Laparoscopic Retrieval Bags Market Outlook, Growth Analysis 2021-2026
Author : deva patil | Published On : 24 Sep 2021
Transparency Market Research (TMR) has published a new report titled, “Laparoscopic Retrieval Bags Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global laparoscopic retrieval bags market was valued at US$ 151 Mn in 2017 and is projected to expand at a CAGR of 6.8% from 2018 to 2026. Rise in prevalence of gynecological diseases across the globe and technological advancements, such as automatic laparoscopic retrieval bags, are anticipated to boost the growth of the global market during the forecast period. According to the Cleveland Clinic Foundation, 5% to 10% women undergo surgical exploration for ovarian cysts in their lifetime in the U.S. and 13% to 21% of these cysts are malignant. North America and Europe are expected to dominate the global laparoscopic retrieval bags market from 2018 to 2026. This is attributed to rise in demand for minimally invasive surgery for urology and gynecological disorder treatments, favorable medical reimbursement policies, and rapid increase in the geriatric population. Asia Pacific is likely to account for significant share of the global market by 2026. This is due to surge in the number of cholecystectomy surgeries in highly populated countries such as India and China, large geriatric population in Japan, and rise in adoption of technologically advanced products in Japan, Australia, New Zealand, and South Korea. Rise in adoption of technologically advanced products is likely to propel the global laparoscopic retrieval bags market. The market in Asia Pacific is expected to expand at a high CAGR from 2018 to 2026.
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Increase in Demand for Minimally Invasive Surgeries to Propel Market
Demand for minimally invasive procedures is increasing due to benefits over open surgeries such as minimal bleeding, less risk of postoperative infection, fewer complications, shorter hospital stay, and early recovery. Increase in patient preference for minimally invasive procedures drives demand for laparoscopic retrieval bags. Surgeons have rapidly adopted minimally invasive surgical (MIS) techniques for a range of applications such as cholecystectomy, appendectomy, gastric bypass, ventral hernia repair, colectomy, prostatectomy, tubal ligation, hysterectomy, and myomectomy. Hence, rise in the number of minimally invasive surgeries and rapid changes in technology are expected to propel the global laparoscopic retrieval bags market during the forecast period.
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Cholecystectomy and Automatic Opening to be Highly Attractive Segments
The report offers detailed segmentation of the global laparoscopic retrieval bags market based on opening technique, deployment system, application, and end-user. In terms of opening technique, the automatic opening segment is projected to account for leading share of the global market during the forecast period. Factors attributed to the higher share of the segment include high cost of products and increase in adoption due to ease of operation as compared to the manual opening technique. Based on application, the cholecystectomy segment is anticipated to account for major share of the global market during the forecast period. Cholecystectomy surgery is a minimal invasive procedure performed to remove gall bladder. Laparoscopic cholecystectomy is indicated for the treatment of cholecystitis (acute/chronic), symptomatic cholelithiasis, biliary dyskinesia, acalculous cholecystitis, gallstone pancreatitis, and gall bladder masses/polyps. Laparoscopic cholecystectomy has replaced open technique for routine cholecystectomies. A study published on NCBI revealed that around 20 million people in the U.S. have gallstone and around 300,000 cholecystectomies are performed each year. Moreover, high success rates with minimal invasive surgeries compared to open surgeries among people suffering from chronic gallbladder diseases and favorable reimbursement policies in developed countries for minimal invasive surgeries propel the cholecystectomy segment. Furthermore, development and launch of new technologically advanced laparoscopic retrieval bags required for people suffering from gallbladder diseases are expected to drive the cholecystectomy segment during the forecast period.
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Hospitals Segment to Dominate Market
Based on end-user, the hospitals segment is projected to account for dominant share of the global laparoscopic retrieval bags market from 2018 to 2026. The segment is anticipated to expand at a high CAGR from 2018 to 2026. Ambulatory surgical centers is expected to be the second leading segment in terms of market share during the forecast period. High share of the hospitals segment is attributed to increase in the number of surgical procedures for the treatment of all types of disorders and favorable reimbursement policies for medical devices in most developed and developing countries. The ambulatory surgical centers segment is likely to grow at a rapid pace during the forecast period. Availability and high rate of adoption of over-the-counter laparoscopic retrieval bags and non-invasive treatment surgeries for the effective management of disorders are the key factors propelling the ambulatory surgical centers segment.
Asia Pacific to Offer High Incremental Opportunity
In terms of revenue, North America is projected to dominate the global laparoscopic retrieval bags market from 2018 to 2026. This is attributed to early adoption of advanced technologies, large patient pool, and easy availability & lucrative medical reimbursement policies in the U.S. and Canada. Europe is anticipated to be the second largest and highly attractive market for laparoscopic retrieval bags. The market in the region is expected to expand at a high CAGR during the forecast period due to high prevalence and increase in incidence of urology and gynecological disorders, surge in adoption of technologically advanced products, and large base of medical devices companies. The market in the U.K. is likely to grow at a rapid pace during the forecast period. The country is projected to gain market share from 2018 to 2026. Moreover, high incidence of gastrointestinal disorders is anticipated to propel the market in the U.K. during the forecast period. According to Eurostat estimates, in 2016, around 64.6 laparoscopic appendectomy procedures were performed per 100,000 inhabitants in the U.K. The market in Asia Pacific is anticipated to expand at a high CAGR, owing to the large population in countries such as India and China, large geriatric population in Japan, and improving health care facilities.
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New Product Development and Launch in International Market: Key Trend among Leading Players
The report also provides profiles of leading players operating in the global laparoscopic retrieval bags market. Johnson & Johnson Services, Inc. (Ethicon US, LLC.), Teleflex Incorporated, The Cooper Companies Inc. (CooperSurgical Inc.), Medtronic, and Genicon, Inc. are the major players operating in the market. Other prominent players in the global laparoscopic retrieval bags market include Applied Medical Resources Corporation, MetroMed Healthcare CO., LTD., LaproSurge, Richard Wolf GmbH, B. Braun Melsungen AG, and Vernacare.
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