Specimen Retrieval Market - Rising Global Demand for Minimally Invasive Surgical Procedures to Drive Market Growth During the Forecast Period

Overview of This Study:

The study involved four major activities in estimating the current size of the Specimen Retrieval Research 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 market. These methods were also used extensively to estimate the size of various subsegments in the market.

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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

Expected Revenue Growth:

The specimen retrieval 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.

Recent Developments in the Global Specimen Retrieval Research Market:

# 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.

Hospitals were the largest end users of specimen retrieval systems in 2018

By end user, the specimen retrieval 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.

Key questions addressed in the report:

# What are the growth opportunities in the Specimen Retrieval Research Market across major regions in the future?
# Emerging countries have immense opportunities for the growth and adoption of specimen retrieval systems. Will this scenario continue during the next five years?
# Where will all the advancements in products offered by various companies take the industry in the mid- to long-term?
# What are the various specimen retrieval systems and their respective market shares in the overall market?
# What are the new trends and advancements in the specimen retrieval market?

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North America commanded the largest share of the specimen retrieval market in 2018

North America dominates the Specimen Retrieval Research 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.

Key Players:

Some of the major players in Specimen Retrieval Market include 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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