Market Trends of Surgical Snare Industry
This section covers the major market trends shaping the Surgical Snare Market according to our research experts:
Gastrointestinal Endoscopy Segment is Expected to Hold the Largest Market Share
Gastrointestinal endoscopy helps in the diagnosis as well as treatment of gastrointestinal diseases. The factors that drive the growth of the segment are, the swiftly increasing geriatric population, the necessity to improve the quality of life for patients, and the need for competent hospital management. The gastrointestinal endoscopy segment will, consequently, observe prolonged growth, pushed by a considerable increase in the number of colonoscopy procedures performed in the United States, which is a major market for endoscopy products.
According to GLOBOCAN 2018, the estimated number of colorectal cancers globally is 1,849,518 as the incidence of colorectal cancers increases the usage of snares increase and thus the market grows further.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall surgical snare market, throughout the forecast period. The positive reimbursement situation in the United States, increasing inclination of minimally invasive surgeries, and the soaring incidence of colorectal cancer are the major factors driving the growth of the surgical snares market in North America.
The presence of better reimbursement has also increased the affordability of colorectal cancer screening procedures, which in turn is driving the number of endoscopic procedures using the capturing technique performed in the United States. Furthermore, a high incidence of colorectal cancer in the region is the major driving factor for market growth. According to GLOBOCAN, 9.8% of the world’s colorectal cancer is of North America, i.e. 179,715 cases were estimated for the year. As per the statistics, the increasing patient pool is directly proportional to the market growth.
