April 20, 2024
Specimen Retrieval Bag Market

Specimen Retrieval Bag Market Is Flourishing In Healthcare Segment By Growing Demand For Specimen Collection

The Specimen Retrieval Bag Market plays a crucial role in the healthcare industry owing to its significance in providing sterile and contamination-free specimen collection from patients. Specimen retrieval bags are designed to collect and carry biological specimens externally and internally from the body with utmost safety. They are made from transparent medical-grade plastic material that allows visibility of the specimens and seals tightly to avoid any leakage during transportation or storage. Key advantages of using specimen retrieval bags include easy handling, maintenance of the chain of custody of specimens, and prevention of contamination. The rising number of surgical procedures globally has augmented the demand for reliable specimen collection, boosting the specimen retrieval bag market.

The Global Specimen Retrieval Bag Market is estimated to be valued at US$ 355.24 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Specimen Retrieval Bag Market are MANN+HUMMEL, Mahle GmbH, Denso Corporation, Robert Bosch GmbH, Donaldson Company, Inc., Clarcor Inc. (Acquired by Parker Hannifin Corp), Sogefi SpA, Hengst SE, ACDelco (Subsidiary of General Motors), Cummins Inc., Fram Group, K&N Engineering, Inc., Freudenberg Group, WIX Filters (MANN+HUMMEL), UFI Filters. These players are focusing on new product launches and mergers & acquisitions to expand their market share.

The growing number of surgeries across the globe for diagnosis, cancer treatment, and organ transplants is driving the demand for reliable specimen collection and subsequent tests. With the increasing prevalence of chronic and lifestyle-related diseases, surgical procedures are becoming more frequent, thus propelling the specimen retrieval bag market.

The market players are strategizing global expansion to penetrate untapped markets through partnerships, subsidiaries, and establishing production and distribution centers. Rising healthcare infrastructure and growing medical tourism in developing regions will provide promising growth opportunities for specimen retrieval bag manufacturers in the coming years.

Market Key Trends

Single-use disposable specimen retrieval bags are gaining popularity among end-users as they eliminate the risk of cross-contamination between patients. These bags reduce turnaround time, lower costs associated with cleaning and sterilization of reusable bags, and ensure patient and staff safety. The trend of single-use disposable bags is expected to continue and drive the specimen retrieval bag market during the forecast period.

Porter’s Analysis
Threat of new entrants: New entrants face moderate barriers as substantial capital investment is required to enter the specimen retrieval bag market. However, new players may enter the market by hiring employees from key players.

Bargaining power of buyers: Buyers have moderate bargaining power as specimen retrieval bags are necessity in surgical procedures. Switching costs are low as buyers have multiple supply options.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute materials. However, key raw material suppliers exert bargaining power.

Threat of new substitutes: Low threat as Specimen Retrieval Bags Market Demand provide unique functionality of safely containing surgical specimens. No major substitutes exist for this purpose.

Competitive rivalry: High competition exists among key players to gain market share. Players differentiate through product quality, brand visibility and price.

Geographical Regions: North America holds the major share of specimen retrieval bag market in terms of value owing to robust healthcare infrastructure and rise in surgical procedures. Asia Pacific region is expected to be the fastest growing market during the forecast period due to increasing healthcare expenditure, growing medical tourism and rising surgical procedures in China and India.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it