Specimen Retrieval Bag Is Estimated To Witness High Growth

specimen retrieval bag market

Specimen retrieval bags, also known as tissue retrieval bags, are sterile bags used during minimally invasive surgery procedures to remove tissues or organs from the body through small incisions without compromising on sterility. The bags feature filtered closure to prevent contamination and leakage. They are transparent to allow for easy identification of the specimen collected. Specimen retrieval bags help surgeons perform laparoscopic procedures with ease and safety.

The global specimen retrieval bag market is estimated to be valued at US$ 308.36 million 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 Opportunity:

The rising preference for minimally invasive surgeries among both patients and surgeons due to benefits such as reduced postoperative pain, lesser hospital stay, and quicker recovery presents lucrative growth prospects for specimen retrieval bags. The demand for specimen retrieval bags is estimated to increase substantially owing to the growing number of laparoscopic procedures performed globally. Industry experts expect further technological advancements in specimen retrieval bags to make minimally invasive surgeries more effective. This will likely propel the specimen retrieval bag market forward during the forecast period.

Porter's Analysis

Threat of new entrants: The specimen retrieval bag market requires significant investments in R&D which acts as a barrier for new players. Strict regulatory approvals is also another barrier.

Bargaining power of buyers: Buyers have moderate bargaining power given that there are few established players in the market. However, products are medical necessities so switching costs are high.

Bargaining power of suppliers: Suppliers have moderate bargaining power given the inputs required are common medical grade polymers which are available from multiple suppliers globally.

Threat of new substitutes: There are no cost-effective substitutes for specimen retrieval bags currently.

Competitive rivalry: The market is dominated by few large players who compete on the basis of product quality, features and pricing.

SWOT Analysis

Strength: Established brands and distribution networks. Products adhere to high quality and safety standards.

Weakness: High R&D and manufacturing costs. Strict regulatory approvals delay new product launches.

Opportunity: Expanding healthcare infrastructure in developing nations. Increasing elderly population driving demand for minimally invasive surgeries.

Threats: Price controls and reimbursement policies impact profitability. Economic slowdowns can decrease surgical volumes.

Key Takeaways

The global Specimen Retrieval Bag Market Share is expected to witness high growth over the forecast period driven by increasing incidence of diseases requiring minimally invasive surgeries. The rising geriatric population globally prone to chronic diseases and trauma injuries will further support market growth. 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: North America dominates the market currently owing to advanced healthcare infrastructure and increasing willingness to adopt newer technologies. Asia Pacific is expected to be the fastest growing region supported by growing medical tourism industry and improving access to healthcare in nations like China and India.

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. These established brands compete on product quality while targeting emerging Asian markets.

For more details on the report,  Read- https://www.dailyprbulletin.com/incorporate-one-market-opportunity-for-given-market-analysis