(PharmaNewsWire.Com, February 22, 2021 ) 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.
The Gastrointestinal Endoscopy segment is expected to grow at the higher CAGR in the global surgical snare market during the forecast period.
On the basis of application, the surgical snares market is segmented into GI endoscopy, laparoscopy, gynecology/obstetrics endoscopy, arthroscopy, urology endoscopy, bronchoscopy, mediastinoscopy, otoscopy, laryngoscopy, retinal endoscopy, neuroendoscopy, and other applications.
GI endoscopy, by application segment is expected to grow at the highest CAGR in 2018. This is primarily due to 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.
The hospital segment, by 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.
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).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including: