The global Surgical Snares market size is expected to be worth around US$ 1.13 billion by 2028, according to a new report by Vision Research Reports.
The global Surgical Snares market size was valued at US$ 1.8 billion in 2020 and is anticipated to grow at a CAGR of 4.10%during forecast period 2021 to 2028.
Increasing number of surgical procedures, coupled with technological advancements, is anticipated to drive the market. Moreover, increasing awareness about colorectal cancer and its and growing incidence are likely to propel market growth over the forecast period.
Snares are used by surgeons in hospitals and clinics for outpatient surgeries. The easy-to-use snares help surgeons to efficiently remove unwanted growth from within a body cavity, while minimizing the risk of injury and enhancing patient safety. Surgical snares are used for efficient biopsies or during removal of tonsils or tumors.
Increasing investments in endoscopic surgery and endoscopy instruments advancements, especially in developing economies, further increases preference of these surgeries among patients & physicians, which is expected to growth. Other key factors impelling growth are growing geriatric population, continued efforts to improve quality of life for patients, and increasing use of GI endoscopies.
According to WHO, the global burden of colorectal cancer is anticipated to increase by 60%, to over 2.2 million cancer cases, by 2030. Therefore, increase in the incidence of colorectal cancer and the global geriatric population, which is prone to chronic diseases, is further expected to aid growth.
By application, the surgical snare market has been segmented into GI endoscopy, laparoscopy, urology endoscopy, gynecology, arthroscopy, bronchoscopy, mediastinoscopy, laryngoscopy, and others. In 2018, GI endoscopy accounted for the largest market size and is expected to grow at a CAGR of 5.1% over the forecast period. The dominance of the GI endoscopy segment is attributed to a large global geriatric population, high incidence of colorectal cancer, and a consequently large number of polypectomy procedures. The demand for GI endoscopy has increased significantly due to growth in preference for minimally invasive surgeries. Endoscopic procedures are generally considered as low-risk procedures and are also covered by health insurance in several regions.
Arthroscopy is the fastest-growing segment at a CAGR of 5.6% over the forecast period. This can be attributed to a global increase in the prevalence of orthopedic diseases and several orthopedic surgeries. According to WHO, the world’s population aged 60 years and above will double from 11% in 2015 to 22% in 2050. The aging demographic is a core end-user of knee/hip implants and various orthopedic surgeries. Therefore, a growing geriatric population, prone to orthopedic diseases, is propelling growth.
By end-use, the market is segmented into hospitals and ambulatory surgical centers. The hospital segment dominated in 2018 and is expected to maintain its lead over the forecast period. Its leading market share is attributed to the availability of skilled healthcare professionals, increased government funding, and increasing private sector investment into healthcare.
The ambulatory surgical center segment is expected to grow at a CAGR of 5.6% over the forecast period. This is attributed to an increase in the number of endoscopy ambulatory surgical centers & the availability of same-day procedures, as well as a reduction in the cost of treatment & hospital stay.
North America dominated in 2020 and is expected to maintain its position over the forecast period. Major factors contributing to its growth include favorable reimbursement policies, local presence of key players, and government initiatives that enable access to colorectal cancer screening programs. The stigma attached to the procedure has also reduced over time and many people have been made aware of the fact that colonoscopy checks every five to ten years could increase their chances of early detection of life-threatening cancer, thereby increasing survival rates.
Europe is growing at a rapid pace and is currently the second-largest region after North America. Its growth can be attributed to favorable reimbursement policies, growing geriatric population, and increasing incidence of diseases that require endoscopy procedures.
Asia Pacific is the fastest-growing segment, at a CAGR of 5.10% over the forecast period, owing to an increase in the geriatric population and a rise in the number of endoscopic surgical procedures, and increasing incidence of colorectal cancer & associated mortality. Its growth is also attributed to increased investments in key countries, such as Japan, China, India, Australia, and South Korea.
Merit Medical Systems
Hill-Rom Holdings, Inc.
Sklar Surgical Instruments
Ambulatory Surgical Centers
Middle East & Africa
The Surgical Snares market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Surgical Snares market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Surgical Snares market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Surgical Snares market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Surgical Snares market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Surgical Snares capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Surgical Snares by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Surgical Snares market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Surgical Snares market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Surgical Snares market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Surgical Snares industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Surgical Snares market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Surgical Snares market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Surgical Snares market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Surgical Snares market. These factors have benefited the growth of the global market for Surgical Snares. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Surgical Snares. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Surgical Snares are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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