As per the latest report published by Future Market Insights, a leading Market Research firm, the Surgical Snares Market is valued at US$ 1.1 Bn and is anticipated to reach a valuation of US$ 3.8 Bn by the end of 2032 by growing at a CAGR of 11.6%, which is significantly higher from the historical CAGR of 9.9%. Furthermore, the market is expected to offer an absolute dollar opportunity of US$ 3 Bn in the upcoming 10 years. Single use surgical snares is projected to swell with an absolute dollar opportunity of US$ 1.6 Bn.
Expanding ambulatory surgical facilities offering polypectomy treatments, growth in gastrointestinal operations, and a growing preference for minimally invasive surgeries are driving the market forward. Growing patient awareness and the frequency of chronic renal disease and cancer is further driving the market expansion. Furthermore, an increasing number of older persons who are susceptible to chronic diseases is escalating the market ahead.
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Among end-use, Hospital segment generated the most revenue in the Global Surgical Snares Market in 2021. Revenue through this segment is expected to grow at a CAGR of 12.1% during the period between 2022 and 2032. This can be attributed to the enormous volume of operations and increasing incidence of trauma.
Key Takeaways from the Market Study
- The Global Surgical Snares Market is currently valued at US$ 1.1 Bn and is expected to reach the valuation of US$ 1.3 Bn by the end of 2022 by growing at annual growth rate of 6% during 2021.
- The market for Surgical Snares will provide an absolute dollar opportunity of US$ 3 Bn in the period between 2022 and 2032.
- The Global Surgical Snares Market will reach the valuation of US$ 3.8 Bn by the end of 2032 by growing at a CAGR of 6%.
- Revenue through the Hospitals segment is expected to grow at a CAGR of 1% and likely to remain a dominant segment in the global market.
- The Single-use segment will be growing at a CAGR of 9% during the forecast period compared to the historical growth of just 10%.
- The U.S. market dominates the global market for Surgical Snares with a majority share of nearly 40%, and is expected to increase at a CAGR of 6%
The surgical infection and clinical difficulties associated with snare devices are likely to hamper the expansion of the global surgical snares market, comments a Future Market Insights analyst.
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Competitive Landscape
The Surgical Snares Market is driven by the Market players who are expanding their product portfolios by highly investing in the R&D and product development areas. Government aids, technological developments, regulatory approvals, mergers and acquisitions, market expansion and a diversified product offering have all helped to maintain the environment competitive.
Some of the prominent companies in the Global Surgical Snares market are Medtronic, Boston Scientific Corporation, Medline Industries, Inc., Olympus Corporation, Cook, CONMED Corporation, Steris (U.S.), Merit Medical Systems, Avalign Technologies, Hill-Rom Holdings, Inc., and Sklar Surgical Instruments.
The key developments in the Surgical Snares Market are:
- In March 2022, Medtronic announced a strategic partnership with Vizient for Touch Surgery Enterprise, the AI-powered platform for Video Management and Analytics.
- In February 2022, Boston Scientific Corporation completed the acquisition of Baylis Medical Company. This acquisition will integrate their platforms for electrophysiology and structural heart offerings.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Surgical Snares market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Usability (Single-use, Reusable), Application (GI Endoscope, Laparoscopy, Urology Endoscopy, Gynecology Endoscopy, Arthroscopy, Bronchoscopy, Mediastinoscopy, Laryngoscopy, Other Applications), End-use (Hospitals and Ambulatory Surgical Centers) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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Future Market Insights’ Domain Knowledge in Healthcare Division
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Healthcare domain team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analysed the Healthcare industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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