by Specimen retrieval bags are sterile pouches used to contain specimens retrieved from the body during minimally invasive procedures like laparoscopy. They prevent contamination and spillage of specimens, allowing their careful extraction from the surgical site.
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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing number of surgical procedures is propelling the specimen retrieval bag market. As per estimates, over 51 million inpatient surgical procedures are performed annually in the U.S. alone. The number is rising steadily owing to factors like growth in the aging population suffering from chronic diseases and rising incidence of laparoscopic surgery. As specimen retrieval bags are an essential component of minimally invasive surgeries, their demand rises in line with increasing number of surgical procedures performed worldwide each year. This key trend will have a positive impact on specimen retrieval bag market growth over the forecast period.
SWOT Analysis
Strength: Specimen retrieval bags provide a safe, sterile and simple method of transporting specimens within the surgical environment without risk of contamination or leakage. These bags are disposable and prevent exposure to biohazards.
Weakness: Overuse and improper disposal of these plastic bags leads to environmental pollution. Frequent changes in regulatory policies related to product approvals can impact production planning.
Opportunity: Growing numbers of minimally invasive surgeries provide opportunities for increased adoption of specimen retrieval bags. Emerging economies with improving healthcare infrastructure offer new markets.
Threats: Strict regulations related to biomedical waste disposal pose compliance challenges. Competition from alternative containment products can affect market share.
Key Takeaways
The global Specimen Retrieval Bag Market Share is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising surgical volumes worldwide. The market was valued at US$ 308.36 Mn in 2023 and is anticipated to reach over US$ 418 Mn by 2030, expanding at a CAGR of around 4%.
Regional analysis: North America currently dominates the market and is estimated to maintain its leading position till 2030. This can be attributed to well-developed healthcare infrastructure and availability of advanced medical technologies in the region. Asia Pacific is poised to offer lucrative opportunities driven by growing medical tourism, increasing healthcare spending and expansion of private healthcare facilities across developing nations.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
