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 sub-segments. 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 sub-segments.
Key questions addressed in this Study:
# What are the growth opportunities in the specimen retrieval systems 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 systems market?
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Factors Influencing Global Industry Growth:-
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.
# Growth Potential of Emerging Economies
# Restricted Access to Systems in Emerging Countries
Industry’s Revenue Growth Expectations:
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.
Geographical Growth Scenario:
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.
Leading Market 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.