Surgical Snares Market Size, Share & Trends Analysis Report By Usability (Single-use, Reusable), By Application (GI Endoscope, Arthroscopy), By End Use (Hospitals, ASCs), By Region, And Segment Forecasts, 2021 - 2028
Surgical Snares Market Growth & Trends
The global surgical snares market size is expected to reach USD 2.1 billion by 2028. It is expected to expand at a CAGR of 9.4% from 2021 to 2028. The market is primarily driven by various factors such as an increase in the number of endoscopic ambulatory surgery centers and polypectomy procedures and the growing preference for minimally invasive surgeries. A significant increase in the number of gastrointestinal procedures in the U.S. and other developed economies is anticipated to support the market growth over the forecast period. Moreover, the increasing prevalence of chronic kidney diseases, the growing geriatric population suffering from chronic conditions, and increasing patient awareness are among the factors aiding in the market growth. Favorable reimbursement policies in major markets are promoting demand for surgical snares in various medical procedures.
A constant rise in the geriatric population is leading to an increase in the financial burden on the healthcare system. According to the Population Reference Bureau, the number of people in the U.S. aged 65 and above is estimated to nearly double from 52 million in 2018 to 95 million by 2060. Such a rise in the elderly population is expected to subsequently result in greater demand for ablation devices for the treatment of tumors, thereby boosting the market growth.
Technological advancements in minimally invasive surgeries are further expected to drive the demand for endoscopy procedures, which, in turn, is anticipated to fuel the growth of the market. For instance, in March 2018, Auris Health, Inc. received FDA approval for its new robotic endoscopy system, Monarch Platform. In another instance, in June 2017, Olympus introduced a 3D surgical endoscope, which is compatible with the VISERA ELITE II system.
Surgical Snares Market Report Highlights • By usability, the single-use segment accounted for the largest revenue share of over 60.0% in 2020 owing to the high adoption of single-use instruments in medical settings
• Based on application, the GI endoscope segment held the largest share in 2020 due to factors such as large procedural volume and the availability of advanced products
• The hospitals end-use segment held the largest share in 2020 due to the high number of patient visits and advanced infrastructure in hospitals as compared to other healthcare facilities
• North America held the largest share in 2020 and is predicted to maintain its lead over the forecast period
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