Specimen Retrieval Bags Market Size

Specimen Retrieval Bags Market Analysis

The market for specimen retrieval bags is expected to register a CAGR of 4.5 percent during the forecast period.

The impact of COVID-19 has been severe on the market for specimen retrieval bags owing to the cancellations and reduction in the number of surgeries worldwide. For instance, according to the Canadian Joint Replacement Registry (CJRR) 2021 report, the number of hip and knee replacements performed in Canada decreased by 12.9% and 26.4%, respectively, in 2021 compared with the previous year. The report also stated that 48,000 knee and hip replacement surgeries were not performed in the past 2 years in Canada due to pandemic restrictions. But it's expected that it will take until the middle of 2023 for the market to reach the number of surgeries done before COVID. This could mean that there will be more demand for specimen retrieval bags in the years after the pandemic.

The growing demand for minimally invasive surgery and the rise in the number of people with chronic diseases who require more surgeries both have an impact on the market's growth.

According to the OECD, the number of surgeries performed in some European countries such as Portugal, Denmark, Ireland, and Norway in 2021 was around 94.87, 49.33, 32.84, and 21.5 (in thousand), respectively. Such a huge number of surgeries in developed European countries will lead to increased adoption of specimen retrieval bags during the surgeries. Also, as per the report of the Canadian Institute of Health Information, 55,300 hip replacements and 55,285 knee replacements were performed in Canada during 2020-202184, and 21.5 (in thousand), respectively. Such a huge number of surgeries in developed European countries will lead to increased adoption of specimen retrieval bags during the surgeries. Also, as per the report of the Canadian Institute of Health Information, 55,300 hip replacements and 55,285 knee replacements were performed in Canada during 2020-2021. Hence, there is an increasing preference among care providers for minimally invasive procedures for various surgical applications, which is expected to drive demand for specimen retrieval bags.

Retrieval bags collect specimens such as adnexal cysts, benign cysts, or other tissue masses. The rise in demand for minimally invasive procedures over open surgery is triggering a high market growth rate. For instance, as per the Aesthetic Plastic Surgery report, surgical procedures increased by 54% in 2021 in the United States. The average plastic surgeon performed 320 surgical procedures in 2021, an increase of 31% from the previous year (2020). The increase in surgical procedures is projected to boost the demand for specimen retrieval bags for the removal of body tissue waste.

The strategic initiatives taken by governmental organizations to improve transplant services globally are projected to boost the usage of specimen retrieval bags used during organ transplants. For instance, in June 2021, the Secretariat collaborated with the Pontifical Academy of Sciences in order to co-sponsor an international workshop on the contribution of science to the creation of global standards for organ donation and transplantation. The workshop emphasized the high burden of disease that results in organ failure and urged the need to include transplantation in universal health care packages as a cost-effective treatment option. Since these programs will be covered by health insurance, they are expected to increase the demand for organ transplants. They are also expected to increase the use of specimen retrieval bags, which will help the market grow during the forecast period.

Therefore, owing to the factors listed above, it is anticipated that the studied market will witness growth over the analysis period. However, the high cost of specimen retrieval products and the limited use of advanced medical systems in low- and middle-income countries are likely to impede market growth.