Global Specimen Retrieval Bag Market, by Bag Size (5mm, 10mm, 15mm, and 25mm), by Product Type (Detachable and Non-detachable), by Application (Gynecology, Urology, Gastrointestinal Surgery, and Others), by End User (Hospital, Ambulatory Surgical Centers, and Nursing Homes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), was valued at US$  244.7 million in 2018, and is expected to exhibit a CAGR of 4.8% over the forecast period (2019-2027), as highlighted in a new report published by Coherent Market Insights.

Increasing demand for surgical procedures has led to an adoption of investment by key players, in order to offer advanced products in the potential market, which is expected to propel the market growth over the forecast period. For instance, in November 2017, Johnson & Johnson Medical Devices invested around US$ 180 million for the new Ethicon factory at Suzhou Industrial Park, China. The facility is developed to produce high quality and innovative products for minimally invasive and open surgeries procedures.

Increasing number of laparoscopic and other surgical procedures is expected to drive demand for specimen retrieval bags, which is expected to augment the market growth over the forecast period. For instance, according to the National Institute for Health and Care Excellence (NICE), in 2014, around 66,660 cholecystectomies are performed in the U.K, annually, which costs US$ 137.286 million. Among all these surgeries, 61,220 are laparoscopic cholecystectomies.

Moreover, key players in the market are focused on developing advanced products to enhance their market share. This in turn is expected to propel the specimen retrieval market growth over the forecast period. For instance, Nubert Tissue Retrieval Bag (Mediflex Surgical Products), is the first disposable laparoscopic retrieval bag system. It is tear resistant, tough, and fluid impervious material.  The Nubert retrieval bag has a blue tag, which indicates the angled opening and tapered design that minimizes tissue bunching and encourages automatic bag closure.

Browse 35 Market Data Tables and 27 Figures spread through 172 Pages and in-depth TOC on ‘Specimen Retrieval Bag Market’- Global Forecast to 2027, by Bag Size (5mm, 10mm, 15mm, and 25mm), by Product Type (Detachable and Non-detachable), by Application (Gynecology, Urology, Gastrointestinal Surgery, and Others), by End User (Hospital, Ambulatory Surgical Centers, and Nursing Homes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

To know the latest trends and insights prevalent in the specimen retrieval bag market, click the link below:

https://www.coherentmarketinsights.com/market-insight/specimen-retrieval-market-3022

North America is expected to hold a dominant position in the specimen retrieval bag market over the forecast period, owing to increasing product launches by the market players in the region to enhance their market presence. For instance, in April 2018, Purple Surgical launched its laparoscopic and surgical single-use instruments portfolio at General Surgery Congress, an international meeting for surgeons across Peru and other Latin American countries. Therefore, expansion of single-use surgical instruments portfolio is expected to propel the specimen retrieval market growth in North America.

Moreover, increasing number of laparoscopic and other surgical procedures in the region is expected to drive demand for specimen retrieval bags, which is further expected to augment the market growth over the forecast period. For instance, according to the National Center for Biotechnology Information (NCBI), March 2019, around 20 million people in the U.S. had gallstone and around 300,000 cholecystectomies surgeries are performed every year.

Key Takeaways of the Specimen Retrieval Bag Market:

  • The global specimen retrieval bag market is expected to exhibit a CAGR of 4.8% over the forecast period, owing to increasing adoption of agreements, and collaborations strategies by the market players, and rising products approvals by regulatory organizations. For instance, in April 2018, GENICON, Inc., has been awarded with 36 month purchasing agreement with Premier, Inc., a company having alliance with nearly 3,900 U.S. hospitals and around 150,000 other supplier organizations. Under the agreement GENICON’s Endomechanical products such as GeniStrong, SimplyStrong, and Ezee specimen retrieval products will be offered with low pricing, and with other benefits to the Premier.
  • Among application, gastrointestinal surgery segment held dominant position in the specimen retrieval bag market in 2018, owing to rising healthcare expenditure for gastrointestinal diseases. For instance, according to the article published in Gastroenterology Journal 2019, the annual healthcare expenditure for gastrointestinal disorders was around US$ 135.9 Bn in 2015.
  • Key players operating in the global specimen retrieval bag market include Johnson & Johnson, Teleflex Incorporated, Cooper Surgical, Inc., GENICON, Inc., Medtronic, B. Braun Melsungen AG, Applied Medical Resources Corporation, LaproSurge, and Purple Surgical
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