Surgical Snare Market Set to be Worth $1,255 million by 2023


Posted April 8, 2020 by mmvaidya

The market for surgical snare is expected to grow from USD 992 million in 2018 to USD 1,255 million by 2023.
 
The market for surgical snare is expected to grow from USD 992 million in 2018 to USD 1,255 million by 2023, at a Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period. The major driving factors in the surgical snares market are increasing number for colon polypectomy procedures, growth of the endoscopic ambulatory surgical centers, and a rising preference for minimally invasive surgeries are the key factors.

end user, is projected to occupy the majority of the market share and grow at the fastest rate during the forecast period.

Based on end user, the surgical snares market is segmented into hospitals, ambulatory surgical centers, and other end users. The hospitals segment is expected to dominate the market in 2018. The large share and high growth rate of the hospitals segment can be attributed to increasing government and private funding, availability of highly skilled healthcare professionals, and technologically advanced facilities.

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Asia-Pacific is projected to account for the fastest growth in the surgical snare market during the forecast period.

Asia-Pacific is estimated to grow at a highest CAGR during the forecast period. Support for endoscopy-related research in Japan and the expansion of global players (operating in the surgical snares market) in China are the major factors driving the growth of the Asia Pacific market. Japan is expected to witness growth in the demand for endoscopes due to the rapidly growing geriatric population in the country.

Currently, Japan has the highest proportion of people aged 65 years and above, globally. China, a major market in the Asia Pacific region, is expected to offer potential growth opportunities to market players in the coming years. This can be attributed to the increasing demand for endoscopy equipment in the country as a result of the rising geriatric population and the increasing incidence of cancer.

The major surgical snares providers include Olympus (Japan), Boston Scientific (US), Cook Medical (US), CONMED Corporation (US), Medline Industries (US), Medtronic (Ireland), Steris (US), Merit Medical Systems (US), and Avalign Technologies (US).

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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags surgical snare market
Last Updated April 8, 2020