Overview of This Study:
The study involved 4 major activities in estimating the current size for surgical snare market. Exhaustive secondary research was done to collect information on the market as well as its peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.
In the secondary research process, various secondary sources such as Hoovers, Bloomberg BusinessWeek, Forbes, and Dun & Bradstreet have been referred to, so as to identify and collect information useful for a technical, market-oriented, and commercial study of the surgical snares market. These secondary sources included annual reports, press releases & investor presentations of companies, Bio-Process Systems Alliance (BPSA), BioProcess International, National Center for Biotechnology Information (NCBI), International Society for Pharmaceutical Engineering (ISPE), World Intellectual Property Organization (WIPO), and Life Science Leader Journal.
The surgical snare market comprises several stakeholders such as raw material suppliers, manufacturers of surgical snare, and regulatory organizations in the supply chain. The demand side of this market is characterized by consumers of surgical snares. The supply side is characterized by surgical snare manufacturers. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
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Expected Revenue Growth:
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. 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.
Market Size Estimation:
Both the top-down and bottom-up approaches were used to estimate and validate the total size of the surgical snares market. These approaches were also used extensively to estimate the size of various sub-segments in the market. The research methodology used to estimate the market size includes the following:
# The key players have been identified through extensive secondary research
# The surgical snares industry’s value chain and market size, in terms of value have been determined through primary and secondary research.
# All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
# All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
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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Global Key Players:
The major surgical snares vendors 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).
These players have adopted various growth strategies such as acquisitions, new product launches and approval, expansions, to expand their presence in the global surgical snares market. These strategies adopted by major players from 2015 to 2018. This has helped them to innovate their offerings and broaden their customer base.