The global surgical snares market is experiencing a surge in popularity, driven by advancements in minimally invasive surgery and the growing demand for precise, patient-centric procedures. A recently published market analysis report by Future Market Insights forecasts and is expected to be valued at US$ 1.3 Billion by the end of 2022. The market to reach a staggering US$ 3.8 billion by 2032, reflecting a significant increase at a compound annual growth rate (CAGR) of 11.6%.
Surgical snares have become a game-changer in the medical field. These specialized wire loops or snares are instrumental during minimally invasive procedures like endoscopy, allowing surgeons to remove polyps, tumors, or other abnormal tissues with greater precision and minimal disruption to healthy tissue. This translates to faster patient recovery times and improved overall outcomes.
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The report highlights the key factors propelling the surgical snares market forward:
- Rising Prevalence of Minimally Invasive Surgeries: The shift towards minimally invasive procedures, offering reduced patient trauma and faster recovery, is a major growth driver.
- Growing Demand for Accurate and Efficient Procedures: Surgical snares empower surgeons with exceptional control and visibility, leading to more accurate and efficient surgeries.
- Increasing Focus on Patient Safety: The ability of surgical snares to minimize damage to healthy tissue aligns perfectly with the growing emphasis on patient safety in surgical procedures.
“The surgical snares market presents a significant US$2.5 billion absolute potential throughout the projected period,” says Analyst at Future Market Insights. “This substantial growth trajectory underscores the transformative impact of surgical snares on modern surgical practices.”
Key Takeaways from the Market Study:
- The Global Surgical Snares Market is currently valued at US$ 1.1 Billion and is expected to reach the valuation of US$ 1.3 Billion 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 Billion in the period between 2022 and 2032.
- The Global Surgical Snares Market will reach the valuation of US$ 3.8 Billion 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.
Market Segments Covered in Surgical Snares Market Analysis:
By Usability:
- Single-use
- Reusable
By Application:
- GI Endoscope
- Laparoscopy
- Urology Endoscopy
- Gynecology Endoscopy
- Arthroscopy
- Bronchoscopy
- Mediastinoscopy
- Laryngoscopy
- Other Applications
By End Use:
- Hospitals
- Ambulatory Surgical Centers
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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