Specimen Retrieval Systems
Global Specimen Retrieval Systems Market to Reach US$272.4 Million by the Year 2026
Specimen retrieval bags or nets are used for various purposes in surgical procedures. Increasing surgery volumes therefore creates strong demand growth scenario for these bags. Growing number of GI procedures in particular has been creating a favorable scenario for the market for specimen retrieval nets. The bags, meant for retrieving specimens are easy to handle and are used widely in operation theaters. The global market for specimen retrieval systems growth is being propelled by the growing prevalence of illnesses in the requirement of surgical treatment, particularly laparoscopic surgeries. Growth in also attributed to the launch of different laparoscopic specimen bags having augmented features such as superior strength and high safety, thus making sure of patient safety. The growing awareness regarding the advantages of minimally invasive processes such as less pain and rapid recovery compared to conventional open surgeries is anticipated to boost the expansion of the specimen retrieval industry in years to come. The rise in ovarian cyst incidences is the major trend indicating the market dynamics of specimen retrieval systems. A significant percentage of women develop ovarian cysts globally at any given point in their lives, which is estimated to propel the laparoscopic ovarian cyst removal surgery`s adoption and hence drive the specimen retrieval system`s market share. More than 1.8 cancer cases have been estimated in the US in 2020, and the extensive usage of laparoscopy in removing cancer is anticipated to stimulate the specimen retrieval market growth. The poor dietary habits and sluggish lifestyle of people are leading to gastrointestinal disorders, propelling the specimen retrieval system market`s substantial growth worldwide. Constant research by manufacturers for developing improved products, paves way for more sophisticated nets, which is another important factor driving market growth. New products comprising enhanced capacities have been introduced to the market by key players by taking required steps to augment the device accuracy, as well as the total functionality.
Amid the COVID-19 crisis, the global market for Specimen Retrieval Systems estimated at US$226.3 Million in the year 2022, is projected to reach a revised size of US$272.4 Million by 2026, growing at a CAGR of 4.5% over the analysis period. Non-Detachable, one of the segments analyzed in the report, is projected to grow at a 5.3% CAGR to reach US$186.9 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Detachable segment is readjusted to a revised 3.2% CAGR for the next 7-year period. This segment currently accounts for a 37.5% share of the global Specimen Retrieval Systems market. Non-detachable specimen retrieval bags account for the largest share in the market for specimen retrieval market. The nets are most used for GI procedures. Market growth is driven by increased in MIS procedures, particularly in the emerging markets. The non-Detachable segment is anticipated to display an enhanced growth in years to come, due to their increased preference by the surgeons, as the non-detachable bags are possible to be utilized several times in a single process. Moreover, the rise in minimally invasive procedures, too, is estimated to increase the non-detachable bags adoption substantially. Detachable segment based on type is estimated to hold a significant share of the specimen retrieval market due to remarkable product attributes like an abdominal cavity or wound tract`s minimal contamination, easy usage, thus reducing the processing time and promoting efficiency.
The U.S. Market is Estimated at $76.8 Million in 2022, While China is Forecast to Reach $ 32.9 Million by 2026
The Specimen Retrieval Systems market in the U.S. is estimated at US$76.8 Million in the year 2022. The country currently accounts for a 34.15% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$32.9 Million in the year 2026 trailing a CAGR of 6.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.1% and 4.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.8% CAGR while Rest of European market (as defined in the study) will reach US$9.7 Million by the close of the analysis period. North America and Europe are major regional markets for specimen retrieval. High surgery numbers in the regions contribute to their market dominance. The growing awareness among patients and extensive adoption of products that are technologically advanced is fueling market gains. In Europe, specimen retrieval market is being propelled by the growing number of patients suffering from gastrointestinal conditions. More than one among 10 adults in the UK have gallstones, together with increasing investment interest for healthcare infrastructural development projects, and the rise in the aging population is anticipated to propel the specimen retrieval market growth. Asia-Pacific region is likely to make gains due to rapid growth of medical tourism sector and the growing adoption of minimally invasive procedures. The rise in income levels in China and India is increasing healthcare spending. In addition, rapid urbanization and lifestyle changes in China and India caused the steady growth of diseases such as diabetes, heart diseases, and cancer. Consequently, new avenues have opened in the biopharmaceutical sector for conducting research and apportioning a substantial budget.
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