting the usage of specimen retrieval bags across hospitals and clinics. Minimally invasive techniques have gained immense popularity as they allow smaller cuts, less pain and quicker recovery time for patients. This has boosted organ transplant activities worldwide which in turn has inflated consumption of specimen retrieval bags. According to the latest data from the WHO, around 124,000 solid organ transplant surgeries were performed worldwide in 2016.
Segment Analysis
The global specimen retrieval bag market is segmented into laparoscopy and thoracoscopy segments. The laparoscopy segment currently dominates the market and accounts for over 65% market share. This is because laparoscopy procedures are more commonly performed than thoracoscopy procedures. Some of the common laparoscopy procedures where specimen retrieval bags are used include cholecystectomy, appendectomy and hysterectomy. The demand for specimen retrieval bags is higher for laparoscopy segment owing to large volume of such minimally invasive surgeries being performed globally.
PEST Analysis
Political: Healthcare reforms in many countries are focusing more on minimally invasive surgeries which is increasing the demand for medical devices needed for such procedures including specimen retrieval bags. Some governments provide incentives for adoption of new medical technologies.
Economic: Rising per capita healthcare expenditure in developing countries is making people opt for advanced treatments. Minimally invasive surgeries being less expensive than open surgeries is driving higher rate of adoption. This will boost demand for bags used in such procedures.
Social: Growing awareness about benefits of minimally invasive surgeries such as lesser hospital stay and quick recovery is increasing patient preference for them. This social trend supports growth of the specimen retrieval bag market.
Technological: Adoption of advanced instruments and equipment with robotics assistance is helping perform complex surgeries with minimally invasive approach. New materials for making specimen bags are offering better strength and barrier properties.
Key Takeaways
The global Specimen Retrieval Bag Market Share is expected to witness high growth in the forecast period of 2023-2030. The laparoscopy segment currently leads the market owing to larger volume of procedures. The global Specimen Retrieval Bag Market is estimated to be valued at US$ 308.36 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030.
Regional analysis comprises- North America region currently dominates the specimen retrieval bag market due to high rate of adoption of minimally invasive surgical procedures. However, Asia Pacific region is expected to witness fastest growth in coming years led by countries like India and China where healthcare spending is rising rapidly.
Key players operating in the specimen retrieval bag market are 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. Key players are focusing on new product launches and geographic expansion to strengthen their market position. For instance, Cooper Surgical launched TRAMATM Plus Specimen Retrieval Bag with advanced sealing technology in 2020.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
