Global Surgical Snares Market by End Use (ASCs, Hospitals), by Usability (Reusable, Single-use), by Application (GI Endoscope, Arthroscopy) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global surgical snares market was valued at USD 926 million in 2020. It is expected to grow at a compound annual rate (CAGR of 9.4%) between 2021 and 2028. Market growth is driven by a number of factors, including the increasing number of ambulatory surgical centers that offer polypectomy and the growing preference to minimally invasive surgery. The market is expected to grow due to a significant increase in the number and types of gastrointestinal procedures performed in the U.S. as well as other developed countries. Market growth is also supported by the rising prevalence of chronic kidney disease, growing elderly population with chronic conditions, and increasing patient awareness.

The market suffered greatly from the cancellation or delay of elective surgery during the COVID-19 epidemic. Revenue generated by the pandemic was significantly reduced due to increased hospital-acquired infections and inability to find skilled staff for non COVID-19 treatments. After the second wave, there were stricter guidelines regarding elective surgery. The market began to recover. During the ongoing pandemic, rapid vaccination against COVID-19 will play an important part in market growth.

One of the main factors that will drive the market growth for endoscopes over the forecast period is the increasing incidence of cancer. The WHO estimates that the world's cancer incidence in 2012 was close to 14.1 million. This number is projected to rise to 22 millions by 2034. Lung cancer, colorectal and breast cancer are the most prevalent types of cancer. The market is growing because of increased awareness among patients about colorectal carcinoma. The most common form of cancer found in Americans is colorectal cancer. The American Cancer Society estimates that in 2019 there were approximately 1 million cases of colon cancer. Rectal cancer has been diagnosed in around 44,000 patients. It is expected to cause 52,980 deaths by 2021.

Biopsies are becoming more popular due to the rising incidence of cancer. Endoscopic ultrasound and endoscopy are two of the most popular procedures for diagnosing cancer. Market growth is expected during the forecast period due to an increase in demand for surgical procedures.

The market is expected to grow due to technological advancements in minimally invasive surgery. Auris Health, Inc. was approved by the FDA in March 2018 for its robotic endoscopy system, Monarch Platform. Olympus released a 3D surgical endoscope in June 2017 that is compatible with the VISERA ELITE 2 system.

Usability Insights

In 2020, the single-use segment was responsible for more than 60% of all revenue. Soft wire oval, crescent-shaped, oval, and hard-wire oval snares are all single-use snares. There are many wire types and shapes that can be used in different applications. These include thick wires to increase coagulation and harder snares for flat-polyps. The segment is expected to grow faster due to increased adoption of single-use instruments within medical settings.

Over the forecast period, the fastest growing segment will be the reusable. Disposable devices are expected to have a significant growth factor in terms of cost-effectiveness. Because they are more affordable than traditional endoscopy devices, reusable surgical snares have been widely adopted in emerging countries.

Application Insights

The largest share, at over 30% in 2020, was held by the GI endoscope. The growing number of gastroscopies and increased use of endoscopes to diagnose and treat gastrointestinal (GI) diseases are just a few of the factors that have boosted gastroscopy's popularity.

The fastest growth rate for arthroscopy is anticipated over the forecast period. Due to rising numbers of elderly people at risk for age-related diseases like arthritis and increasing incidences of joint injuries such knee and shoulder injury, arthroscopic procedures are expected to be more popular. The Arthritis Foundation estimates that the number of people suffering from arthritis will exceed 78 million by 2040. This is a huge market opportunity for arthroscopies.

Laparoscopy accounted for a large portion of the 2020 market. Laparoscopy offers many benefits, including faster patient recovery, lower risk of infection, less pain, increased opportunities for private training, and fewer post-operative complications. The segment is still limited by high costs and a steep learning curve.

End-use Insights

In 2020, hospitals accounted for the largest market share at over 75.0%. Due to its high volume of operations, the hospitals segment is the most lucrative in this market. The CDC has observed a sharp increase in surgical procedures such as angioplasty, kidney and liver transplants over the last few years. This, combined with an increasing incidence of trauma, has led to a significant increase in the demand for surgical equipment in hospitals.

The highest growth rate for ASCs (ambulatory surgical centers) is expected to be over the forecast period. This is due to lower out-of pocket costs, improved patient access, and decreased facility cost.

Regional Insights

North America held the largest share, with over 45.0% in 2020. The market is driven by the increasing adoption of advanced devices, the rise in demand for minimally invasive surgery procedures and the growing burden of chronic diseases. Market growth is also driven by the growing incidence of cancer and gastrointestinal disorders in the region. Market growth is expected to be boosted by rising cancer incidence and the availability of advanced diagnostic techniques.

In 2020, a large portion of the market was in Europe. Europe's market is expected to grow due to a rise in minimally invasive surgery, an increase use of endoscopic procedures for early diagnosis and the introduction of disposable surgical snares to reduce the risk of infection. The market is also being driven by the growing number of geriatrics and the rising burden of chronic diseases such as cancer and GI disease.

Market Share Insights & Key Companies

With new entrants in the market, innovative product portfolios, and major players maintaining market share through mergers and acquisitions, the competition is fierce. STERIS plc is one of the most recent acquisitions. STERIS plc was added to the portfolio along with Water Street Healthcare Partners, LLC, and Olympus Corporation. Olympus Corporation announced its intention to buy Arc Medical Design. The Middle East and Asia Pacific will see a rise in competition due to increased focus on manufacturing technology and the building of distributor channels. This is especially true for price-sensitive markets like the Middle East and Africa. The following are some of the major players in global surgical snares markets:

• Medtronic

• Boston Scientific Corporation

• Medline Industries, Inc.

• Olympus Corporation

• Cook

• CONMED Corporation

• Steris (U.S.).

• Merit Medical Systems

• Avalign Technologies

• Hill-Rom Holdings, Inc.

• Sklar Surgical Instruments

Up Market Research published a new report titled “Surgical Snares Market research report which is segmented by End Use (ASCs, Hospitals), by Usability (Reusable, Single-use), by Application (GI Endoscope, Arthroscopy), By Players/Companies Cook, Hill-Rom Holdings Inc, Medtronic, Avalign Technologies, Olympus Corporation, Merit Medical Systems, CONMED Corporation, Steris (US), Sklar Surgical Instruments, Medline Industries Inc, Boston Scientific Corporation”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Surgical Snares Market Report Segments:

The market is segmented by End Use (ASCs, Hospitals), by Usability (Reusable, Single-use), by Application (GI Endoscope, Arthroscopy).

Surgical Snares Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Surgical Snares Market

Overview of the regional outlook of the Surgical Snares Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Surgical Snares Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Surgical Snares Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. ASCs

                2. Hospitals

                1. Reusable

                2. Single-use

                1. GI Endoscope

                2. Arthroscopy

9. Market scenario by region, sub-region, and country.
10. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
11. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
12. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Surgical Snares Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Surgical Snares Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.