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.
# 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.
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Geographical Growth Scenario:
“Asia Pacific to grow at the highest rate during the forecast period (2018–2023)”
The specimen retrieval 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.
Key questions addressed in the report:
# 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?
Global Leading Companies:
Some of the prominent players in the global specimen retrieval 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).
Johnson & Johnson (Ethicon) is the largest player in the specimen retrieval 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 market. The company operates in four major segments, namely, 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 that include specimen retrieval bags for various introducer sizes and volumes as per requirement. Moreover, Medtronic’s strong geographical presence has helped the company in sustaining its position in the specimen retrieval systems market.
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. 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 Surge:
The specimen retrieval 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.
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After arriving at the overall market size using the market size estimation processes the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the specimen retrieval systems industry.
Major Growth Influencing Factors:
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.