Expected Revenue Growth During Forecast Period:
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.
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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.
End Users:
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.
Geographical Growth Scenario:
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.
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Key Players:
Some of the major players in this market include 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).
