Specimen Retrieval Bags Market - Growth, Trends, and Forecasts (2020 - 2025)

Retrieval bags are used to collect specimens such as adnexal cysts, benign cysts, or other tissue masses. Factors such as rising demand for minimally invasive surgery and growing burden of chronic diseases leading to more surgeries are driving the growth of the specimen retrieval bags market. The rise in demand for minimally invasive procedures over open surgery is triggering a high market growth rate. Also, these procedures usually provide equivalent outcomes to traditional open surgery, along with offering significant benefits, like lower risk of complications, shorter length of stay, reduced cost, and lesser recuperation period. Hence, there is increasing care provider's preference for minimally invasive procedures for a range of surgical applications which is expected to drive demand for specimen retrieval bags.

However, the high cost of specimen retrieval products and limited use of advanced medical systems in low and middle income countries are expected to restrain the growth of the global market in the forecast period.

Key Market Trends

Non-Detachable Specimen Retrieval Bags Segment is Expected to Show Better Growth in the Forecast Period

Based on Type, it is segmented into detachable specimen retrieval bags and non-detachable specimen retrieval bags. Non-Detachable Specimen Retrieval segment is expected to show better growth in the forecast period. This is mainly attributed to their high preference among surgeons, as they can be used multiple times in a single procedure. Additionally, the surge in the number of minimally invasive surgical procedures will substantially increase the adoption of non-detachable specimen retrieval bags. Other factors contributing to the growth of the specimen retrieval bags market is the rising incidence of gastrointestinal and uterine cancer. According to the World Cancer Research Fund, in 2018, there were around 18 million cancer cases worldwide, of which a significant percentage of pateints are suffering from gastrointestinal and uterine cancer, which boost the growth of this segment. Hence, these factors are projected to drive the overall market during the forecast period.

North America leads the Specimen Retrieval Bags Market

North America leads the specimen retrieval bags market owing to the rising adoption of technologically advanced products and awareness among patients. The region is also supported by multiple international companies being collaborated with many major hospital chains, which drives the business of the studied market. In 2019, GENICON, as an emerging leader in the production, and distribution of patented surgical instrumentation receives “E STAR ” award from the U.S. Department of commerce contributing to the national export expansion that supports the U.S. economy, has collaboration with sveral hospital chains across the US to serve the demand related to specimen retrieval bags. Also, certain efforts are being taken in various countries to spread awareness about chronic diseases and advantages of minimal invasive surgeries among the general population. However, Asia Pacific is expected to grow at a faster rate due to growing medical tourism and increased adoption of minimally invasive procedures is expected to drive demand for retrieval bags in this region.

Competitive Landscape

The leading players in the global Specimen retrieval bags market are - Applied Medical Resources Corporation, B. Braun Melsungen AG, CONMED Corporation, Genicon, Inc., Johnson & Johnson, LaproSurge, Medtronic PLC, and Teleflex Incorporated.

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