Surgical Snare Market worth $1,255 million by 2023

Posted August 25, 2021 by mmvaidya

Both the top-down and bottom-up approaches were used to estimate and validate the total size of the surgical snares market.

The study involved 4 major activities in estimating the current market size for surgical snare. Exhaustive secondary research was done to collect information on the market as well as its peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.

Expected Revenue Growth:

The market for surgical snare is expected to grow from USD 992 million in 2018 to USD 1,255 million by 2023, at a Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period. The major driving factors in the surgical snares market are increasing number for colon polypectomy procedures, growth of the endoscopic ambulatory surgical centers, and a rising preference for minimally invasive surgeries are the key factors.

By Usability, the single use surgical snare segment is expected to be the faster-growing in the surgical snare market during the forecast period.

The single use surgical snare segment is projected to grow at the higher CAGR between 2018 and 2023. Reusable surgical snares are conventional instruments that are used for polyp and tumor removal in endoscopy procedures. These instruments are more cost-effective as compared to disposable instruments and help reduce the cost of endoscopy procedures. Also, these instruments are easily detachable and can be sterilized.

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By application, the GI Endoscopy segment is growing at the fastest rate during the forecast period.

The GI Endoscopy segment, is projected to be the fastest-growing application market. GI endoscopy helps in the diagnosis as well as treatment of gastrointestinal (GI) diseases. This procedure enables the examination of the inside lining of the digestive tract. The other parts examined in GI endoscopy are the entire lower GI tract (colon or large bowel/intestine), also known as colonoscopy, and the lowest portion of the colon (sigmoid colon and rectum) or sigmoidoscopy. Colonoscopy is a widely used endoscopic procedure in the US and is considered the gold standard for colorectal cancer screening; approximately 15 million colonoscopies are performed per year, leads to the market growth.

North America is expected to account for the largest market share during the forecast period.

The surgical snare market is divided into four major regions North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2018, North America is expected to account for the largest share of this market, followed by Europe. This is mainly attributed to the increasing prevalence of colon cancer and rising awareness of screening, diagnosis, and treatment procedures. 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.

Global Leaders:

The major surgical snares vendors include 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).

Olympus Corporation is the largest player operating in the surgical snare market. The company offers an extensive product portfolio of surgical snares through its Medical Business segment. Olympus operates across the globe and has a significant presence in North America, Europe, and Asia. Its wide geographical presence and innovation-centric approach provide the company with a competitive edge in the market.

Boston Scientific Corporation is the second-largest player in the surgical snare market. The company is considered to be a major player in the global medical devices market and has particular expertise in the sphere of surgical snares manufacturing. Boston operates in the US, Japan, and other key countries to enhance its presence in this market. It has also adopted the organic strategy of product launches to improve and maintain its position in the surgical snares market.

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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags surgical snare , surgical snare market
Last Updated August 25, 2021