Rising Emphasis on Minimally Invasive Surgery
The Specimen Retrieval Bag Market is estimated to be valued at US$ 308.36 Mn 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.
SWOT Analysis:
· Strengths: Established brands, compliance with medical standards, strong distribution networks.
· Weaknesses: Sensitivity to raw material costs, price pressure from buyers, heavy R&D investments required to innovate.
· Opportunities: Growth in surgery volumes, demand in emerging markets, opportunities in allied areas like endoscopy.
· Threats: Price erosion, regulatory approvals for new products, medical reimbursement policies.
Key Takeaways:
The Global Specimen Retrieval Bag Market Size is expected to witness high growth, exhibiting CAGR of 4.0% over the forecast period, due to increasing preference for minimally invasive surgeries. The rising number of bariatric and colorectal procedures performed globally will drive the market during the projected period.
Regionally, North America dominated the global market in 2023 with over 35% share, aided by advanced healthcare infrastructure and greater access to latest technologies. Asia Pacific is expected to be the fastest growing market exhibiting a CAGR of around 5.2% between 2023 and 2030 due to growing medical tourism and accessibility in major countries like India, China and Japan.
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. Major players are focusing on new product launches, partnerships and geographic expansion strategies to gain market share.
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