Surgical Snares Market Report by Opportunity, Demand, Recent Trends, Major Driving Factors and Business Growth Strategies

 Surgical Snares Market Growth & Trends

The global surgical snares market size is expected to reach USD 2.1 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.4% from 2021 to 2028. The market is primarily driven by various factors such as an increase in the number of endoscopic ambulatory surgery centers and polypectomy procedures and the growing preference for minimally invasive surgeries. A significant increase in the number of gastrointestinal procedures in the U.S. and other developed economies is anticipated to support the market growth over the forecast period. Moreover, the increasing prevalence of chronic kidney diseases, the growing geriatric population suffering from chronic conditions, and increasing patient awareness are among the factors aiding in the market growth. Favorable reimbursement policies in major markets are promoting demand for surgical snares in various medical procedures.

A constant rise in the geriatric population is leading to an increase in the financial burden on the healthcare system. According to the Population Reference Bureau, the number of people in the U.S. aged 65 and above is estimated to nearly double from 52 million in 2018 to 95 million by 2060. Such a rise in the elderly population is expected to subsequently result in greater demand for ablation devices for the treatment of tumors, thereby boosting the market growth.

Technological advancements in minimally invasive surgeries are further expected to drive the demand for endoscopy procedures, which, in turn, is anticipated to fuel the growth of the market. For instance, in March 2018, Auris Health, Inc. received FDA approval for its new robotic endoscopy system, Monarch Platform. In another instance, in June 2017, Olympus introduced a 3D surgical endoscope, which is compatible with the VISERA ELITE II system.

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Surgical Snares Market Report Highlights

• By usability, the single-use segment accounted for the largest revenue share of over 60.0% in 2020 owing to the high adoption of single-use instruments in medical settings
• Based on application, the GI endoscope segment held the largest share in 2020 due to factors such as large procedural volume and the availability of advanced products
• The hospitals end-use segment held the largest share in 2020 due to the high number of patient visits and advanced infrastructure in hospitals as compared to other healthcare facilities
• North America held the largest share in 2020 and is predicted to maintain its lead over the forecast period

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Surgical Snares Market Segmentation

Grand View Research has segmented the global surgical snares market on the basis of usability, application, end use, and region:

Surgical Snares Usability Outlook (Revenue, USD Million, 2016 - 2028)

• Single-use
• Reusable

Surgical Snares Application Outlook (Revenue, USD Million, 2016 - 2028)

• GI Endoscope
• Laparoscopy
• Urology Endoscopy
• Gynecology Endoscopy
• Arthroscopy
• Bronchoscopy
• Mediastinoscopy
• Laryngoscopy
• Others

Surgical Snares End-use Outlook (Revenue, USD Million, 2016 - 2028)

• Hospitals
• Ambulatory Surgical Centers

Surgical Snares Regional Outlook (Revenue, USD Million, 2016 - 2028)

• North America
  • US.
  • Canada
• Europe
  • Germany
  • UK.
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE

List of Key Players of Surgical Snares Market

• Medtronic
• Boston Scientific Corporation
• Medline Industries, Inc.
• Olympus Corporation
• Cook
• CONMED Corporation
• Steris (U.S.)
• Merit Medical Systems
• Avalign Technologies
• Hill-Rom Holdings, Inc.
• Sklar Surgical Instruments

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.