Global Surgical Snare Market Outlook (2018-2023): Expected to Grow at a CAGR of 4.8%, Driven by Hospital Investments in Endoscopy Instruments - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 16, 2018--The “Surgical Snare Market by Usability (Single Use, Reusable), Application (GI Endoscopy, Laparoscopy, Urology Endoscopy, Gynecology Endoscopy, Arthroscopy, Bronchoscopy, Mediastinoscopy, Laryngoscopy), End User (Hospital, ASC) - Global Forecast to 2023” report has been added to ResearchAndMarkets.com’s offering.
The surgical snares market size is expected to grow from USD 992 million in 2018 to USD 1255 million by 2023, at a Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period.
The surgical snares market is driven by various factors such as the increasing number of colon polypectomy procedures, growth of the endoscopic ASCs segment, and a rising preference for minimally invasive surgeries are the key factors driving the market.
The Hospitals segment is expected to grow at a higher CAGR during the forecast period.
The hospitals segment is the faster-growing segment in the surgical snares market, by end user. The surgical snares market, by end user, has been categorized into hospitals, ambulatory surgical centers, and other end users.
The hospitals end-user segment comprises surgical units based in hospitals or attached to hospitals that are equipped with endoscopic instruments and accessories, including surgical snares, to perform endoscopic procedures for diagnostic or treatment purposes.
The increasing investments and incentives received by hospitals from government bodies and private investors for endoscopic surgery and endoscopic instruments further increase the preference for endoscopic surgeries among physicians, which in turn drives growth in the surgical snares market.
The GI endoscopy segment, by application, is projected to hold the largest market share during the forecast period.
GI endoscopy helps in the diagnosis as well as treatment of gastrointestinal (GI) diseases. In the coming years, a surge in the demand for GI endoscopy as a means of early diagnosis and treatment is expected in developed countries.
The pivotal factors that are likely to drive the demand for GI endoscopy in these economies include the rapidly increasing aging population, the need to improve the quality of life for patients, and the need for proficient hospital management.
The GI endoscopy segment will, therefore, witness sustained growth, driven by a significant increase in the number of colonoscopy procedures performed in the US, which is a major market for endoscopy products.
North America is projected to hold the largest market share during the forecast period.
North America is estimated to be the largest regional market for surgical snares, followed by Europe. The favorable reimbursement scenario in the US, increasing preference of minimally invasive surgeries and the rising incidence of cancer are the major factors driving the growth of the surgical snares market in North America.
The high incidence of colorectal cancer (CRC) in the US has resulted in the provision of reimbursements to increase the affordability of CRC screening procedures in the country. This has increased the affordability of CRC screening procedures, which in turn is driving the number of endoscopic procedures using the snaring technique performed in the US.
The surgical snares market comprises major providers such as 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) and other players.
The study includes an in-depth competitive analysis of these key players in the surgical snares market, along with their company profiles, recent developments, and key market strategies.
DriversIncreasing Awareness on Colorectal Cancer Screening Growth of the Endoscopic Ambulatory Surgery Centers Segment Hospital Investments in Endoscopy Instruments Rising Patient Preference for Minimally Invasive Surgeries
RestraintsClinical Complications in Surgeries
ChallengesDearth of Trained Physicians and Endoscopists
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Surgical Snare Market, By Usability
7 Surgical Snare Market, By Application
8 Surgical Snare Market, By End-User
9 Surgical Snare Market, By Region
10 Competitive Landscape
11 Company ProfilesAvalign Technologies Boston Scientific Conmed Cook Medical Hill-Rom Holdings Medline Industries Medtronic Merit Medical Systems Olympus Sklar Surgical Instruments Steris
For more information about this report visit https://www.researchandmarkets.com/research/8z9jjq/global_surgical?w=4
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SOURCE: Research and Markets
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PUB: 11/16/2018 10:48 AM/DISC: 11/16/2018 10:48 AM