July 14, 2024

The Global Specimen Retrieval Bag Market Is Driven By Increasing Number Of Surgical Procedures

Specimen retrieval bags are used in laparoscopic surgeries to hold removed tissue and organs during minimally invasive procedures without contaminating the surgical site. These bags come in various sizes and made from medical grade plastic materials that allows containment of specimens without rupture. Specimen retrieval bags help surgeons to remove tissues or organs from the body through small incisions, leaving minimal scarring. They enable effective collection of specimens without spillage and facilitate easy extraction from the abdominal or thoracic cavity through the narrow ports. The global specimen retrieval bag market witnesses high demand due to the rising prevalence of chronic diseases and growing geriatric population who are prone to various health conditions requiring surgical interventions.

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 key trends:

One of the key trends in the specimen retrieval bag market is the technological advancements in bag design. Manufacturers are focusing on developing bags with reinforced sealing and locking mechanisms to prevent leaks during specimen extraction. Some players have incorporated radio-frequency identification (RFID) technology in their product offerings to track the bag during surgical procedures. This offers greater safety and helps avoid misplacement of specimens. Also, bags made with antibacterial materials are gaining popularity as they help reduce surgical site infections. With growing awareness, the demand for innovative and user-friendly retrieval bags is increasing among healthcare facilities and surgeons.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the Specimen Retrieval Bag Market is moderate. New players need to invest significantly in R&D, production facilities, and brand building to gain market share.

Bargaining power of buyers: The bargaining power of buyers in the Specimen Retrieval Bag Market is high as there are several established brands in the market giving buyers more options to choose from.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as they depend largely on few raw material suppliers.

Threat of new substitutes: There is a low threat of new substitutes in the Specimen Retrieval Bag Market as existing products fulfill most standard needs.

Competitive rivalry: The competitive rivalry in the Specimen Retrieval Bag Market is high due to presence of multiple international brands.

Key Takeaways

The global Specimen Retrieval Bag Market Share  is expected to witness high 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.

The North American region currently dominates the Specimen Retrieval Bag Market due to high healthcare spending and presence of key players. Asia Pacific is expected to grow at the fastest rate during the forecast period attributed to growing medical tourism and improving healthcare infrastructure in the region.

Key players related content comprised Key players related content (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