Noida, Nov. 23, 2021 (GLOBE NEWSWIRE) -- Increasing patient preference for minimally invasive surgeries and the increase in colon polypectomy procedures are two major factors driving the global surgical snare market. Medical snares are also in demand due to favorable reimbursement policies for medical devices….

A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global surgical snare market was worth USD 919.9 million in 2020 and is projected to reach USD 1,685.6 million by 2027, at a CAGR of 9.3% during the forecast period (2021-2027). Global surgical snare device market growth is anticipated to be spurred by the increase in minimally invasive surgeries, endoscopic ambulatory surgical centers, and active marketing by medical devices companies. Moreover, growing prevalence of chronic kidney diseases, colon cancer, etc., combined with the increasing geriatric population undergoing kidney and colon surgery, have contributed to the growth of the global surgical snare market. The market for surgical snare devices is expected to grow during the forecast period due to the growing research and development initiatives by leading manufacturers.

With the increasing incidence of colon cancer and the growing popularity of single-use devices, surgeons are becoming more interested in surgical snares. Additionally, technological advances in surgical diagnostics and the development of medical sensors and surgical snares are valuable for the early detection of tumors, driving the growth of the global surgical snare market. Also, favorable reimbursements provided by the government and other insurance companies and the rise in the number of novel treatment procedures will also create growth opportunities for the global surgical snare market during the forecast period.  

The single-use usability segment accounted for the market's largest revenue share.

The single-use usability segment accounted for a major portion of revenue in 2020. Single-use snares include soft wire oval snares, oval snares, crescent-shaped snares, and hard wire oval snares. Different shapes and wire characteristics are required in various application areas, such as thick wires for better coagulation and hard snares for flat polyps. Increased acceptance of single-use instruments in medical settings is likely to fuel market growth over the forecast period, owing to several benefits, such as safety and convenience. Over the projected period, the reusable sector is expected to increase at the fastest rate. Disposable gadgets' cost-effectiveness is projected to be a growth factor. Reusable surgical snares are common endoscopy devices widely employed in medical settings in emerging markets because they help reduce the cost of endoscopic treatments.

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Growing Cases of Colorectal Cancer and Heightened Awareness of the Disease Favoring the Surgical Snare Market

A study conducted by the American Cancer Society in 2019 showed that each year, around 100,000 U.S. citizens are diagnosed with colon cancer, and approximately 44,000 are diagnosed with rectal cancer.  Colorectal cancer (CRC), also known as bowel cancer, colon cancer, or rectal cancer, develops in the colon or rectum parts of the large intestine. Cancer of the colon is characterized by blood in the stool, changes in bowel movements, weight loss, and fatigue.

For this reason, the American Cancer Society recommends that adults 45 and older undergo a thorough screening every ten years using six different tests, including colonoscopies, to prevent colorectal cancer from spreading. This is a major factor contributing to the growth of the surgical snare market. Because surgical snares are used for screening, the development of medical sensors and surgical snares is proving to be effective in detecting tumors at an early stage, thereby driving market growth.

Global Surgical Snare Market -By Application

The global surgical snare market is segmented into GI endoscopy, laparoscopy, gynecology/obstetrics endoscopy, arthroscopy, urology endoscopy, bronchoscopy, mediastinoscopy, other applications. Among these, GI endoscopy holds the largest share in the global surgical snare market. GI endoscopy holds a massive market share due to the rising number of geriatric populations worldwide, which leads to an increase in polypectomy procedures in hospitals.  In addition, the surging rate of colorectal cancer and the growing preference for minimally invasive surgeries in the GI tract region are also boosting the global surgical snare market. Additionally, health insurance policies cover endoscopic procedures readily, as they are considered low-risk procedures.

On the other hand, the arthroscopy segment is growing at the fastest rate due to the growing geriatric population suffering from orthopedic diseases. In 2020, laparoscopy held a significant market share. Faster patient recovery, decreased surgical risk, less pain, an increasing number of private-players initiatives to train surgeons, and less postoperative problems are only a few of the key advantages of laparoscopy operations. However, the segment's expansion is hampered by expensive procedure costs.

North America Leads the Global Surgical Snare Market.

Based on regions, the global surgical snare market is grouped into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. North America holds the largest market share mainly due to a large number of local players such as Boston Scientific Corporation, Cook Medical, Avalign Technologies, Inc., etc. Furthermore, this region has experienced rapid growth because of its high incorporation of advanced technology, high level of competition, and presence of highly skilled professionals. The market is being driven by an increase in the adoption of new and advanced devices, an increase in the demand for minimally invasive surgical procedures, and an increase in chronic disease burden. On the other hand, the Asia-Pacific market is catching up as the fastest-growing region due to the increasing prevalence of various physiological disorders in the region. Additionally, the rising demand for minimally invasive surgeries, enhancement in healthcare systems, and increasing research activities are driving the growth of the surgical snare market in APAC countries.

Impact of COVID-19 on the Global Surgical Snare Market

COVID-19 has had a significant impact on the global health sector. Almost every major industry in nearly every major country has been affected by the lockdown and stringent regulation implemented in every major country to deal with the pandemic, and the surgical snare market is no exception. COVID-19 has caused many healthcare services, procedures, and procedures to be suspended temporarily, resulting in the suspension of certain surgical procedures that were not urgent, such as laparoscopic and endoscopic procedures. During the COVID-19 pandemic, canceling or delaying elective surgeries had a substantial impact on the market. Moreover, the increased risks of hospital-acquired infection and a shortage of skilled staff for non-COVID-19 therapies resulted in a considerable drop in revenue. With stringent guidelines for elective surgeries, the market began to normalize following the second wave. However, rapid vaccination drives projected to play a key role in market expansion in the post COVID era. This has led to a decline in the global surgical snare market.

Global Surgical Snare Market - Competitive Landscape

In the past few years, the growing prevalence of chronic kidney diseases, colon cancer, etc., coupled with the increasing number of geriatrics undergoing kidney and colon surgery, combined with favorable reimbursement policies, have fueled the surgical snare market. These factors have resulted in fierce competition between global players.

With new entrants entering the market with innovative product portfolios, and major competitors maintaining market share through mergers and acquisitions, the competition is highly dynamic. In Nov 2020, STERIS plc. acquired a portfolio of Key Surgical and Water Street Healthcare Partners, LLC to its portfolio. Furthermore, in August 2020, Olympus Corporation announced the acquisition of Arc Medical Design. Increased focus on manufacturing technologies to reduce selling prices and strengthen distributor channels, particularly in developing countries, is likely to increase competitiveness in the Asia Pacific and the Middle East, where price-sensitive customers are prominent. Some major players of the global surgical snare market are - Olympus Corporation, Boston Scientific Corporation, Cook Medical, Avalign Technologies, Inc., CONMED Corporation, Medline Industries, Inc., MEDTRONIC, MERIT MEDICAL SYSTEMS, EndoMed Systems, SKLAR Surgical Instruments, STERIS, Aspen Surgical, Stingray Surgical Products, LLC, OPT SURGISYSTEMS S.R.L., HEBU medical GmbH, Purple Surgical, EICKEMEYER, Teleflex Incorporated, GPC Medical, Hill-Rom Holdings, Inc.

Don’t miss the business opportunity of the global surgical snare market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and global surgical snare market statistics. It also highlights the factors driving forecasts of total market size. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market. The report promises to provide recent technology trends in the ­­­global surgical snare market, along with industry insights to help decision-makers make sound strategic decisions.

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