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The market for surgical snares is estimated to reach $1.19 billion by 2025, according to research. Technological advances and new product introductions will shape this industry.
One of the major drivers for the surgical snare market is the increasing cases of gastrointestinal and urological diseases requiring interventional procedures. Due to rise in global geriatric population along with colorectal polyps and bladder tumors incidence, there has been a significant demand for efficient surgical snares required for endoscopic procedures. Further advancement in endoscopy arena resulting into improved diagnostic capabilities are expected to encourage minimally invasive interventions.
The regulatory environment significantly impacts on safety and efficacy of these products within this industry sector. Stringent approval, manufacturing, and commercialization processes for surgical snares are guided by tough regulations which are put in place to ensure patients’ safety first but at the same time it sets standards for responsible practices within the industry creating trust among healthcare providers as well as final users.
In addition, economic factors such as healthcare budgets and reimbursement policies influence utilization of these devices. The cost-effectiveness of these instruments coupled with their potential ability to lessen financial burdens associated with classical surgery will make them more desirable among payers and hospitals. In turn economic forces play a role towards shaping up what kind of advanced surgical snares one can access.
The competitive landscape is also made up by various companies offering different products that are used depending on different medical procedures in this field. Fierce rivalry drives innovation hence development focus has been centered around making snare devices tough yet flexible with easy usage process for doctors at all levels . Variations in available options offer physicians an opportunity to select ones that blend well with certain procedural requirements thereby leading to dynamic rather than static situation characterized by many other markets.
Demographic factors include aging population which has increased prevalence rates for GI & urological conditions like acid reflux, colorectal polyps, and bladder tumors. Older population is more prone to diseases that can necessitate use of surgical snares in performing interventions on them. Also preventive healthcare has been widely adopted among people who have adopted healthy lifestyle hence this has given a rise for early diagnosis of the disease further driving demand for effective treatments which are minimally invasive.
In addition, socio-cultural attitudes towards health care and medical interventions shape the surgical snare market. This cultural influences are complex and they touch on perception of health, acceptance of endoscopy as well as preference for minimal invasive procedures such as surgeries with the use of snaring instruments. Factors affecting culture play a significant role in determining how information is being processed between physicians and their patients leading to different treatment decisions.
Furthermore, geographical differences in healthcare facility access affect market dynamics. There might be disparities between developed and developing countries regarding availability of sophisticated devices such as surgical snares. As a result there have been efforts by international bodies to address these gaps through sensitization programs about the various medical treatments available thus influencing worldwide scene within snares sector.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | Â Â 9.1% (2023-2032 |
Surgical Snare Market Highlights:
Global Surgical Snare Market Overview
The Surgical Snare Market is anticipated to reach USD 1.19 Billion by 2032 at 9.1% CAGR during the forecast period 2023-2032.
A surgical instrument consists of a wire hoop drawn tight around the base of small tumors to sever. Surgical snares are used in endoscopy. An endoscopy procedure allows physicians or surgeons to look inside the organ’s interior parts. The technique is used for diagnostic and therapeutic purposes. For endoscopy, a specialized instrument called an endoscope is used. There are different types of endoscopes in the market. The demand for convenient treatment procedures will drive the Surgical Snare Market in the forecast period.
The higher adoption of endoscopes depends upon the affected body organ like bronchoscopes for lungs related problems, arthroscopes for problems associated with joints, and many others. The major factor, such as the increasing occurrence of chronic diseases like cancer, is driving the market. Furthermore, the preference for minimally invasive surgeries and the growth of the endoscopic surgery centers are other factors for the market growth. The heavy investments in endoscopy instrument development in hospitals boost market performance.
In October 2020, Olympus, a prominent worldwide technology leader specializing in creating and providing cutting-edge solutions for medical and surgical operations, as well as other key industries, revealed the introduction of the SnareMaster Plus hybrid hot/cold snare in the United States. The SnareMaster Plus, invented and produced by Olympus, enables Olympus to address all procedural needs for polypectomy with its SnareMaster portfolio, consisting of the SnareMaster Soft and the SnareMaster Spiral.
In April 2021, Argon Medical Devices Inc., a prominent manufacturer of medical devices specializing in interventional treatments, announced the introduction of Halo Single-Loop Snare Kits in the United States. These kits were initially used by a clinician at Beaumont who reported favorable outcomes.
Surgical Snare Market Segment Insights
The surgical snare market is segmented on the basis of usability, application, end user, and region.
On the basis of usability, the surgical snare market is segmented into reusable
and single-use. By application, the surgical snare market by application is categorized into laparoscopy, endoscopy, cystoscopy, otoscopy, laryngoscopy, neuroendoscopy, and others. By end-user, the surgical snare market is categorized into hospitals & clinics, ambulatory surgical centers, and others.
Regional Market Summary
On the basis of region, the surgical snare market is divided into the Americas, Europe, Asia-Pacific, and Middle East & Africa. Americas region is expected to command the largest market share in 2017. Europe is expected to be the second largest market by 2023. Surgical Snare market is growing at a healthy CAGR during the forecast period of 2018 to 2023. Asia-Pacific is the fastest growing market which is growing at the fastest CAGR.
Research Methodology
Market Research Future research is conducted by industry experts who offer insights into industry structure, market segmentation, assessment, Competitive Landscape (CL), penetration, as well as on emerging trends. Besides primary interviews (~ 80%) and secondary research (~ 20%), their analysis is based on their years of professional expertise in respective industries. Our analysts also predict where the market will be headed in the next five to ten years, by analyzing historical trends and current market positions. Furthermore, the varying trends of segments and categories geographically presented are studied and are estimated based on the primary and secondary research.
- Primary Research
Extensive primary research was conducted to gain a deeper insight into the market and industry performance. In this particular report, we have conducted primary surveys (interviews) with key level executives (VPs, CEOs, Marketing Directors, Business Development Managers, and many more) of major players who are active in the market. In addition to analyzing the current and historical trends, our analysts predict where the market is headed, over the next five to ten years.
- Secondary Research
Secondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and commercial study of the surgical snare market. It was also used to obtain key information about major players, market classification, and segmentation according to industry trends, geographical markets, and developments related to the market and perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, SEC filings, journals, white papers, corporate presentations, company web sites, international organization of chemical manufacturers, some paid databases, and many others.
Recent Development
In November 2021
The Micro-Tech Endoscopy Lesion Hunter is a thin 0.18 mm Nitinol cold snare specifically designed for resecting sessile polyps, pedunculated polyps, and tissue from within the gastrointestinal (GI) tract. A novel cold snare features a rotatable thin Nitinol wire which offers clean, precise resection of diminutive polyps. The thin cutting wire provides for a guillotine-type cut, while the loop shape assists in capturing smaller polyps. The spiral metal catheter is stiff to aid insertion through an extended scope position while providing support during resection. A three-ring comfortable grip with shortened throw aids effortless cuts.
In April 2021
Argon Medical Devices (Frisco, Texas) announced the U.S. launch of its Halo single-loop snare kits. According to Argon Medical Devices, the snare catheter’s creators designed it to provide accuracy and reliability when retrieving and manipulating foreign objects from the cardiovascular system or hollow viscus.
Intended Audience
- Dental Clinics
- Medical Device Companies
- Research and Development (R&D) Companies
- Medical Research Laboratories
- Market Research and Consulting Service Providers
Surgical Snare Market Segmentation
Surgical Snare Market, by Usability
- Reusable
- Single-Use
Surgical Snare Market, by Application
- Laparoscopy
- Endoscopy
- Cystoscopy
- Otoscopy
- Laryngoscopy
- Neuroendoscopy
- Others
Surgical Snare Market, by End User
- Hospitals & Clinics
- Ambulatory Surgical Centers
- Others
Surgical Snare Market, by Key Players
- Boston Scientific
- Olympus
- CONMED
- Medline Industries
- Steris
- Medtronic
- Merit Medical Systems
- Hill-Rom Holdings
- Sklar Surgical Instruments
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