Specimen Retrieval Market to witness major growth in coming years
Category: #health  By Partha Ray  Date: 2019-10-11
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Specimen Retrieval Market to witness major growth in coming years

Specimen retrieval market size is expected to grow significantly from 2019 to 2025. Specimen retrieval market growth is on rise owing to the increasing prevalence of chronic diseases and rising demand for surgical treatments worldwide. Surge in the number of surgical procedures for eliminating specimens from the human body. Growing awareness pertaining to specimen retrieval systems among the population will favor business growth. Moreover, rising investments in medical research and healthcare activities will offer new opportunities for the specimen retrieval industry growth.

Additionally, lifestyle changes such as sedentary lifestyle, unhealthy dietary habits, increasing alcohol & tobacco consumption as well as stress will positively impact business growth. According to the American Heart Association, over 92 million Americans are living with some or the other form of cardiovascular disease. In addition, cardiac diseases account for around 2,300 deaths in America per day. Increasing prevalence of cardiovascular diseases will upsurge the demand for several surgical and non-surgical procedures. Thus, increasing adoption of specimen retrieval systems during these procedures will accelerate embolic protection devices industry growth during the forthcoming years. However, high cost of these systems may impede the market growth in developing and underdeveloped countries during the forthcoming years.

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Non-detachable specimen retrieval systems segment accounted for significant revenue share in 2018 and is expected to show similar trend during the analysis period. Surge in the number of minimally invasive surgical procedures will increase the adoption of non-detachable specimen retrieval systems. Rising prevalence of gastrointestinal diseases such as gallstones and appendicitis coupled with technological advancements in gastrointestinal robotic surgery will further favor segment growth.

Urological surgeries segment is estimated to show robust growth over the forecast period owing to rising prevalence and recurrence rate of kidney stones worldwide. According to the National Kidney Foundation, emergency rooms record more than half million people for kidney stone problems each year. Notable rise in the number of kidney-related disorders and other urological conditions will surge the demand for surgical interventions, thereby accelerating segment growth. 

Hospitals segment held considerable revenue in 2018 and will witness momentous growth over the forecast timeline. Rising incidence of chronic diseases coupled with increasing demand for surgical procedures in hospital settings will drive the segment growth. Availability of technologically advanced medical devices and skilled healthcare professionals in hospitals will augment industry growth during the forthcoming years.

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North America specimen retrieval market accounted for a substantial revenue share in 2018 owing to rising prevalence of cardiac, gastrointestinal and other diseases among people in the region. Technological advancements in specimen retrieval systems along with increasing healthcare expenditure will foster North America business growth. A strong foothold of key industry players in the region, focusing on strategic alliances will positively impact regional industry expansion.

Asia Pacific specimen retrieval market is anticipated to exhibit substantial growth during the forecast period. Rapidly ageing population in highly populated countries including China and India, prone to various chronic diseases, will act as a primary factor in the regional market growth. Moreover, healthcare reforms in the region and increasing prevalence of risk factors such as hypertension and obesity in the region will favor regional business growth.

Some of the prominent industry players operating in specimen retrieval industry include Johnson & Johnson, Teleflex, CONMED, CooperSurgical, Medtronic, B. Braun, Applied Medical Resources, GENICON, LaproSurge and Purple Surgical. Industry players focus on strategic mergers, acquisitions and innovative product launch to capitalize on market opportunities and sustain market competition.

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About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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