by Specimen retrieval bags are used during minimally invasive procedures to safely remove excised or biopsied tissues from the body without contaminating the surgical site. These bags also help preserve tissues and prevent contamination, supporting pathological examination.
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:
Increased adoption of minimally invasive surgeries owing to benefits such as reduced recovery time, minimal post-operative pain and scarring, and shorter hospital stay has been a major factor driving the growth of the specimen retrieval bag market. As per estimates, over 50% of all surgical procedures conducted globally are now minimally invasive. This growing preference towards minimally invasive techniques among both patients and surgeons has resulted in higher demand for specimen retrieval bags which are essential for retrieval of tissues in a minimally invasive setting. The extensive use of specimen retrieval bags during laparoscopic and robotic surgeries is expected to fuel the market growth over the forecast period.
Segment Analysis
Specimen Retrieval Bag Market is segmented into specimen type, end user and region. By specimen type, laparoscopic specimen bags dominated the market in 2022 as majority of minimally invasive surgeries involve retrieval of tissue or fluid specimen collected during laparoscopy. By end user, hospitals held the largest share as highest number of surgeries are performed in hospitals.
Key Takeaways
The Global Specimen Retrieval Bag Market is expected to witness high growth during the forecast period. 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.
North America region held the largest market share in 2022 due to high healthcare expenditure and presence of key players in the region. Europe is expected to grow at a fastest pace during the forecast period owing to increasing number of laparoscopic procedures in the region.
Key players operating in the Specimen Retrieval Bag market are BOL Pharma, Tilray, Medreleaf Corporation, Aurora Cannabis, Inc., Canopy Growth Corporation. The global Specimen Retrieval Bag market is fragmented with presence of several international and domestic players operating in the market. The key players are focused on new product innovation and geographic expansion to increase their global footprint.
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Source: Coherent Market Insights, Public sources, Desk research
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