PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555550
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555550
Surgical Snares Market size was valued at USD 1,823.12 Million in 2023, expanding at a CAGR of 4.2% from 2024 to 2032.
A surgical snare is a specialized medical instrument used primarily for removing abnormal tissue or growth during a surgical procedure. It typically consists of a wire loop or a cord that can be tightened or adjusted to encircle and capture the tissue.
Surgical Snares Market- Market Dynamics
Improvement in endoscopic technology and prevalence of cancer is expected to propel market demand
Improvements in endoscopic technology, such as better imaging and more precise instruments are mainly boosting the demand for specialized tools like surgical snares. Moreover, the increased prevalence of cancers such as colorectal cancer and benign conditions like polyps are also growing the demand for effective surgical tools, including snares. Growth in healthcare infrastructure in developing regions leads to increased adoption of advanced medical devices, including surgical snares.
Innovations in snare design, such as improved materials and functionalities, contribute to market growth by offering better performance and outcomes. Disorders requiring endoscopic interventions, such as gastrointestinal bleeding and obstructions, drive the need for snares used in such procedures. Older adults are more prone to conditions requiring surgical intervention, leading to higher demand for devices used in endoscopic and other procedures. Advances in integrating snares with electrosurgical systems and other technologies enhance their efficacy and appeal, which in turn is boosting market growth.
Surgical Snares Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.2% over the forecast period (2024-2032)
Based on Type segmentation, the single-use segment was predicted to show maximum market share in the year 2023, owing to the high adoption of single-use instruments at hospitals.
Based on Application segmentation, the GI endoscope segment was the leading Application in 2023, owing to the high need for treating gastrointestinal (GI) diseases.
Based on End User segmentation, the hospital segment was the leading End User segment in 2023, owing to the increasing number of patients in trauma, and other chronic disorders.
Based on region, North America was the leading revenue generator in 2023, due to the rising prevalence of cancer, and gastrointestinal diseases.
The Global Surgical Snares Market is segmented based on Type, Application, End User, and Region.
The market is divided into two categories based on Type: single-use and reusable. The single-use segment dominates the market. High convenience and availability in different shapes are boosting demand for single use surgical snares.
The market is divided into seven categories based on Application: GI endoscope, laparoscopy, arthroscopy, bronchoscopy, urology endoscopy, laryngoscopy, and others. The GI endoscope segment dominates the market. The growing adoption of endoscopes for diagnosis and GI disease is fueling segment growth.
The market is divided into three categories based on End Users: hospitals, ambulatory surgical centers, and others. The hospital segment dominates the market and is expected to maintain its high dominance during the forecast period. The rising incidence of trauma and hospitals' demand for surgical equipment is on the rise which is contributing to market growth.
Surgical Snares Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America dominates the global market. The presence of advanced healthcare infrastructure and high adoption rates of innovative medical technologies drive market growth. In Asia-Pacific region, including countries like China, India, Japan, and South Korea, is experiencing rapid growth in the surgical snare market. There is a high prevalence of chronic diseases like cancer, widespread use of minimally invasive surgical techniques, and substantial healthcare expenditure.
The Surgical Snares market is formulated by large and small market players. Market players engage in new product development, partnerships, and innovations. Companies are developing snares with new materials that enhance strength, flexibility, and safety. Innovations include coated wires and bio-compatible materials that reduce friction and improve performance. Various companies are incorporating electrosurgical capabilities into their snares to facilitate more efficient cutting and coagulation of tissues. Companies are investing heavily in R&D to introduce cutting-edge snare technologies that offer improved performance.
In November 2022, Boston Scientific Corporation acquired Apollo Endosurgery, Inc. for around USD 615 million to expand their business.