Surgical Snare Market by Usability (Singel Use, Reusable), Application (GI Endoscopy, Laparoscopy, Urology Endoscopy, Gynecology Endoscopy, Arthroscopy, Bronchoscopy, Mediastinoscopy, Laryngoscopy), End User (Hospital, ASC) - Global Forecast to 2023
“Increasing awareness on colorectal cancer is expected to drive the overall growth of the surgical snares market.”
The surgical snares market size is expected to grow from USD 992 million in 2018 to USD 1255 million by 2023, at a Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period. The surgical snares market is driven by various factors such as the increasing number of colon polypectomy procedures, growth of the endoscopic ASCs segment, and a rising preference for minimally invasive surgeries are the key factors driving the market.
“The Hospitals segment is expected to grow at a higher CAGR during the forecast period.”
The hospitals segment is the faster-growing segment in the surgical snares market, by end user. The surgical snares market, by end user, has been categorized into hospitals, ambulatory surgical centers, and other end users. The hospitals end-user segment comprises surgical units based in hospitals or attached to hospitals that are equipped with endoscopic instruments and accessories, including surgical snares, to perform endoscopic procedures for diagnostic or treatment purposes. The increasing investments and incentives received by hospitals from government bodies and private investors for endoscopic surgery and endoscopic instruments further increase the preference for endoscopic surgeries among physicians, which in turn drives growth in the surgical snares market.
“The GI endoscopy segment, by application, is projected to hold the largest market share during the forecast period.”
GI endoscopy helps in the diagnosis as well as treatment of gastrointestinal (GI) diseases. In the coming years, a surge in the demand for GI endoscopy as a means of early diagnosis and treatment is expected in developed countries. The pivotal factors that are likely to drive the demand for GI endoscopy in these economies include the rapidly increasing aging population, the need to improve the quality of life for patients, and the need for proficient hospital management. The GI endoscopy segment will, therefore, witness sustained growth, driven by a significant increase in the number of colonoscopy procedures performed in the US, which is a major market for endoscopy products.
“North America is projected to hold the largest market share during the forecast period.”
North America is estimated to be the largest regional market for surgical snares, followed by Europe. The favorable reimbursement scenario in the US, increasing preference of minimally invasive surgeries and the rising incidence of cancer are the major factors driving the growth of the surgical snares market in North America. The high incidence of colorectal cancer (CRC) in the US has resulted in the provision of reimbursements to increase the affordability of CRC screening procedures in the country. This has increased the affordability of CRC screening procedures, which in turn is driving the number of endoscopic procedures using the snaring technique performed in the US.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the surgical snares market.
By Company Type: Tier 1: 23%, Tier 2: 30%, and Tier 3: 47%
By Designation: C-level Executives: 24%, Directors: 36%, and Others: 40%
By Region: North America: 34%, Europe: 50%, APAC: 8%, and MEA: 8%
The surgical snares market comprises major providers such as Olympus (Japan), Boston Scientific (US), Cook Medical (US), CONMED Corporation (US), Medline Industries (US), Medtronic (Ireland), Steris (US), Merit Medical Systems (US), and Avalign Technologies (US) and other players. The study includes an in-depth competitive analysis of these key players in the surgical snares market, along with their company profiles, recent developments, and key market strategies.
The market study covers the surgical snares market across various segments. It aims at estimating the market size and the growth potential of this market across different segments, on the basis of usability, application, end user and region. The study also includes an in-depth competitive analysis of the key players in the market; along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall surgical snares market and its subsegments. This report will help the stakeholders to understand the competitive landscape, to gain more insights to better position their businesses, and to plan suitable go-to-market strategies. The report will also help the stakeholders to understand the pulse of the market and will provide them with information on key market drivers, restraints, challenges, and opportunities.