Growth Boosting Factors:
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.
Revenue Growth Expectations:
The specimen retrieval systems market is expected to reach USD 290 million by 2024 from USD 230 million in 2019, at a CAGR of 4.7%.
Global Key Players:
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.
Download PDF Brochure@
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.
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.
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.
Request Sample Pages@