Advancements in medical technology have revolutionized the field of surgery, allowing for safer and more precise procedures. One such innovative tool that has gained significant prominence in recent years is the Surgical Snares Market. Designed to aid in the removal of abnormal tissues or foreign bodies during endoscopic procedures, surgical snares have become an indispensable asset in the hands of skilled surgeons. With their ability to enhance precision, improve patient outcomes, and streamline surgical procedures, the demand for surgical snares continues to grow rapidly.
Surgical snares are specialized wire loops or snares that are used during minimally invasive procedures such as endoscopy. They are designed to facilitate the removal of polyps, tumors, or other abnormal tissues from various areas of the body, including the gastrointestinal tract, respiratory system, and urinary tract. By utilizing a loop-shaped snare, surgeons can effectively encircle the targeted tissue, apply controlled tension, and safely excise it. The versatility of surgical snares enables surgeons to perform precise and efficient procedures with minimal trauma to surrounding healthy tissue.
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From 2022 to 2032, the global surgical snares market is anticipated to expand at a CAGR of 11.6%. It will be worth US$ 3.8 billion by the end of 2032.
Key Takeaways from the Market Study:
- The Global Surgical Snares Market is currently valued at US$ 1.1 Bn and is expected to reach the valuation of US$ 1.3 Bn by the end of 2022 by growing at annual growth rate of 6% during 2021.
- The market for Surgical Snares will provide an absolute dollar opportunity of US$ 3 Bn in the period between 2022 and 2032.
- The Global Surgical Snares Market will reach the valuation of US$ 3.8 Bn by the end of 2032 by growing at a CAGR of 6%.
- Revenue through the Hospitals segment is expected to grow at a CAGR of 1% and likely to remain a dominant segment in the global market.
- The Single-use segment will be growing at a CAGR of 9% during the forecast period compared to the historical growth of just 10%.
- The U.S. market dominates the global market for Surgical Snares with a majority share of nearly 40%, and is expected to increase at a CAGR of 6%
The surgical infection and clinical difficulties associated with snare devices are likely to hamper the expansion of the global surgical snares market, comments a Future Market Insights analyst.
Competitive Landscape:
The market players who are heavily spending in R&D and product development are growing their product portfolios, which is what is driving the market for surgical snares. The climate has remained competitive thanks to support from the government, technological advancements, regulatory clearances, mergers and acquisitions, market expansion, and a variety of product offerings.
Some of the prominent companies in the Global Surgical Snares market are Medtronic, Boston Scientific Corporation, Medline Industries, Inc., Olympus Corporation, Cook, CONMED Corporation, Steris (U.S.), Merit Medical Systems, Avalign Technologies, Hill-Rom Holdings, Inc., and Sklar Surgical Instruments.
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The key developments in the Surgical Snares Market are:
- In March 2022, Medtronic announced a strategic partnership with Vizient for Touch Surgery Enterprise, the AI-powered platform for Video Management and Analytics.
- In February 2022, Boston Scientific Corporation completed the acquisition of Baylis Medical Company. This acquisition will integrate their platforms for electrophysiology and structural heart offerings.
More Insights Available:
Future Market Insights, in its new offering, presents an unbiased analysis of the Surgical Snares market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Usability (Single-use, Reusable), Application (GI Endoscope, Laparoscopy, Urology Endoscopy, Gynecology Endoscopy, Arthroscopy, Bronchoscopy, Mediastinoscopy, Laryngoscopy, Other Applications), End-use (Hospitals and Ambulatory Surgical Centers) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Market Segments Covered in Surgical Snares Market Analysis
By Usability:
- Single-use
- Reusable
By Application:
- GI Endoscope
- Laparoscopy
- Urology Endoscopy
- Gynecology Endoscopy
- Arthroscopy
- Bronchoscopy
- Mediastinoscopy
- Laryngoscopy
- Other Applications
By End Use:
- Hospitals
- Ambulatory Surgical Centers
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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