The life sciences sector comprises pharmaceutical, biotech, and health care segments. It is progressively achieving profitable revenues globally. This has been partly attributed to emerging markets and positive demographics in those markets as well as due to global leading edge research resulting in blockbuster innovations. These innovations are facilitated by meticulous and vigorous R&D efforts by global players and academia in all the aforementioned segments. R&D requires high throughput sampling and analysis. Hence, it is driving the specimen retrieval system market.
A specimen retrieval system can be defined as an easy-to-use retrieval system that is specifically designed to temporarily retain specimen and further facilitate its removal from the patient during the course of laparoscopic surgery. It is designed to minimize the contamination of the abdominal cavity. It also helps improve patient outcomes and provide better patient safety.
The specimen retrieval systems market is projected to grow at a significant pace during the forecast period. A major factor promoting the growth of this market is a rise in the prevalence of diseases that require surgical treatment, specifically laparoscopic surgeries. However, the high cost of specimen retrieval systems may act as hurdle for the growth of this market, especially in emerging countries.
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The global specimen retrieval systems market can be segmented based on product, application, and region. Based on product, the global specimen retrieval systems market can be classified into detachable and non-detachable specimen retrieval systems. In terms of application, the global specimen retrieval systems market can be categorized into gastrointestinal surgery, gynecological surgery, urological surgery, and others (cardiovascular and bariatric). Based on end-user, the specimen retrieval systems market can be divided into hospitals & clinics, ambulatory surgical centers, and others.
Based on product, the non-detachable specimen retrieval systems segment is expected to account for a prominent market share in 2018. The segment is anticipated to expand at a high CAGR during the forecast period, owing to a rise in the number of MIS procedures, especially in emerging markets. In terms of application, the gastrointestinal surgery segment is expected to expand at a high CAGR over the forecast period. Factors such as rise in the prevalence of gastrointestinal diseases such as appendicitis and gallstones and technological advancements in gastrointestinal robotic surgery are expected to boost demand for specimen retrieval systems.
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In terms of region, the global specimen retrieval systems market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is expected to constitute a major market share in 2018. However, the market in Asia Pacific is expected to expand at a rapid CAGR in the coming years. Increase of income levels in emerging markets such as India and China is leading to a rise in health care spending.
Moreover, changing lifestyles and increasing urbanization in these countries have led to a gradual escalation in the incidence of life style related diseases such as cancer, diabetes, and heart disease. This has opened up multiple avenues for expansion in the bio-pharmaceutical sector to conduct research and allocate substantial budget for the same. Increasing awareness and level of education among consumers and end-users is driving the life sciences industry to consistently provide value and superior market level positioning regarding their product’s efficacy. These factors are likely to drive the specimen retrieval systems market during the forecast period.
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Major players operating in the global specimen retrieval systems market include Applied Medical Resources Corporation, Johnson & Johnson Services, Inc., Cooper Surgical, Inc., B. Braun Melsungen AG, Teleflex Incorporated, Medtronic, Conmed Corporation, Genicon, Laprosurge, and Purple Surgical. Johnson & Johnson (Ethicon) is a prominent player in the specimen retrieval systems market. It has a strong foothold in this market, owing to a strong global distribution network and significant brand reputation among end-users.
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