by Specimen retrieval bags are medical devices essential for collecting and transporting surgical specimens from the body cavity to the laboratory for diagnosis. Specimen retrieval bags help prevent spillage during transfer and storage of removed tissue samples. They come in different sizes to accommodate varying specimen volumes and are made using medical-grade plastic or non-woven fabric. Specimen retrieval bags offer an effective and hygienic solution for handling surgical specimens with minimal risk of contamination compared to traditional methods. The growing incidence of diseases necessitating surgical procedures and the rising volume of minimally-invasive surgeries performed are propelling the demand for reliable specimen retrieval bags.
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 key trends:
One of the key trends in the specimen retrieval bag market is the development of multi-compartment and multi-layer bags. Traditional single compartment bags risk spillage if the specimen is too large or fragile. Multi-compartment bags separate and protect multiple specimen samples collected in a single procedure. They also allow for easier organization and identification of individual samples. Major manufacturers are focusing on advanced fabrication techniques to incorporate multiple protective layers in bags. This enhances specimen integrity during transportation and storage. Adoption of radiofrequency identification (RFID) tagging technology is another notable trend, enabling automatic specimen tracking from collection to analysis. RFID tagged bags eliminate errors related to manual logging and mislabeling of samples.
Porter’s Analysis
Threat of new entrants: Low barriers to entry and established players make the threat of new entrants moderate.
Bargaining power of buyers: The presence of many established brands gives buyers moderate bargaining power.
Bargaining power of suppliers: The availability of various substitute products gives suppliers moderate bargaining power.
Threat of new substitutes: Products like endobags pose a moderate threat of substitution.
Competitive rivalry: The market is dominated by few key players intensifying competitive rivalry.
Key Takeaways
The global Specimen Retrieval Bag Market Growth is expected to witness high growth. 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.
The North America region currently dominates the specimen retrieval bag market and is expected to grow at a steady rate during the forecast period. Key factors such as advanced healthcare infrastructure and increasing geriatric population drive the growth of the regional market.
Key players related content comprises 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.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
