by The 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 bags used for containment of tissue or fluid specimens extracted from the human body during minimally invasive surgical procedures such as laparoscopy. They are made from medical grade polymer materials such as polyethylene and nylon that provide puncture resistance and maintain sterile integrity. Specimen retrieval bags come in various sizes based on the quantity of specimen expected to be collected. They ensure safe transfer of specimens from the surgical site to the laboratory for examination without any contamination or leakage.
Market Dynamics:
The growth of the global specimen retrieval bag market is driven by the rising adoption of minimally invasive surgeries worldwide. Minimally invasive procedures such as laparoscopy require specimen retrieval bags to extract biopsy samples or excised lesions from internal body areas. According to the National Institutes of Health, laparoscopic surgeries have increased significantly over the past decades leading to greater utilization of specimen retrieval products. Furthermore, increasing incidence of cancers globally is also contributing to the market growth. Cancer biopsies frequently employ specimen retrieval during surgical procedures to extract tumor samples for examination. According to the World Cancer Research Fund International, around 18 million new cancer cases occurred globally in 2018.
The adoption of single use sterile specimen bags further aids market expansion by eliminating costs associated with reprocessing of reusable retrieval products. Single use bags also help reduce infection risks. Stringent regulations regarding contamination prevention during specimen handling also drive compliance to sterile containment products.
Segment Analysis:
The specimen retrieval bag market is dominated by endoscopy procedures sub-segment. Endoscopy procedures account for over 60% market share owing to increasing preference for minimally invasive procedures. Endoscopy procedures such as laparoscopy, hysteroscopy, bronchoscopy, etc. require specimen retrieval bags to extract tissue or fluid samples without contaminating the body cavity.
PEST Analysis:
- Political: Developed countries are focusing on reducing healthcare costs by promoting minimally invasive surgeries which is benefiting the specimen retrieval bag market.
- Economic: Rising disposable incomes in developing nations is enabling greater affordability for advanced medical devices and procedures that utilize specimen retrieval bags.
- Social: Growing geriatric population who are prone to medical conditions like cancer is necessitating surgical procedures involving specimen retrieval bags for diagnosis.
- Technological: Key players are developing advanced specimen retrieval bags with properties like puncture resistance, see-through capabilities, and leak-proof seals to improve surgical outcomes.
Key Takeaways:
The Global Specimen Retrieval Bag Market Growth is expected to witness high, exhibiting CAGR of 4.0% over the forecast period, due to increasing preference for minimally invasive surgical procedures.
North America dominates the specimen retrieval bag market owing to rapid uptake of innovative medical devices and well-established healthcare infrastructure in the region. Moreover, presence of key market players and favorable reimbursement policies are propelling market growth in this region.
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. These players are focusing on new product launches and strategic collaborations to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
