Overview of This Research:
The study involved 4 major activities in estimating the current market size for surgical snares. 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.
Global Revenue Growth:
The market for surgical snare 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.
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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.
# In 2018, Cook Medical launched two new products, Cook Lead Extraction System and Cook Needle’s Eye Snare.
# In 2017, Merit Medical Systems acquired the critical care product portfolio of Argon Medical Devices and Catheter Connections, Inc. This helped Merits to broaden its product offerings and expand geographic presence in the surgical snare market.
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.
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Key questions addressed by the report:
# Who are the major market players in surgical snare market?
# What are the regional growth trends and the largest revenue-generating region for surgical snare market?
# What are the major drivers and challenges of the surgical snare market?
# What are the major applications of surgical snare?
# What are the major end user for surgical snare market?
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.