Specimen retrieval bags, also known as endo bags, are medical devices used primarily during laparoscopic surgeries to contain excised tissue specimens or organs for removal from the body through small incisions, without compromising sterility. As the name suggests, specimen retrieval bags enable surgeons to extract tissue samples or organs by safely securing them inside the bags and retracting them through access ports without direct contact. This lessens the risk of infection, ensures clean extraction, and avoids hand morbidity associated with larger incisions. The growing preference for minimally invasive procedures over traditional open surgeries has boosted the adoption rate of specimen retrieval bags across hospitals and clinics.
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:
Increased demand for minimally invasive surgeries: Laparoscopic and robotic surgeries have become more widespread over the last few years due to advantages like smaller incisions, less postoperative pain, shorter hospital stays, and faster recovery periods compared to open surgeries. More doctors are being trained in minimally invasive techniques. This rising popularity of minimally invasive approach has significantly driven the demand for specimen retrieval bags that aid in securely extracting specimens with minimal contact during laparoscopic procedures. As awareness grows regarding quality of life benefits of minimally invasive options, the specimen retrieval bag market is expected to witness robust opportunities for growth.
Porter's Analysis
Threat of new entrants: Low capital requirements and technology needed pose low threat. Regulatory barriers and need for approvals deter new firms.
Bargaining power of buyers: Fragmented buyer base with low switching costs. Buyers can negotiate on price and quality.
Bargaining power of suppliers: Most materials and components required are standardized with many suppliers. Suppliers have moderate bargaining power.
Threat of new substitutes: No significant threat as specimen retrieval bags have few substitutes serving similar functions for specimen collection and transport.
Competitive rivalry: Moderately competitive with established global players. Competition based on product differentiation, quality, and price.
SWOT Analysis
Strengths: Established brands and distribution networks. Adherence to quality and safety standards boosts customer confidence.
Weaknesses: High R&D and marketing costs to develop new products. Supply chain disruptions can impact production.
Opportunities: Growing surgical procedures increase demand. Emerging markets offer scope for expansion.
Threats: Stringent regulations raise compliance costs. Economic downturns may reduce hospital budgets.
Key Takeaways
The global Specimen Retrieval Bag Market Growth is expected to witness high growth over the forecast period driven by increasing surgical procedures globally. 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 America region currently dominates the market owing to high healthcare spending and regulatory approvals for innovative products. Asia Pacific is poised to be the fastest growing regional market for specimen retrieval bags. Rising medical tourism and improving access to healthcare presents substantial opportunities. Countries such as China and India are key to future market prospects in the region.
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. Major players focus on new product development and geographic expansion to consolidate their market shares.
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