Growth Boosting Factors:
The major driving factors in the surgical snares market are increasing number for colon polypectomy procedures, growth of the endoscopic ASCs segment, and a rising preference for minimally invasive surgeries are the key factors.
Expected Revenue Gains:
The global surgical snares market size is expected to grow from USD 992 million in 2018 to USD 1255 million by 2023, at a Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period.
After arriving at the overall market size using the market size estimation processes explained above the market was split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and sub-segment, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides of the surgical snares industry.
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Global Leading Companies:
The major surgical snare 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).
Different Growth Strategies Adopted by Them:
These players have adopted various growth strategies such as acquisitions, new product launches and approval, expansions, to expand their presence in the global surgical snare market. These strategies adopted by major players from 2015 to 2018. This has helped them to innovate their offerings and broaden their customer base.
Olympus Corporation has established its presence in diversified markets; this has helped it to minimize risks and dependency on any particular business segment. The company has a strong product portfolio, which enables it to strengthen its position in the market. It has strong R&D capabilities, which provide it with a strategic advantage over its competitors. The company is focusing on R&D to meet the demands of the surgical snare industry. The company focuses on obtaining market-driven solutions to meet the increasing demand for surgical snare products.
Boston Scientific Corporation focuses on catering to surgical snare market. The company leads in terms of operational and financial strength and has focused on surgical snare market through both organic means. Boston has strong geographic presence in North America and Asia Pacific, which helps company to execute its sales and marketing activities. Company continuously focused on R&D investment, which helps company to expand its product portfolio through new product launches. For instance, in 2015, Boston Scientific launched Captivator EMR Device for endoscopic mucosal resection surgical procedure.
North America is expected to account for the largest market share during the forecast period.
The surgical snare market is divided into four major regions North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2018, North America is expected to account for the largest share of this market, followed by Europe. This is mainly attributed to the increasing prevalence of colon cancer and rising awareness of screening, diagnosis, and treatment procedures. The high incidence of colorectal cancer (CRC) in the US has resulted in the provision of reimbursements to increase the affordability of CRC screening procedures in the country. This has increased the affordability of CRC screening procedures, which in turn is driving the number of endoscopic procedures using the snaring technique performed in the US.
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