The global Specimen Retrieval Bag Market is estimated to Propelled by Growing Demand for Minimally Invasive Surgeries
Specimen retrieval bags are medical devices used to retrieve surgically removed or biopsied tissue specimens from the body during minimally invasive surgeries without eviscerating the surgical site. They help contain specimens securely and prevent surgical site infections. The need for minimally invasive surgeries has increased globally owing to their benefits such as smaller incisions, lesser pain and blood loss, faster recovery time, and improved cosmetic outcomes.
The global Specimen Retrieval Bag Market is estimated to be valued at US$ 308.36 Mn in 2023 and is expected to exhibit a CAGR of 24% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for minimally invasive surgeries is the major factor driving the specimen retrieval bag market. Minimally invasive procedures are becoming increasingly popular as they are associated with fewer complications, shorter hospital stays, and quicker recovery in comparison to traditional open surgeries. As more complex operations are being performed using minimally invasive techniques, the need for securing excised/biopsied tissue samples without contaminating the surgical site is fuelling the adoption of specimen retrieval bags. Strong focus on reducing surgical site infections (SSIs) through product innovations is another key trend in the market. Leading manufacturers are developing advanced specimen retrieval bags with reinforced walls, leak-proof seals, and anti-fogging windows to improve safety and minimize errors.
SWOT Analysis
Strength: Specimen retrieval bags are sterile single-use bags that provide safe transportation of specimens from procedure room to lab. This reduces risk of contamination.
Weakness: High cost of advanced material used for bags increases overall procedure cost. Soft material is fragile and prone to tearing.
Opportunity: Growing number of minimally invasive procedures like laparoscopy increases demand for retrieval bags. Expanding healthcare infrastructure in emerging markets boosts market growth.
Threats: Strict regulations for medical waste disposal increases compliance costs. Substitution threat from reusable containers.
Key Takeaways
The Global Specimen Retrieval Bag Market is expected to witness high growth over the forecast period of 2023 to 2030. The market is estimated to reach a value of US$ 308.36 Mn in 2023 and anticipated to grow at a CAGR of 24% during the forecast period.
Regional analysis - North America dominates the global market and is expected to continue its dominance over the forecast period. This can be attributed to the presence of advanced healthcare infrastructure and growing cases of minimally invasive surgeries in the region. The Asia Pacific region is anticipated to witness the fastest growth owing to increasing healthcare spending, rising medical tourism, and growing focus of key players.
Key players - Key players operating in the specimen retrieval bag market are BOL Pharma, Tilray, Medreleaf Corporation, Aurora Cannabis, Inc., Canopy Growth Corporation, Insys Therapeutics, Inc., Aphria, Inc., MGC Pharmaceuticals Limited, GW Pharmaceuticals, plc., and Medical Marijuana Inc. Companies are focused on new product launches, mergers, and acquisitions to strengthen their market presence.
Get more insights on this topic: https://perfectinsights.blogspot.com/2023/12/rising-adoption-of-minimally-invasive.html
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