Major Players Operating in the Global Specimen Retrieval Market

 Overview:

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.

Expected Revenue Surge:

The specimen retrieval market is expected to reach USD 290 million by 2024 from USD 230 million in 2019, at a CAGR of 4.7%. Growth in this market is mainly driven by the increasing prevalence of diseases requiring surgical treatment and the removal of specimens from the body, especially laparoscopic procedures. However, the high cost of specimen retrieval systems is a major restraint for this market, particularly in emerging countries.

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Global Leading Companies:

The specimen retrieval 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).

Different Growth Strategies Adopted by Them:

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.

Johnson & Johnson (Ethicon) is the largest player in the specimen retrieval systems market. It has a strong foothold in the specimen retrieval systems market. Ethicon has a strong global distribution network and a good brand reputation among end users. The company’s strong presence and wide distribution channels across the globe have helped it in maintaining its leading position in the specimen retrieval systems market.

Medtronic (Covidien) is a major player in the specimen retrieval systems market. The company operates in four major segments—Cardiac & Vascular Group, Restorative Therapies Group, Minimally Invasive Therapies Group, and Diabetes Group. The company offers the Reliacatch Specimen Retrieval Bag, Endo Catch Gold Specimen Retrieval Pouch, and EndoBag Specimen Retrieval System through its Minimally Invasive Therapies Group. The company offers a wide range of specimen retrieval bags for various introducer sizes and volumes. Moreover, Medtronic’s strong geographical presence has helped it sustain its position in the specimen retrieval systems market.

“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.

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