Expected Revenue Surge:
The specimen retrieval systems market is expected to grow from USD 230 million in 2019 to USD 290 million by 2024, at a compound annual growth rate (CAGR) of 4.7% during the forecast period.
Major Growth Boosters:
The major factors driving the growth of this market include the increasing prevalence of diseases requiring surgical treatment and removal of specimens from the body, especially laparoscopic procedures.
Overview of This Study:
The study involved four major activities in estimating the current size of the specimen retrieval systems market. Exhaustive secondary research was conducted to collect information on the market and its subsegments. The next step was to validate these findings, assumptions, and sizing estimates with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
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Hospitals were the largest end users of specimen retrieval systems in 2018
By end user, the specimen retrieval systems market is segmented into hospitals and other end users. The hospitals segment accounted for the largest market share in 2018 and is expected to register the highest growth during the forecast period. The large share and high CAGR of this segment can be attributed to the robust infrastructure and presence of skilled professionals in hospitals, which has driven the preference for hospital-based treatment.
North America commanded the largest share of the specimen retrieval systems market in 2018
North America dominates the specimen retrieval systems market. The large share of North America in this market can be attributed to the increasing incidence and prevalence of cancer, hernia, and appendectomy and the availability of reimbursement for laparoscopic surgeries in the region.
Non-detachable specimen retrieval systems dominated the Specimen Retrieval Systems Market in 2018
By type, the specimen retrieval systems market is segmented into detachable and non-detachable specimen retrieval systems. In 2018, the non-detachable specimen retrieval systems segment accounted for the largest share of the market. The large share of this type segment can be attributed to their high preference among surgeons, owing to the fact that they can be used multiple times in a single procedure.
Gastrointestinal surgeries held the largest share of the applications market in 2018
Based on applications, the specimen retrieval systems market is segmented into gastrointestinal surgeries, urological surgeries, gynecological surgeries and other applications such as cardiovascular and bariatric surgeries. In 2018, the gastrointestinal surgeries application segment accounted for the largest share of the specimen retrieval systems market. The large share of this segment can be attributed to the increasing incidence of colon/gastrointestinal cancer, inguinal hernia, and gall bladder stones.
The specimen retrieval systems market is highly consolidated in nature, with a few players offering a variety of products. The major players operating in this market are Johnson & Johnson Services, Inc. (US), Teleflex Incorporated (US), Applied Medical Resources Corporation (US), CONMED Corporation (US), Cooper Surgical, Inc. (US), Genicon (US), B. Braun Melsungen AG (Germany), Laprosurge (UK), Purple Surgical (UK), and Medtronic (Ireland). The key growth strategies followed by most companies in the specimen retrieval systems market are acquisitions and agreements. These two strategies accounted for the largest share of the overall growth strategies mapped from 2015 to 2018.
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