According to Coherent Market Insights, the global specimen retrieval bag market was valued at US$ 244.7 million in 2018 and is expected to exhibit a CAGR of 4.8% over the forecast period (2019-2027).
Key Trends and Analysis of the Specimen Retrieval Bag Market:
Key trends in market include rising prevalence of gastrointestinal and uterine cancer, gall bladder stones, hernia, increasing number of laparoscopic surgeries, and adoption of inorganic strategies such as acquisitions, and collaborations by the market players.
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Increasing prevalence of gastrointestinal and uterine cancer, gynecological disorders, gall bladder stones, and hernia are expected to drive growth of specimen retrieval bag market during the forecast period. For instance, according to the National Cancer Institute, an estimated 61,880 new cases of uterine cancer and around 12,160 death were reported in 2019 in the U.S.
Several market players are focused on product launches, for offering advanced treatment in the potential market. For instance, in September 2019, Medtronic, Plc. launched Hugo system, an advanced modular robotic surgery system for minimally invasive surgery. Hugo System includes tower, surgeon console, surgical end effectors, and robotic arm carts, useful for laparoscopic and open surgery devices.
Moreover, increasing adoption of partnerships and distribution agreements by market players is expected to propel the market growth over the forecast period. For instance, in April 2018, GENICON, Inc., announced Progressive Medical, Inc., as sole distributor-agent for its Laparoscopic technology in the U.S. The product portfolio of GENICON includes electrosurgical instrumentation, specimen retrieval solutions, lavage products, and accessories. Moreover, in April 2018, GENICON, Inc., signed a licensing agreement with Greenpine Pharma, a company based in China, in order to offers GENICON’s product offering in the China market.
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Key Market Takeaways:
- The specimen retrieval bag market is expected to exhibit a CAGR of 4.8% during the forecast period (2019 -2027), attributed to rising prevalence of gastrointestinal and uterine cancer, gall bladder stones, hernia, increasing number of laparoscopic surgeries, and adoption of inorganic strategies such as acquisitions, and collaborations by the market players. For instance, according to the American Institute of Cancer Research, endometrial cancer is the sixth most commonly occurring cancer in women and estimated 380,000 new cases were reported in 2018.
- Key players are focused on adopting inorganic growth strategies such as collaborations and acquisitions for enhancing their offering in the potential market, which in turn is expected to propel the market growth over the forecast period. For instance, in January 2015, Medtronic Plc. acquired Covidien Plc., a manufacturer of medical devices for use in surgical procedures. The acquisition expanded Medtronic’s medical devices offering for laparoscopic and other procedures.
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Key players operating in the global specimen retrieval bag market include Johnson & Johnson, Teleflex Incorporated, Cooper Surgical, Inc., GENICON. Inc., Medtronic, B. Braun Melsungen AG, Applied Medical Resources Corporation, LaproSurge, and Purple Surgical.
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