MarketsandMarkets expects the global surgical snares market to grow from USD 992 million in 2018 to USD 1255 million by 2023, at a Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period.
Surgical snares is important instrument require for different surgical procedure which includes GI endoscopy, laparoscopy, arthroscopy, urology endoscopy and many other specialties. Surgical snares formulation configured with size, wire diameter, and the ability to rotate which helps to remove tissue and small polyps easily during surgery.
Furthermore, the increasing number of colon polypectomy procedures, growth of the endoscopic ASCs segment, and a rising preference for minimally invasive surgeries are the key factors driving the market
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The single use segment, by usability, is projected to grow at the higher CAGR during the forecast period. Single use surgical snares has major advantage of these instruments is their high-quality standards in terms of sterility and operation. These instruments are majorly used in hospitals as well as ambulatory surgical centers; however, their demand is increasing in office diagnostic procedures as well.
The GI endoscopy segment, by application, is projected to grow at the highest CAGR during the forecast period. GI endoscopy helps in the diagnosis as well as treatment of gastrointestinal (GI) diseases. This procedure enables the examination of the inside lining of the digestive tract. Upper GI endoscopy involves the examination of the upper gastrointestinal tract, including the esophagus (swallowing tube), stomach, and the duodenum, which is the first portion of the small intestine. The pivotal factors that are likely to drive the demand for GI endoscopy in these economies include the rapidly increasing aging population, the need to improve the quality of life for patients, and the need for proficient hospital management. The GI endoscopy segment will, therefore, witness sustained growth, driven by a significant increase in the number of colonoscopy procedures performed in the US, which is a major market for endoscopy products.
In terms of geographical coverage, the liquid surgical snares market has been segmented into 4 regions, namely, North America, Asia Pacific (APAC), Europe, RoW (Rest of the World). Asia Pacific is projected to record the highest growth rate during the forecast period. Support for endoscopy-related research in Japan and the expansion of global players (operating in the surgical snares market) in China are the major factors driving the growth of the Asia Pacific market. Japan is expected to witness growth in the demand for endoscopes due to the rapidly growing geriatric population in the country. Currently, Japan has the highest proportion of people aged 65 years and above, globally. Endoscopy is considered as the gold standard for cancer diagnosis, and with the increasing prevalence of cancer (especially gastric and colorectal cancer), the demand for endoscopy is expected to increase in Japan during the forecast period. Similarly, China, a major market in the Asia Pacific region, is expected to offer potential growth opportunities to market players in the coming years. This can be attributed to the increasing demand for endoscopy equipment in the country as a result of the rising geriatric population and the increasing incidence of cancer. Major Player operating in this market are Olympus Corporation (Japan), Medtronic (Ireland) and Boston Scientific (US)
Rising patient preferance for minimally invasive surgeries is key opportunity for players operating in surgical snare market. Market players can focus on developving new, innovative and cost effective products for addressing this minimally invasive surgeries.
