Specimen Retrieval Bag Market Is Estimated To Witness High Growth Owing To Growing Incidence11/2/2023 The Specimen Retrieval Bag Market is estimated to be valued at US$ 296.5 million in 2023 and is expected to exhibit a CAGR of 4.00% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: The Specimen Retrieval Bag Market is driven by the growing incidence of cancer and the increasing number of minimally invasive surgeries. Specimen retrieval bags are used during laparoscopic surgeries to safely remove tissue specimens from the body. These bags help in preventing contamination, spillage, and the spread of cancer cells during the retrieval process. The market is witnessing significant growth due to the rising preference for minimally invasive procedures, which offer shorter hospital stays, reduced scarring, faster recovery, and fewer complications compared to traditional open surgery. Moreover, advancements in retrieval bag designs, such as the development of transparent bags for better visualization, are further driving market growth. Market Dynamics: The growing incidence of cancer is one of the major drivers for the Specimen Retrieval Bag Market. According to the World Health Organization (WHO), cancer is one of the leading causes of death worldwide, with an estimated 9.6 million deaths in 2018. The increasing prevalence of cancer is driving the demand for minimally invasive surgeries, which require the use of specimen retrieval bags. Furthermore, the rising adoption of laparoscopic procedures and technological advancements in retrieval bag designs are fueling market growth. Another driver for the market is the increasing number of minimally invasive surgeries. These surgeries offer several advantages over traditional open surgeries, including smaller incisions, reduced post-operative pain, faster recovery, and shorter hospital stays. As a result, more healthcare providers and patients are opting for minimally invasive procedures, leading to a higher demand for specimen retrieval bags Segment Analysis: The specimen retrieval bag market can be segmented based on product type, procedure type, and end-user. In terms of product type, the dominating segment in the market is the laparoscopic retrieval bag. This is due to the increasing popularity of minimally invasive surgeries, which require the use of laparoscopic instruments and accessories. Laparoscopic retrieval bags are preferred in these procedures as they offer advantages such as reduced trauma to the patient, faster recovery, and better cosmetic results. Additionally, these bags are available in various sizes and shapes to accommodate different specimens, making them versatile for a wide range of procedures. PEST Analysis:
The Global Specimen Retrieval Bag Market Growth is expected to witness high, exhibiting a CAGR of 4.00% over the forecast period of 2023-2030. This growth can be attributed to increasing adoption of minimally invasive surgeries, advancements in retrieval bag technology, and the rising geriatric population. In terms of regional analysis, North America is the fastest growing and dominating region in the specimen retrieval bag market. The region has a well-established healthcare system, high adoption of advanced surgical techniques, and an aging population. Europe and the Asia Pacific are also expected to experience significant growth due to improving healthcare infrastructure and rising disposable incomes in these regions. Key players operating in the specimen retrieval bag market include 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. These key players are focused on product innovation, strategic collaborations, and mergers and acquisitions to gain a competitive edge in the market. Read More - https://www.newsstatix.com/specimen-retrieval-bag-market-demand-and-forecasts-analysis/
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