Specimen Retrieval Market - Emerging Trends & Global Future Forecasts


Posted June 29, 2022 by vmack2187

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.
 
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.

Market Size Estimation:

Both top-down and bottom-up approaches were used to estimate and validate the total size of the specimen retrieval systems market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

# The key players in the industry and markets have been identified through extensive secondary research
# The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes
# All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources

Data Triangulation:

After arriving at the overall market size using the market size estimation processes the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the specimen retrieval systems industry.

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Expected Revenue Gains:

The specimen retrieval systems market is projected to reach USD 290 million by 2024 from USD 230 million in 2019, at a CAGR of 4.7% during the forecast period. Growth in this market is mainly driven by the increasing prevalence of diseases requiring surgical treatment, especially laparoscopic surgeries. However, the high cost of specimen retrieval systems is a major challenge for this market, particularly in emerging countries.

“Non-detachable specimen retrieval systems are expected to fuel the growth of the specimen retrieval systems market over the forecast period.”

By product, the specimen retrieval systems market is segmented into detachable and non-detachable specimen retrieval systems. The non-detachable specimen retrieval systems segment accounted for a share of 60.5% in 2018 and is anticipated to grow at a CAGR of 5.6% during the forecast period. This growth can be attributed to the increasing number of MIS procedures, especially in emerging markets.

“Increasing use of specimen retrieval systems in gastrointestinal surgery to drive market growth during the forecast period”

Based on application, the specimen retrieval systems market is segmented into gastrointestinal surgery, gynecological surgery, urological surgery, and other applications such as cardiovascular and bariatric applications. The gastrointestinal surgery segment is anticipated to drive growth in the market at a CAGR of 6.2% over the forecast period. This growth can be attributed to the increase in the incidence of gastrointestinal diseases such as appendicitis, and gallstones. Additionally, with technological advancements in gastrointestinal robotic surgery, the demand for specimen retrieval systems is anticipated to increase.

“Asia Pacific to grow at the highest rate during the forecast period (2018–2023)”

The specimen retrieval systems market is geographically segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). While North America dominated the market in 2018, Asia Pacific is expected to register the highest CAGR in the market during the forecast period. Growth in the APAC is largely driven by the rising patient population and increasing infrastructural development in the region.

Key Market Players:

Some of the prominent players in the global specimen retrieval industry 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).

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Contact Email [email protected]
Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags specimen retrieval , specimen retrieval market
Last Updated June 29, 2022