The Surgical Snare Market 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.
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The major driving factors in the Surgical Snare 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 Marketduring the forecast period.
On the basis of application, the Surgical Snare 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.
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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 Snare 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 Snare 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.
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