According to Future Market Insights’ most recent study, the Surgical Snares Market is currently valued at US$ 1.1 billion and is expected to rise at a CAGR of 11.6% through the end of 2032, which is much higher than the market’s historical CAGR of 9.9%. In addition, the market is anticipated to provide a US$ 3 billion opportunity in absolute terms over the next 10 years. The market for single-use surgical snares is expected to grow and reach US$ 1.6 billion in absolute terms.
The market is being driven ahead by rising ambulatory surgical centres offering polypectomy treatments, an increase in gastrointestinal procedures, and a growing desire for minimally invasive procedures. The prevalence of cancer and chronic renal disease as well as rising patient awareness are further propelling market expansion. Additionally, the market is expected to grow as there are more senior people who are sensitive to chronic diseases.
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In the Global Surgical Snares Market in 2021, the Hospital end-use segment earned the highest amount of revenue. Revenue from this area is anticipated to increase between 2022 and 2032 at a CAGR of 12.1%. This can be attributable to the staggering number of procedures and rising trauma incidence.
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 market players who are heavily spending in R&D and product development are growing their product portfolios, which is what is driving the market for surgical snares. The climate has remained competitive thanks to support from the government, technological advancements, regulatory clearances, mergers and acquisitions, market expansion, and a variety of product offerings.
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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