The global 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 of 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 securely and safely remove specimens. These bags offer advantages such as easy handling, prevention of sample contamination, and minimal risk of spillage or leakage. The increasing adoption of minimally invasive surgical procedures, coupled with advancements in medical technology, is driving the demand for specimen retrieval bags. These bags play a crucial role in maintaining the integrity of the specimen and reducing the risk of infection during surgeries. The rising prevalence of chronic diseases and the growing geriatric population are also contributing to the market growth, as these factors increase the need for minimally invasive surgeries.
Market Key Trends:
One key trend in the specimen retrieval bag market is the growing preference for disposable bags. Disposable specimen retrieval bags offer several advantages, including reduced risk of cross-contamination, easy disposal, and cost-effectiveness. These bags eliminate the need for cleaning and sterilization, saving time and resources for healthcare professionals. In addition, disposable bags prevent the transmission of infectious diseases and ensure patient safety. As a result, the demand for disposable specimen retrieval bags is increasing among healthcare facilities globally.
Overall, the global specimen retrieval bag market is projected to witness significant growth in the coming years, driven by the increasing demand for minimally invasive surgeries and the preference for disposable bags. The market players mentioned above, such as Johnson & Johnson Services, Inc., Teleflex Incorporated, and Medtronic, are expected to capitalize on these trends and strengthen their market presence.
Segment Analysis:
The Specimen Retrieval Bag Market Demand can be segmented based on product type, application, end-user, and region.
Based on product type, the market can be divided into single use and reusable bags. The single-use bags segment is dominating the market due to their cost-effectiveness and reduced risk of cross-contamination. These bags are widely used in hospitals and clinics for various surgical procedures, driving the growth of this segment.
In terms of application, the market can be segmented into laparoscopic surgeries, open surgeries, and others. Laparoscopic surgeries dominate the market as they offer advantages such as minimal scarring, reduced pain, and shorter hospital stays. The demand for specimen retrieval bags is higher in laparoscopic surgeries, contributing to the growth of this segment.
On the basis of end-user, the market can be categorized into hospitals, ambulatory surgical centers, and others. Hospitals account for the majority share in the market due to the high number of surgical procedures performed in these settings. The availability of advanced surgical equipment and skilled healthcare professionals in hospitals further propels the growth of this segment.
Regional Analysis:
North America is the fastest-growing and dominating region in the specimen retrieval bag market. The region’s dominance can be attributed to factors such as the presence of major healthcare facilities, increased investments in healthcare infrastructure, and a high prevalence of surgical procedures. Additionally, the growing adoption of minimally invasive surgeries and the presence of key market players in this region contribute to its dominance.
Key Players:
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 strategies such as product launches, partnerships, and mergers to strengthen their market position. Their technologically advanced products, wide distribution networks, and strong brand recognition contribute to their competitiveness 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
