Surgical Snare Market Highlights
The global surgical snare market is expected to grow at an approximate CAGR of 4.4% during the forecast period, 2018–2023.
A surgical snare is a wire hoop use to tighten polyps or small tumors for severing, especially in body cavities. Surgical snares are extensively utilized in endoscopy. From the past few years, the market has grown with a rapid pace owing to the increasing number of endoscopy procedures, growing geriatric population, and rising healthcare expenditure.
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According to the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), about 30 to 40 percent of people in the United States get an H. pylori infection which is the cause of peptic ulcers. However, factors such as low per capita income and lack of skilled workforce are estimated to restraint the market growth. World Health Organization (WHO) estimates that based on a threshold of 4.4 skilled health professionals per 1000 population, the needs-based shortage of health-care workers globally would be about 17.4 million of which almost 2.6 million are doctors and over 9 million are nurses and midwives.
Surgical Snare Market Segmentation
The global surgical snare market is segmented on the basis of usability, application, end user, and region.
On the basis of usability, the global surgical snare market is segmented into reusable and single-use. By application, the global surgical snare market by application is categorized into laparoscopy, endoscopy, cystoscopy, otoscopy, laryngoscopy, neuroendoscopy, and others. By end-user, the global surgical snare market is categorized into hospitals & clinics, ambulatory surgical centers, and others.
Surgical Snare Market Regional Analysis
The Americas dominates the global market owing to the rising occurrence of diseases, high healthcare expenditure and well-developed healthcare infrastructure. In the United States, the annual spending on GI diseases is estimated to be nearly USD 140 billion. Following similar trends, Europe stands second in the market. Rising geriatric population is estimated to fuel the market.
Asia-Pacific was the fastest growing region for the global surgical snare market in 2017. Factors such as increasing innovation and awareness about the available treatment. On the other hand, the Middle East and Africa holds the least share in the global surgical snare market owing to the presence of poor economies and low per capita income, especially within the African region. Most of the market share within this region is estimated to be held by the Middle East.
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