PUBLISHER: Grand View Research | PRODUCT CODE: 1631126
PUBLISHER: Grand View Research | PRODUCT CODE: 1631126
The global surgical snare market size is anticipated to reach USD 2.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 3.9% from 2025 to 2030. The market growth is primarily driven by factors such as an increase in endoscopic ambulatory surgery centers and polypectomy procedures and the growing preference for minimally invasive surgeries. A significant increase in 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 the market growth. Favorable reimbursement policies in major markets promote demand for surgical snares in various medical procedures.
A constant rise in the geriatric population is leading to an increased 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 projected to almost double from 52 million in 2018 to 95 million by 2060. Such a rise in the elderly population is expected to result in greater demand for ablation devices to treat tumors, thereby boosting 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 market's growth. For instance, in May 2023, Olympus unveiled its latest EVIS X1 endoscopy system, which received FDA clearance. This innovative system is accompanied by two compatible gastrointestinal endoscopes: the GIF-1100 gastrointestinal video scope, designed for examination of the upper digestive tract, including the stomach, esophagus, and duodenum, and the CF-HQ1100DL/I colonovideoscope, specifically designed for the lower digestive tract, encompassing the sigmoid colon, rectum, colon, anus, and ileocecal valve.