Specimen retrieval bags are used for the removal of organs and tissues during minimally invasive surgeries such as laparoscopic and endoscopic surgery. Specimen retrieval bags allow for the safe extraction of tissues without contamination and spillage, reducing the risk of spreading diseases. They are widely used in gynecological, urological, bariatric, and colorectal surgeries. Rising prevalence of lifestyle diseases and growing geriatric population that require surgical interventions are increasing the demand for minimally invasive procedures.
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 Dynamics: Growing number of minimally invasive surgeries is the major driver of the specimen retrieval bag market. Minimally invasive surgeries offer advantages over open surgeries such as less pain, shorter hospital stays, lower risk of complications and scarring. As a result, they are rapidly replacing conventional open surgeries. According to the Society of American Gastrointestinal and Endoscopic Surgeons (SAGES), over 7 million laparoscopic procedures are performed annually in the US alone. Furthermore, technological advancements leading to development of new retrieval bags with improved safety and efficacy are also fueling the market growth. For instance, introducing integrated filter mechanisms to prevent tissue spillage. Improved healthcare infrastructure and increasing healthcare expenditure in developing countries also provides significant opportunities for market players. However, high costs associated with minimally invasive procedures and availability of alternative techniques for specimen removal can hamper the market growth to some extent. SWOT Analysis Strength: Specimen Retrieval Bags are extensively used in minimally invasive surgical procedures like laparoscopic surgeries which are growing globally. They ensure safe handling and transportation of removed or biopsied tissue specimens without risk of spillage or leaking which maintains sterility and avoids cross-contamination. They are available in different sizes and materials to suit varied surgical needs. Weakness: Higher costs compared to conventional surgical practices can be a deterrent for widespread adoption, especially in price sensitive markets. Dependence on disposable plastics raises environmental concerns over non-biodegradable medical waste. Opportunity: Rising geriatric population susceptible to cancer and organ diseases drives the demand for minimally invasive diagnostic and treatment procedures augmenting the market. Growing healthcare infrastructure and diagnostic capabilities in emerging nations present lucrative prospects. Threats: Stringent regulatory norms for new product approvals and adherence to quality and safety standards increases entry barriers and costs. Substitution threat from advanced tissue containment and handling technologies. Key Takeaways The global Specimen Retrieval Bag Market Growth is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising incidence of chronic diseases and preference for minimally invasive surgeries. The market size is projected to reach US$ 308.36 Mn in 2023 expanding at a CAGR of 4.0% through 2030. Regional analysis Regional analysis North America presently dominates the specimen retrieval bag market owing to high healthcare spending, sophisticated healthcare infrastructure and widespread medical insurance coverage facilitating rapid adoption of advanced medical technologies. Asia Pacific is expected to grow at the fastest pace on back of expanding medical tourism industry, growing medical expenditures, rising discretionary incomes and increasing focus on quality healthcare in major economies like India, China and Japan. 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. Key players are focusing on new product introductions and market expansion strategies to strengthen their global footprint. For more insights, read- https://www.newsanalyticspro.com/specimen-retrieval-bag-market-trends-size-and-share-analysis/ Comments are closed.
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