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 Overview:
Specimen retrieval bags are sterile bags used to retrieve medical specimens, organs, or tissue during minimally invasive surgery. These bags are necessary to retrieve specimens in laparoscopic procedures and prevent contamination while allowing the specimen to be removed from the body without difficulty or damage. Specimen retrieval bags help maintain sterility, allow morcellation or fragmentation within the bag if required, and enable intact extraction from the body. They are flexible, durable, and available in various sizes depending on the nature of specimen. The growing adoption of minimally invasive surgical procedures and technological advancements are boosting the demand for specimen retrieval bags.
Market key trends:
Laparoscopic surgery is gaining immense popularity owing to benefits such as reduced postoperative pain, less visible scarring, quick recovery time, and lower incidence of surgical site infections. According to Flexicare Medical Limited, laparoscopic procedures now account for over 60% of all surgeries worldwide. Growing prevalence of gastrointestinal diseases is also fueling the demand for laparoscopic surgeries. In addition, manufacturers are increasingly focusing on development of advanced specimen retrieval bags with innovative designs and features. For instance, introduction of bags with durable polymer constructions, easy-open closures, soft edges, and radiopaque markers for better visibility under imaging is further augmenting the market growth.
Porter’s Analysis:
- Threat of new entrants: Low capital requirements and established brand loyalty make it difficult for new players to enter the market. However, threat of new entrants is moderate due to the average growth stage of the market.
- Bargaining power of buyers: Large number of established brands offering similar products decreases buyers’ bargaining power. However, buyer can negotiate on bulk purchases.
- Bargaining power of suppliers: Presence of numerous raw material suppliers limits suppliers’ bargaining power. However, suppliers may have some control if there is a shortage of a particular raw material.
- Threat of new substitutes: No close substitutes exist for specimen retrieval bags due to unique ability to hold specimens securely and prevent infection. However, other surgical bags can pose threat if used for similar purposes.
- Competitive rivalry: Market dominated by few top players leads to high competitive rivalry. Players compete on quality, reliability, effective services and competitive pricing.
Key Takeaways:
The Global Specimen Retrieval Bag Market Demand is expected to witness high growth, exhibiting CAGR of 4.0% over the forecast period, due to increasing preference for minimally invasive surgeries.
Regional analysis:
North America is expected to dominate the global specimen retrieval bag market over the forecast period owing to large surgical procedures volumes and presence of key players. Asia Pacific is anticipated to exhibit the fastest growth attributed to rising healthcare expenditure and growing medical tourism industry in the region.
Key players:
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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