(PharmaNewsWire.Com, July 29, 2020 ) 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.
# 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?
Gastrointestinal surgeries held the largest share of the applications market in 2018
Based on applications, the specimen retrieval systems market is segmented into gastrointestinal surgeries, urological surgeries, gynecological surgeries and other applications such as cardiovascular and bariatric surgeries. In 2018, the gastrointestinal surgeries application segment accounted for the largest share of the specimen retrieval systems market. The large share of this segment can be attributed to the increasing incidence of colon/gastrointestinal cancer, inguinal hernia, and gall bladder stones.
North America commanded the largest share of the specimen retrieval market in 2018
North America dominates the specimen retrieval 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.
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.
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.
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