Surgical Snare Market Size & Growth Analysis to 2030

The global surgical snares market size is projected to grow at a significant CAGR of around 5% during the forecast period 2021 to 2027. The surge in minimally invasive surgery and the increasing number of ambulatory surgery centers are some major factors to drive the market growth. The rising prevalence of chronic diseases around the world is further anticipated to fuel the market over the forecast period. Colorectal cancer is accounted as the second prominent cause of cancer deaths among people in the United States. Moreover, the increasing investment by hospitals in endoscopy instruments is expected to boost the market.

Market Drivers:

Increasing Prevalence of Chronic Diseases: The rising incidence of chronic diseases such as gastrointestinal (GI) disorders, colorectal cancer, and urological conditions drives the demand for surgical procedures, including endoscopic interventions. Surgical snares are commonly used in these procedures to remove or biopsy abnormal tissue growths or lesions.

Technological Advancements in Endoscopy: Advances in endoscopic techniques, such as minimally invasive surgery, have expanded the applications of surgical snares. The development of innovative snare designs, materials, and imaging technologies has improved the efficiency and precision of tissue resection during endoscopic procedures, contributing to market growth.

Growing Aging Population: The increasing global geriatric population is associated with a higher incidence of age-related conditions, such as gastrointestinal polyps, gallstones, and urinary tract disorders. These conditions often require endoscopic procedures involving surgical snares for diagnosis and treatment, driving the demand for such devices.

Rising Preference for Minimally Invasive Procedures: There is a growing preference among patients and healthcare providers for minimally invasive procedures due to their advantages, including reduced post-operative complications, shorter hospital stays, and faster recovery times. Surgical snares play a crucial role in these procedures, enabling targeted tissue removal without the need for open surgery.

Increasing Endoscopic Surgeries: The rising number of endoscopic surgeries, driven by factors such as advancements in endoscopic instruments, improved patient outcomes, and cost-effectiveness, contributes to the demand for surgical snares. Endoscopic procedures, including polypectomies, tumor resections, and foreign body removals, utilize surgical snares as essential tools.

Rising Awareness and Screening Programs for Cancer: Increasing awareness about the importance of cancer screening and early detection has led to a rise in cancer screening programs, particularly for colorectal cancer. Surgical snares are frequently employed in colonoscopies to remove precancerous polyps or tumors, driving the demand for these devices.

Favorable Reimbursement Policies: Adequate reimbursement policies for endoscopic procedures and associated devices, including surgical snares, encourage healthcare providers to offer these services. Favorable reimbursement rates contribute to the market growth by facilitating the adoption of surgical snares in clinical settings.

Expansion of Ambulatory Surgical Centers (ASCs): The proliferation of ambulatory surgical centers, which offer outpatient procedures with shorter waiting times and lower costs compared to hospitals, has increased the demand for surgical snares. ASCs often perform a wide range of endoscopic procedures, including those utilizing surgical snares.

Continuous Product Innovations: Manufacturers in the surgical snare market focus on research and development activities to introduce advanced and specialized snares. These innovations aim to enhance procedural efficiency, reduce complications, and improve patient outcomes, stimulating market growth.

Growing Healthcare Expenditure: Increased healthcare spending, particularly in emerging economies, has led to improved infrastructure and the availability of advanced medical devices. This trend supports the adoption of surgical snares, as healthcare facilities invest in advanced endoscopic equipment and accessories to provide better diagnostic and therapeutic options.

Market Outlook:

Market Insights:

The global surgical snares market is bifurcated into usability, application, end-use, and geography. On the basis of usability, the market is further segmented into single-use and reusable surgical snares. The single-use segment dominated the global market in 2020 and held the largest market share of around one-third percent market by revenue. The adoption of single-use devices in medical settings is expected to fuel the growth of the segment over the forecast period owing to various advantages such as safety and convenience. In contrast, the reusable segment is accounted to grow at the fastest growth rate over the forecast period due to its cost-effectiveness.

On the basis of end-use, the market is segmented into hospitals and ambulatory surgical centers. The hospitals segment dominated the global surgical snares market in 2020 and held the largest market share of over three-fourth percent of the market. The increasing number of surgical procedures around the world is a primary factor to drive the segment growth. Furthermore, the increasing prevalence of trauma is expected to fuel the segment growth in next upcoming years.

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The surgical snares comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The surgical snares market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Usability:

• Single-use
• Reusable

By Application:

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

By End-Use Industry:

• Hospitals
• Ambulatory Surgical Centers

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographic Coverage:

Geographically, North America dominated the global surgical snares market in 2020 and accounted to hold the largest market share of around half of the market in terms of revenue.  the increasing incidence of chronic disease and the demand for minimally invasive surgeries are some major factors contributing to the market growth in the region. Furthermore, the increasing prevalence of gastrointestinal disorders and the growing number of cancer cases are expected to fuel the market over the forecast period in North America. In contrast, Europe is accounted to grow at a significant growth rate over the forecast period due to the increasing preference for minimally invasive surgeries and the rising awareness regarding early diagnosis of diseases.

Competition Assessment:

Some of the major players operating in the global surgical snares market are Medtronic, Boston Scientific Corporation, Medline Industries, Inc., Olympus Corporation, and CONMED Corporation. Companies are exploring markets through expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

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

Key Questions Answered by Surgical Snares Market Report

• Global surgical snares market forecasts from 2021-2027
• Regional surgical snares market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
• Surgical snares submarket forecasts from 2021-2027 cover the market by usability, by application, by end-use, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis pertaining to the surgical snares market
• Analysis of the key factors driving and restraining the growth of the global, regional and country-level surgical snares markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the surgical snares market