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 Overview

The global surgical snares market size was valued at USD 920.6 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 9.4% from 2021 to 2028. The market is primarily driven by various factors such as the rising number of ambulatory surgery centers offering 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 rising patient awareness are among the other factors aiding in market growth.

Canceling or delaying elective surgeries significantly impacted the market during the COVID-19 pandemic. Increased risks of hospital-acquired infection and the unavailability of skilled staff for non-COVID-19 treatments caused significant loss in revenue generated during the pandemic. The market started to normalize after the second wave with stricter guidelines for elective surgeries. Rapid vaccination against COVID-19 is expected to play an important role in market growth during the ongoing pandemic.

The increasing prevalence of cancer is one of the key factors expected to contribute to the growth of the endoscopes market over the forecast period. According to the WHO, in 2012, worldwide cancer incidence (cases per year) was nearly 14.1 million, which is expected to rise to 22 million by 2034. Breast cancer, lung cancer, and colorectal cancer are among the most common cancer types. Increased patient awareness about colorectal cancer is also propelling the market growth. Colorectal cancer is the most common type of cancer detected in men and women in the U.S. According to the American Cancer Society, in 2019, around 1 million patients have been diagnosed with colon cancer; around 44,000 patients have been diagnosed with rectal cancer, and it is anticipated to cause around 52,980 deaths in 2021.

The rising incidence of cancer is expected to boost the demand for biopsies for cancer diagnosis. Endoscopy for biopsies and endoscopic ultrasound are among procedures preferred for cancer diagnosis. Thus, an increase in the demand for surgical procedures is expected to result in market growth during the forecast period.  

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 June 2017, Olympus introduced a 3D surgical endoscope, which is compatible with the VISERA ELITE II system.

Usability Insights

The single-use segment accounted for the largest revenue share of over 60.0% in 2020. The single-use snares include soft wire oval snares, crescent-shaped snares, oval snares, and hard wire oval snares. A variety of shapes and wire characteristics are required in various application areas, including thick wires for higher coagulation and hard snares for flat polyps. Increasing adoption of single-use instruments in medical settings owing to various advantages, such as safety and convenience, is expected to accelerate the segment growth over the forecast period.

The reusable segment is expected to witness the fastest growth over the forecast period. Cost-effectiveness offered by disposable devices is expected to be a growth factor. Reusable surgical snares are conventional devices used in endoscopy procedures and are majorly adopted in medical settings of various emerging countries as they help in reducing the cost of endoscopy procedures.

Application Insights

GI endoscope held the largest share of over 30.0% in 2020. The increasing number of gastroscopies, rising adoption of endoscopes for diagnosis as well as treatment of gastrointestinal (GI) diseases, and the availability of advanced products for gastroscopy are some of the factors boosting the use of gastroscopy.

Arthroscopy is expected to expand at the fastest rate over the forecast period. The adoption of arthroscopic procedures is expected to increase owing to the rising geriatric population at risk of age-related disorders, such as arthritis, and rising incidence of joint injuries such as that of knee and shoulder. According to the estimates published by the Arthritis Foundation, the number of people with doctor-diagnosed arthritis is expected to be over 78 million by 2040. This represents a significant market potential for arthroscopies.

Laparoscopy held a significant share in 2020. Faster patient recovery, lower surgical risk, less pain, increasing number of initiatives being undertaken by private players to train surgeons, and lesser postoperative complications are some of the major benefits offered by laparoscopy procedures. However, a high learning curve and high cost of procedures are among the factors hindering the segment growth.

End-use Insights

The hospitals segment captured the largest share of over 75.0% in 2020. The hospitals segment is the largest revenue-generating segment in this market owing to the high volume of surgeries. According to the CDC, a steep increase in the number of surgical procedures, such as angioplasty and kidney and liver transplants, has been observed in the past few years. Owing to this, coupled with the growing incidence of trauma, the demand for surgical equipment has significantly increased in hospitals.

Ambulatory surgical centers (ASCs) are anticipated to register the highest growth rate over the forecast period. This can be attributed to the lower out-of-pocket costs, better patient accessibility, and decreased facility costs.

Regional Insights

North America accounted for the largest share of over 45.0% in 2020. An increase in the adoption of new and advanced devices, a rise in the demand for minimally invasive surgical procedures, and growth in chronic disease burden are among the factors driving the market. The growing burden of gastrointestinal disorders and cancer in the region is also one of the significant factors propelling the market growth. Rising cancer incidence, coupled with the availability of advanced diagnostic procedures, is expected to boost the market growth.

Europe accounted for a significant share in 2020. The market in Europe is anticipated to grow owing to an increase in the preference for minimally invasive surgeries, an increase in the usage of endoscopic procedures for early diagnosis, and the emergence of disposable surgical snares that ensure reduced risk of infections. Moreover, the growth of the geriatric population and an increase in the burden of chronic diseases, such as cancer and GI diseases, are driving the market in Europe.

Key Companies & Market Share Insights

The competition is highly dynamic with new entrants entering the market with the innovative product portfolio and major players maintaining their market share with mergers and acquisitions. Some of the recent acquisitions include STERIS plc. adding a portfolio of Key Surgical and Water Street Healthcare Partners, LLC and Olympus Corporation announcing to acquire Arc Medical Design. Increased focus on manufacturing technology to minimize the selling price and building distributor channels, especially in developing countries, is expected to boost the competition in Asia Pacific and the Middle East, which include price-sensitive customers. Some prominent players in the global surgical snares market include:

• Medtronic

• Boston Scientific Corporation

• Medline Industries, Inc.

• Olympus Corporation

• Cook

• CONMED Corporation

• Steris (U.S.)

• Merit Medical Systems

• Avalign Technologies

• Hill-Rom Holdings, Inc.

• Sklar Surgical Instruments

Surgical Snares Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global surgical snares market report on the basis of usability, application, end use, and region:

• Usability Outlook (Revenue, USD Million, 2016 - 2028)

  • Single-use

  • Reusable

• Application Outlook (Revenue, USD Million, 2016 - 2028)

  • GI Endoscope

  • Laparoscopy

  • Urology Endoscopy

  • Gynecology Endoscopy

  • Arthroscopy

  • Bronchoscopy

  • Mediastinoscopy

  • Laryngoscopy

  • Others

• End-use Outlook (Revenue, USD Million, 2016 - 2028)

  • Hospitals

  • Ambulatory Surgical Centers

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE