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(Medical-NewsWire.com, October 14, 2019 ) 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 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.
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Objectives of this Study:
# To define, segment, and project the global market size for surgical snares
# To understand the structure of the surgical snares market by identifying its various sub-segments
# To provide detailed information about the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
# To project the size of the market and its sub-markets, in terms of value and volume, with respect to 4 regions (along with their respective key countries)
# To profile key players and comprehensively analyze their core competencies
# To understand the competitive landscape and identify the major growth strategies adopted by players across key regions
# To analyze the competitive developments such as expansions & investments, new product launches, and acquisitions in the surgical snares market
Asia-Pacific is projected to account for the fastest growth in the surgical snare market during the forecast period.
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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.
The major surgical snares providers 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).
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