Specimen retrieval bags are sterile medical devices used to retrieve resected tissue specimens from the surgical site during open, laparoscopic or robotic surgeries. These bags allow the transfer of tissue to pathology for examination while minimizing direct contact and maintaining specimen integrity. They are made using materials such as polyester or plastic and come in various sizes depending on the type and complexity of the procedure. Specimen retrieval bags help reduce operating time, lower the risk of contamination and allow oncological assessment.
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 24% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the primary trends fueling growth in the specimen retrieval bag market is the rising prevalence of cancers that require surgical removal of tumors or affected tissues. According to the WHO, cancer was the second leading cause of death globally in 2021 and accounted for nearly 10 million lives that year. Colorectal cancer remains one of the most commonly diagnosed types and surgical resection is the principal curative treatment. Similarly, cancers of the abdomen and gynecological organs often warrant tissue excision and necessitate protective specimen bags. As cancer diagnosis continues to mount in developing regions with aging populations, the need for safety and contamination-free specimen transfer is expected to propel demand over the next decade.
Porter’s Analysis
Threat of new entrants: The demand for medical cannabis and legalization of cannabis in many countries is attracting many new players leading to moderate threat of new entrants. However, the capital requirement and regulatory compliance acts as a barrier.
Bargaining power of buyers: The bargaining power of buyers is high as there are many players providing specimen retrieval bags. Buyers can negotiate on price and switch between brands easily.
Bargaining power of suppliers: The bargaining power of raw material suppliers is moderate as key inputs like plastic films are commoditized and available from many suppliers globally.
Threat of new substitutes: There is low threat of substitution as specimen retrieval bags are specialized products meeting stringent quality and regulatory norms required in healthcare facilities.
Competitive rivalry: The competitive rivalry in the market is high due to presence of many global and regional players competing on the basis of product offerings, quality, pricing and innovations.
Key Takeaways
The Global Specimen Retrieval Bag Market is expected to witness high growth over the forecast period supported by factors such as increasing surgical procedures, rise in healthcare expenditure and focus on quality standards.
Regional analysis: North America dominated the market in 2022 supported by developed healthcare infrastructure and availability of advanced treatments in the region. Asia Pacific is expected to witness fastest growth due to growing medical tourism, improving access and rising healthcare investments in major countries.
Key players: Key players operating in the specimen retrieval bag market are BOL Pharma, Tilray, Medreleaf Corporation, Aurora Cannabis, Inc., Canopy Growth Corporation, Insys Therapeutics, Inc., Aphria, Inc., MGC Pharmaceuticals Limited, GW Pharmaceuticals, plc., and Medical Marijuana Inc. Players are focusing on new product launches, partnerships and expanding presence across regions to gain higher market shares.
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The Global Specimen Retrieval Bag Market Report is prepared to club all the essential market details such as market size, share, value, growth, restraints, challenges, and opportunities during the study period of 2020-2026.
The data presented in this report has been gathered on the basis of historical data, primary interviews and expert's estimation of future trends.
The report also covers regional assessment which has been conducted globally.
The detailed content of the market study ensures intellectual insights given a better understanding of the untapped opportunities in the market.Specimen Retrieval Bags are used during laparoscopic surgery and it is designed to temporarily contain specimen and facilitate its removal from the patient.Access Full Report with Table of Contents @ https://www.decisiondatabases.com/ip/13237-specimen-retrieval-bag-industry-market-reportThe following manufacturers are covered in this report:Johnson & JohnsonTeleflex IncorporatedApplied Medical Resources CorporationCONMED CorporationCooper SurgicalGeniconB.
Braun MelsungenLaprosurgePurple SurgicalMedtronicSpecimen Retrieval Bag Breakdown Data by TypeDetachableNon-detachableSpecimen Retrieval Bag Breakdown Data by ApplicationHospitalsAmbulatory Surgical CentersNursing HomeRegional and Country-level AnalysisThe report offers an exhaustive geographical analysis of the global Specimen Retrieval Bag market, covering important regions, viz, North America, Europe, China and Japan.
It also covers key countries (regions), viz, U.S., Canada, Germany, France, U.K., Italy, Russia, China, Japan, South Korea, India, Australia, Taiwan, Indonesia, Thailand, Malaysia, Philippines, Vietnam, Mexico, Brazil, Turkey, Saudi Arabia, U.A.E, etc.Competition AnalysisIn the competitive analysis section of the report, leading as well as prominent players of the global Specimen Retrieval Bag market are broadly studied on the basis of key factors.
