According to the recently published global surgical snares market analysis report by Future Market Insight, the global market is currently valued at US$ 1.1 billion and is projected to reach US$ 1.3 billion by the end of 2022. By the end of 2032, the market is anticipated to have increased significantly at a CAGR of 11.6%, with a global valuation of US$ 3.8 billion. The global market is expected to present a US$ 2.5 billion absolute potential throughout the projected period.
Surgery has been transformed by developments in medical technology, enabling safer and more accurate treatments. The Surgical Snares Market is one such revolutionary technology that has significantly risen to popularity in recent years. Surgical snares have evolved into a vital tool in the hands of trained surgeons, helping to remove aberrant tissues or foreign bodies during endoscopic procedures. Surgical snares are in high demand due to their capacity to increase precision, better patient outcomes, and expedite surgical operations.
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Specialised wire loops or snares called surgical snares are used during minimally invasive procedures like endoscopy. They are made to make it easier to remove polyps, tumours, or other abnormal tissues from different parts of the body, such as the urinary tract, respiratory system, and gastrointestinal tract. Surgeons can securely encircle the targeted tissue, apply controlled tension, and remove it by using a snare with a looped structure. Surgery snares’ adaptability enables doctors to carry out accurate, quick operations with little harm to the healthy tissue in the area.
Key Takeaways from the Market Study:
- The Global Surgical Snares Market is currently valued at US$ 1.1 Billion and is expected to reach the valuation of US$ 1.3 Billion 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 Billion in the period between 2022 and 2032.
- The Global Surgical Snares Market will reach the valuation of US$ 3.8 Billion 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.
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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.
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.
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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