The study involved four major activities in estimating the current size of the Specimen Retrieval 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.
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.
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.
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.
Download PDF Brochure@
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.
Major Objectives Behind This Study:
# To define, describe, and forecast the specimen retrieval systems market by type, introducer size, application, end user, and region.
# To forecast the revenue of the market segments with respect to four main regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW).
# To identify the micromarkets with respect to drivers, industry-specific challenges, opportunities, and trends affecting the growth of the market.
# To analyze market segments and subsegments with respect to individual growth trends, prospects, and contributions to the overall market.
# To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.
# To profile the key players and comprehensively analyze their market shares and core competencies, in terms of market developments and growth strategies.
# To track and analyze competitive developments such as partnerships, agreements, collaborations, acquisitions, product launches, and R&D activities in the specimen retrieval systems market.
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.
Recent developments:
# In 2018, Genicon, Inc. entered into a distribution agreement with Greenpine Pharma, China to distribute its complete range of products in China.
# In 2017, B. Braun opened five new production and administration facilities in Penang to cater to end users in Malaysia. The company aims to manufacture medical devices for infusion therapy, pharmaceutical solutions, and surgical instruments in these facilities.
Request Sample Pages@
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.
The specimen retrieval systems market is highly consolidated in nature, with a few players offering a variety of products. The major players operating in this market 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).
The key growth strategies followed by most companies in the specimen retrieval systems market are acquisitions and agreements. These two strategies accounted for the largest share of the overall growth strategies mapped from 2015 to 2018.
No comments:
Post a Comment