Specimen Retrieval Bags Market Size, Share, Industry Trends and Forecast to 2030

Market Size & CAGR of Specimen Retrieval Bags Market in 2021

The global specimen retrieval bags market is expected to experience a CAGR of 4.2% from 2021 to 2028. It is anticipated that the market will reach a value of USD 320.5 million by the end of 2028. The increasing prevalence of minimally invasive surgeries, advancements in healthcare infrastructure, and rising awareness about the benefits of using specimen retrieval bags are the major factors contributing to the growth of the market.

COVID-19 Impact on Specimen Retrieval Bags Market

The COVID-19 pandemic has had a significant impact on the specimen retrieval bags market. The restrictions imposed to curb the spread of the virus led to a temporary halt in elective surgeries, affecting the demand for specimen retrieval bags. However, as healthcare facilities resumed normal operations, the market witnessed a gradual recovery. The pandemic also highlighted the importance of maintaining a sterile environment during surgical procedures, which further boosted the demand for specimen retrieval bags.

Specimen Retrieval Bags Dynamics

The specimen retrieval bags market is driven by factors such as the increasing prevalence of chronic diseases, the growing demand for minimally invasive surgeries, and the rise in geriatric population. Moreover, technological advancements in the design and material used for specimen retrieval bags are enhancing their efficiency and safety during surgical procedures. On the other hand, challenges such as the high cost of advanced specimen retrieval bags and the lack of skilled healthcare professionals may hinder market growth.

Segments and Related Analysis

The specimen retrieval bags market can be segmented based on product type, material type, end-user, and region. By product type, the market is divided into specimen retrieval pouches, specimen retrieval sacs, and specimen retrieval balloons. Based on material type, the market is categorized into nylon, polyethylene, and others. Hospitals, ambulatory surgical centers, and specialty clinics are the major end-users of specimen retrieval bags. Regionally, North America holds the largest market share, followed by Europe and Asia-Pacific.

By Region Analysis

North America dominates the specimen retrieval bags market due to the presence of well-established healthcare infrastructure, technological advancements in surgical procedures, and high adoption of minimally invasive surgeries. The region is also witnessing a rise in the number of chronic diseases, which is fueling the demand for specimen retrieval bags. Europe and Asia-Pacific are also significant markets for specimen retrieval bags, driven by increased healthcare expenditure and growing awareness about the benefits of using advanced medical devices.

Key Market Players and Competitive Landscape

Some of the key players in the specimen retrieval bags market include Covidien (Medtronic), Applied Medical, GENICON, CONMED Corporation, LaproSurge, MetroMed Healthcare, and Purple Surgical. These companies are actively involved in research and development activities to introduce innovative products and gain a competitive edge in the market. Partnerships, collaborations, and acquisitions are common strategies adopted by market players to expand their product portfolio and geographical presence.

Recent Happenings in Specimen Retrieval Bags Market

- In April 2022, Covidien (Medtronic) launched a new line of eco-friendly specimen retrieval bags that are biodegradable and more sustainable. - Applied Medical introduced a novel specimen retrieval bag with enhanced durability and improved closure mechanism in May 2021. - GENICON partnered with a leading healthcare provider to supply specimen retrieval bags for a series of surgical workshops aimed at training healthcare professionals in the latest surgical techniques. - LaproSurge announced the development of a state-of-the-art specimen retrieval bag that is compatible with robotic-assisted surgeries, catering to the growing demand for robotic surgical procedures.