May 2024 | Report Format: Electronic (PDF)
Surgical Snare Market Growth & Trends
The global surgical snare market size is expected to reach USD 2.31 billion by 2030, registering a CAGR of 4.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. 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.
Request a free sample copy or view report summary:
Surgical Snare Market Report
Surgical Snare Market Report Highlights
- Based on usability, the single-use segment accounted for the largest revenue share of 61.4% in 2022. Improved patient safety, infection control, and cost-effectiveness in healthcare settings have led to the adoption of single-use surgical scares, thus driving market growth over the forecast period
- The reusable segment is expected to grow at the fastest CAGR of 4.2% during the forecast period. Cost-effectiveness and environmental benefits are the factors driving the market growth for reusable surgical snares
- Based on application, the GI endoscope segment dominated the market with a share of 31.3% in 2022. The increasing incidents of colorectal cancer, gastrointestinal disorders, and diseases drive the market growth for surgical snares
- The arthroscopy application segment is expected to grow at the fastest CAGR of 4.4% during the forecast period due to factors such as large procedural volume and the availability of advanced products
- Based on end-use, the hospitals segment held the largest share of 77.8% in 2022 due to the high number of patient visits and advanced infrastructure in hospitals compared to other healthcare facilities
- On the contrary, the ambulatory surgical centers end-use segment is expected to grow at a CAGR of 4.1% during the forecast period
- In 2022, North America dominated with a share of 44.6% owing to the well-established pharmaceutical industry in the region
- On the other hand, Asia Pacific is anticipated to grow at the fastest CAGR of 4.9% over the forecast period due to untapped opportunities in the emerging economies of China and India
Surgical Snare Market Segmentation
Grand View Research has segmented the global surgical snare market based on usability, application, end-use, and region:
Surgical Snare Usability Outlook (Revenue, USD Million, 2018–2030)
- Single-use
- Reusable
Surgical Snare Application Outlook (Revenue, USD Million, 2018–2030)
- GI Endoscope
- Laparoscopy
- Urology Endoscopy
- Gynecology Endoscopy
- Arthroscopy
- Bronchoscopy
- Mediastinoscopy
- Laryngoscopy
- Others
Surgical Snare End-use Outlook (Revenue, USD Million, 2018–2030)
- Hospitals
- Ambulatory Surgical Centers
List of Key Players in the Surgical Snare Market
- 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
