DUBLIN, December 02, 2021--(BUSINESS WIRE)--The "Global Surgical Snares Market Size, Share & Trends Analysis Report by Usability (Single-use, Reusable), by Application (GI Endoscope, Arthroscopy), by End Use (Hospitals, ASCs), by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global surgical snares market size is expected to reach USD 2.1 billion by 2028 and is expected to expand at a CAGR of 9.4% from 2021 to 2028
The market is primarily driven by various factors such as an increase in the number of endoscopic ambulatory surgery centers and polypectomy procedures and the growing preference for minimally invasive surgeries. A significant increase in the number of 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 in the market growth. Favorable reimbursement policies in major markets are promoting demand for surgical snares in various medical procedures.
A constant rise in the geriatric population is leading to an increase in the 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 estimated to nearly double from 52 million in 2018 to 95 million by 2060. Such a rise in the elderly population is expected to subsequently result in greater demand for ablation devices for the treatment of tumors, thereby boosting the 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 growth of the market.
For instance, in March 2018, Auris Health, Inc. received FDA approval for its new robotic endoscopy system, Monarch Platform. In another instance, in June 2017, Olympus introduced a 3D surgical endoscope, which is compatible with the VISERA ELITE II system.
Surgical Snares Market Report Highlights
By usability, the single-use segment accounted for the largest revenue share of over 60.0% in 2020 owing to the high adoption of single-use instruments in medical settings
Based on application, the GI endoscope segment held the largest share in 2020 due to factors such as large procedural volume and the availability of advanced products
The hospitals end-use segment held the largest share in 2020 due to the high number of patient visits and advanced infrastructure in hospitals as compared to other healthcare facilities
North America held the largest share in 2020 and is predicted to maintain its lead over the forecast period
Market Variable Analysis
Market driver analysis
Rising Geriatric Population
Increasing prevalence of cancer
Increase in the preference for minimally invasive or keyhole surgeries
Introduction of endoscopic bariatric surgery
Market restraint analysis
Lack of awareness and low adoption of disposable endoscopes in hospitals and diagnostic centers
Lack of skilled professionals
Business Environment Analysis tools
SWOT Analysis, by PEST
Porter's five forces analysis
Penetration & growth prospect mapping
Boston Scientific Corporation
Medline Industries, Inc.
Merit Medical Systems
Hill-Rom Holdings, Inc.
Sklar Surgical Instruments
For more information about this report visit https://www.researchandmarkets.com/r/qoycp
View source version on businesswire.com: https://www.businesswire.com/news/home/20211202005476/en/
Laura Wood, Senior Press Manager
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