Snared Devices Market Expected to Reach $1.6 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Snared Devices Market," The snared devices market size was valued at $950.2 million in 2021, and is estimated to reach $1,616.7 million by 2031, growing at a CAGR of 5.2% from 2022 to 2031. Snared device is an instrument used for removing polyps and other elongated stalk of tissue growth by cutting them off at the base. Surgical snared device consists of wire hoop that can be drawn tight around the base of polyps or small tumors which cuts them from the base. It helps physicians remove tumor or unwanted cell growth from the body. Snared device comprises an outer sleeve and an inner push rod, which is mounted with an end cap at the distal end of the outer sleeve. The device functions by using a catheter through an instrument channel of a scoping device (endoscope or colonoscope). The loop of the wire is resilient, and when extended beyond the sheath, it tends to open in a round space for hooking over a polyp. It is the most common treatment of polyp.

The snared devices market size is primarily driven by various factors such as rise in number of ambulatory surgery centers offering polypectomy procedures and the growing preference for minimally invasive surgeries. A significant increase in the number of gastrointestinal procedures in the U.S. and other developed economies is anticipated to support the market growth during the forecast period. Moreover, increase in prevalence of chronic kidney diseases, rise in geriatric population suffering from chronic conditions, and surge in patient awareness are among the other factors foster the market growth.

The increase in prevalence of cancer is one of the key factors expected to contribute toward the growth of the snared devices market during the snared devices market forecast period. According to the WHO, worldwide cancer incidence (cases per year) was nearly 14.1 million, which is expected to rise to 22 million by 2034. Breast cancer, lung cancer, and colorectal cancer are among the most common cancer types. Increased patient awareness about colorectal cancer is also propelling the snared devices market trends. Colorectal cancer is the most common type of cancer detected in men and women in the U.S. According to the American Cancer Society, in 2019, around 1 million patients have been diagnosed with colon cancer; around 44,000 patients have been diagnosed with rectal cancer, and it is anticipated to cause around 52,980 deaths in 2021.

High prevalence of diseases, such as, chronic kidney diseases, and colon cancer, rise in geriatric population with increase in kidney and colon surgery, increase in snared devices industry and increase in research and development initiatives are expected to drive the growth of the global surgical snared device market during the forecast period. Further, growth of endoscopic ambulatory surgical centers, rise in preference for minimally invasive surgeries, and aggressive marketing done by medical devices companies are estimated to propel the growth of the snared devices market share. Technological advancements in minimally invasive surgeries are further expected to drive the demand for endoscopy procedures, which, in turn, is anticipated to fuel the growth of the snared devices market analysis. For instance, in March 2018, Auris Health, Inc. received FDA approval for its new robotic endoscopy system, Monarch Platform. 

The snared devices market is segmented on the basis of usability, application, end user, and region. By usability, it is categorized into single-use, and reusable. Depending on application, it is classified into GI endoscopy, urology endoscopy gynecology endoscopy, laparoscopy, arthroscopy, bronchoscopy, mediastinoscopy, laryngoscopy and others. According to end user, the market is segmented into hospitals, and ambulatory surgical centers. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).

By usability, the single use segment generated the highest revenue in the snared devices market in 2021 owing to extensive product applicability across various surgeries. By application, the GI endoscopy segment generated the highest revenue in the snared devices market in 2021, owing to increased burden of functional gastrointestinal diseases and rise in geriatric population across the globe. In addition, increase in number of upper gastrointestinal procedures performed and the growth in the adoption of endoscopes for the treatment and diagnosis of gastrointestinal diseases drive the segment growth.

By end user, the hospitals segment generated the highest revenue in the snared devices market in 2021, owing to factors such as well-resourced diagnostic rooms, well equipped operation theatre, higher buying power, availability of highly qualified healthcare practitioners, and increase in health coverage for hospital-based healthcare services from several private & group insurance programs.

By region, North America accounted for the largest market share in the snared devices market in 2021 and is expected to retain its dominance throughout the forecast period. This is primarily attributed to increase in product developments by regional industry players, and rise in adoption of advanced technology to improve clinical outcomes in the region.

Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period. High population base, rapidly developments in healthcare infrastructure, establishment of research organizations, and increase in investments in medical devices industry fuel the growth of the market in this region.

The report provides a comprehensive analysis of the key players that operate in the global snared devices market. The key companies profiled in the report include Boston Scientific Corporation, CONMED Corporation, Cook Medical Inc., Hill-Rom Holdings Inc., Johnson and Johnson, Medline Industries, Inc., Medtronic Plc., Merit Medical Systems, Inc., Olympus Corporation, Sklar Corporation, and Steris Plc.

Participants in the snared devices market are becoming competitive in product pricing to adapt to the fluctuating demand sentiments amid the ongoing COVID-19 pandemic. The demand for snared devices is projected to increase at a sluggish pace, owing to delay in medical diagnosis and postponement of elective procedures. As such, import and export of snared devices is estimated to rise due to reopening of country borders. These push and pull demand trends are slowing down the growth of the snared market.

Key Findings of The Study

• On the basis of usability, the single segment held largest share in the global market in 2021.
• On the basis of application, the GI endoscopy segment held the largest market share in 2021, and is expected to remain dominant throughout the forecast period.
• On the basis of end user, the hospitals segment held the largest market share in 2021, and is expected to remain dominant throughout the forecast period.
• Region wise, North America is expected to experience the highest market share during the forecast period.