Global Surgical Snare Market Gaining Momentum—Projected to Reach worth USD 1,685.6 Million by 2027
Published | 05 November 2021
Increasing patient preference for minimally invasive surgeries and the increase in colon polypectomy procedures are two major factors driving the global surgical snare market. Medical snares are also in demand due to favorable reimbursement policies for medical devices…
A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global surgical snare market was worth USD 919.9 Million in 2020 and is further projected to reach USD 1,685.6 Million by 2027 at a CAGR of 9.3% during the forecast period (2021-2027). Global surgical snare device market growth is anticipated to be spurred by the increase in minimally invasive surgeries, endoscopic ambulatory surgical centers, and active marketing by medical devices companies. Moreover, chronic kidney diseases, colon cancer, etc., combined with the increasing geriatric population undergoing kidney and colon surgery, have contributed to the growth of the global surgical snare market. Furthermore, the growing research and development initiatives by the leading manufacturers are expected to drive the growth of the global surgical snare device market during the forecast period.
With the increasing incidence of colon cancer and the increasing use of single-use devices, surgeons are becoming more interested in surgical snares. In addition, technological advances in surgical diagnostics and the development of medical sensors and surgical snares are valuable for the early detection of tumors, driving the growth of the global surgical snare market. Favorable reimbursements provided by the government or other insurance companies and the rise in the number of novel treatment procedures will also create growth opportunities for the global surgical snare market during the forecast period.
Growing Cases of Colorectal Cancer and Heightened Awareness of the Disease Favoring the Surgical Snare Market
A study conducted by the American Cancer Society in 2019 showed that each year, around 100,000 U.S. citizens are diagnosed with colon cancer, and around 44,000 are diagnosed with rectal cancer. Colorectal cancer (CRC), also known as bowel cancer, colon cancer, or rectal cancer, develops in the colon or rectum parts of the large intestine. Cancer of the colon is characterized by blood in the stool, changes in bowel movements, weight loss, and fatigue.
Therefore, the American Cancer Society recommends that adults 45 and older undergo a thorough screening using six different tests, such as a colonoscopy, every ten years to prevent the spread of colorectal cancer. This is a major factor contributing to the growth of the surgical snare market. Because surgical snares are used for screening, the development of medical sensors and surgical snares is proving to be effective in detecting tumors at an early stage, thereby driving the market growth.
Request For Free Sample Report @ https://www.blueweaveconsulting.com/report/surgical-snare-market/report-sample
Global Surgical Snare Market -By Application
Based on applications, the global surgical snare market can be segmented into GI endoscopy, laparoscopy, gynecology/obstetrics endoscopy, arthroscopy, urology endoscopy, bronchoscopy, mediastinoscopy, other applications. Among these, the GI endoscopy holds the largest share in the global surgical snare market. GI endoscopy holds a massive market share due to the rising number of geriatric populations worldwide, which leads to an increase in polypectomy procedures in hospitals. In addition, the surging rate of colorectal cancer and the growing preference for minimally invasive surgeries in the GI tract region are also boosting the global surgical snare market. Additionally, health insurance policies cover endoscopic procedures readily, as they are considered low-risk procedures. On the other hand, the arthroscopy segment is growing at the fastest rate due to the growing geriatric population suffering from orthopedic diseases, thus propelling the growth of this segment.
North America is Leading the Global Surgical Snare Market.
Based on regions, the global surgical snare market is grouped into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. North America holds the largest market share mainly due to a large number of local players such as Boston Scientific Corporation, Cook Medical, Avalign Technologies, Inc., etc. Furthermore, this region has experienced rapid growth because of its high incorporation of advanced technology, high level of competition, and presence of highly skilled professionals. On the other hand, the Asia-Pacific market is the fastest-growing region due to the increasing prevalence of various physiological disorders in the region. Additionally, the rising demand for minimally invasive surgeries, enhancement in healthcare systems, and increasing research activities are driving the growth of the surgical snare market in APAC countries.
Impact of COVID-19 on the Global Surgical Snare Market
COVID-19 has had a significant impact on the global health sector. Almost every major industry in almost every major country has been affected by the lockdown and stringent regulation implemented in every major country to deal with the pandemic, and the surgical snare market is no exception. Several factors have changed, including patient behavior and demand, purchasing patterns, supply chain rerouting, and market dynamics. COVID-19 has caused many other healthcare services, procedures, and procedures to be temporarily suspended, resulting in a suspension of certain surgical procedures that were not urgent, such as laparoscopic and endoscopic procedures. This has led to a decline in the global surgical snare market.
Global Surgical Snare Market - Competitive Landscape
The growing prevalence of chronic kidney diseases, colon cancer, etc., coupled with the rising geriatric population having kidney and colon surgery, boosted by favorable reimbursement policies, have helped drive the market for surgical snares. This has resulted in fierce competition between global players.
Some major players of the global surgical snare market are - Olympus Corporation, Boston Scientific Corporation, Cook Medical, Avalign Technologies, Inc., CONMED Corporation, Medline Industries, Inc., MEDTRONIC, MERIT MEDICAL SYSTEMS, EndoMed Systems, SKLAR Surgical Instruments, STERIS, Aspen Surgical, Stingray Surgical Products, LLC, OPT SURGISYSTEMS S.R.L., HEBU medical GmbH, Purple Surgical, EICKEMEYER, Teleflex Incorporated, GPC Medical, Hill-Rom Holdings, Inc.
The report's in-depth analysis provides information about growth potential, upcoming trends, and statistics of the global surgical snare market. It also highlights the factors driving forecasts of total market size. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market. The report promises to provide recent technology trends in the global surgical snare market, along with industry insights to help decision-makers make sound strategic decisions.
BlueWeave Consulting provides all-inclusive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer comprehensive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are a promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
- Surgical Snare Market- Global Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2017-2027, Segmented By Application (GI Endoscopy, Laparoscopy, Gynecology/Obstetrics Endoscopy, Arthroscopy, Urology Endoscopy, Bronchoscopy, Mediastinoscopy, Other Applications); By Usability (Re-Usable, Single Use); By End-User (Hospitals, Ambulatory Surgical Services); By Region (North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America)
Publish Date: November 2021
Global surgical snare market is thriving with an impressive CAGR. Two major trends driving the global surgical snare market are the increasing preference for minimally invasive surgeries and the rise in colon polypectomy procedures.
Relevant Press Releases
- Promising Growth Awaits the Global Diagnostic Catheter Market: Projected to Grow at a CAGR of 6.0% in the Forecast Period
- Saudi Arabia Diagnostic Labs Market to Grow at a CAGR of 7.4% during Forecast Period
- Global Anti-Aging Market Size Expanding to Cross USD 108 Billion by 2029
- Vietnam X-Ray Systems Market to Grow at a CAGR of 5.8% until 2028
- Saudi Arabia Diagnostic Imaging Market to Grow at 9.2% during Forecast Period