Surgical Snares Market Analysis

Surgical Snares Market Analysis

Based on usability, surgical snares market is segmented as single-use and reusables. Single-use segment dominated the industry in 2022 accounting for more than 61% of the total market share. This dominant market share is primarily owing several advantages of being cost-effective, lower risk of contamination, high efficiency, and easy to use factor. Due to the aforementioned factors, these products are widely preferred during surgical procedures, thereby driving the product demand & sales volume. Further, disposable surgical snares eliminate the risk of cross-contamination and infection associated with the reuse of surgical instruments and offer convenience, as these snares are pre-sterilized and ready to use, which saves time & reduces the need for sterilization equipment and processes. Hence, the above-mentioned variables are anticipated to substantially propel the surgical snares industry growth over the analysis timeframe.
 

Based on application, the surgical snares market is segmented as GI endoscopy, laparoscopy, cystoscopy, gynecology endoscopy, arthroscopy, bronchoscopy, and others. The GI endoscopy segment is projected to grow at a 7.2% CAGR from 2023-2032. This highest market share is due to the higher prevalence of gastrointestinal ailments that have led to the rise in number of surgical endoscopies & surging adoption of surgical snares in these endoscopic procedures. The surged prevalence of colorectal cancer has driven the demand for diagnostic procedures including colonoscopies.
 

Based on end-use, the market is segmented as hospitals, ambulatory surgical centers, and others. The hospitals segment was valued at over USD 695 million in 2022. This majority segmental growth is owing to the availability of advanced equipment, better medical accessibility, faster care, and the high volume of surgeries. As per the Centers for Disease Control and Prevention, a notable surge in the number of medical procedures, including angioplasty, kidney & liver transplants, has been reported in the recent years. Owing to these developments along with the rising number of arthroscopic & bronchoscopic endoscopies, the demand for surgical equipment including surgical snares has significantly increased in hospitals. Thus, pertaining above-mentioned variables, the surgical snares market is projected to witness substantial growth during the estimation timeframe.
 

U.S. dominated the North America market is predicted to reach over USD 818 million by 2032. This high revenue surge is majorly attributed to multiple factors including the rapidly increasing geriatric population, the need to enhance the quality of life for patients, positive reimbursement scenario, surging preference for minimally invasive surgeries, and the increasing prevalence of colorectal cancer.