by Specimen retrieval bags are sterile pouches used during minimally invasive surgeries to collect resected or excised tissues from the surgical site for laboratory analysis or disposal. They come in various sizes and are made from plastic materials like polyethylene or nylon. Specimen retrieval bags help surgeons retrieve tissues cleanly from the body without contaminating the surrounding area or spreading infectious agents. They simplify specimen handling during procedures like laparoscopy and prevent instrument-related injuries.
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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the specimen retrieval bag market growth is the rising number of surgical procedures conducted globally. Improved access to healthcare facilities and increasing healthcare spending in developing nations has led to a surge in various surgical specialties like gastroenterology, gynecology, and urology. According to the American Society for Metabolic and Bariatric Surgery, over 252,000 bariatric surgeries were performed in the United States in 2018. Also, growing geriatric population prone to age-related conditions will further invigorate surgical volumes, driving demand for specimen retrieval bags. Specimen retrieval bags provide a closed system to handle tissues safely during minimally invasive surgeries while preventing cross-contamination. Their ease of use and affordability have made them an integral part of various surgical specialties.
SWOT Analysis
Strength: Specimen Retrieval Bag Market has witnessed significant growth over the past few years. The rising organ and tissue donations and transplant surgeries have boosted demand for specimen retrieval bags. Specimen retrieval bags offer a safer, hygienic and easy method for collecting surgical specimens. Their availability in varying sizes and designs as per requirement also strengthens their market position.
Weakness: High costs associated with organ procurement and transplantation surgeries may restrict the usage of specimen retrieval bags in some regions. Requirement of special packaging and logistics also adds to product costs. Further, stringent regulations related to clinical waste disposal can dampen market prospects to an extent.
Opportunity: Growing medical tourism in Asian countries provides lucrative opportunities for key players. Rise in nephrectomy and laparoscopic surgeries provide an impetus to market growth. Innovation in terms of new product features like RFID tags, anti-microbial coatings can further augment demand. Growing initiatives to increase organ donation rates also augur well for the segment.
Threats: Presence of local manufacturers offering low cost substitutes poses stiff competition to established brands. Unfavorable changes in reimbursement policies especially in developing nations can negatively impact market revenues. Further, compliance with environment protection norms for clinical waste disposal remains a challenge.
Key Takeaways
The Global Specimen Retrieval Bag Market is expected to witness high growth over the forecast period 2023 to 2030. 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 2023-2030.
Regional analysis: North America currently dominates the global market and is expected to maintain its lead. This is attributed to rising aging population, lifestyle diseases and healthcare spending. Asia Pacific is anticipated to be the fastest growing market supported by presence of developing countries like India and China. Growing medical tourism in these nations will propel regional growth of specimen retrieval bags.
Key players analysis: 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. While large players have established global presence, local manufacturers are focussing on low cost offerings. New product launches and strategic collaborations remain key strategies of major companies to strengthen market share.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
