Surgical Snare Market Is Expecting To Gain Major Growth In Revenue By 2023
Seeking Alpha Analyst Since 2014
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Summary
- Increasing Awareness on Colorectal Cancer Screening.
- Growth of the Endoscopic Ambulatory Surgery Centers Segment.
- Hospital Investments in Endoscopy Instruments.
- Rising Patient Preference for Minimally Invasive Surgeries.
Market Size Estimation:
Both the top-down and bottom-up approaches were used to estimate and validate the total size of the Surgical Snare Market. These approaches were also used extensively to estimate the size of various sub-segments in the market. The research methodology used to estimate the market size includes the following:
# The key players have been identified through extensive secondary research.
# The surgical snares industry’s value chain and market size, in terms of value have been determined through primary and secondary research.
# All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
# All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
Future Growth in the Revenue Generation:
The market for surgical snare is expected to grow from USD 992 million in 2018 to USD 1,255 million by 2023, at a Compound Annual Growth Rate (OTC:CAGR) of 4.8% during the forecast period.
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Asia-Pacific is projected to account for the fastest growth in the surgical snare market during the forecast period.
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.
What Drives the Market?
The growth of the global Surgical Snare Industry is primarily influenced by the following factors:
# Increasing Awareness on Colorectal Cancer Screening
# Growth of the Endoscopic Ambulatory Surgery Centers Segment
# Hospital Investments in Endoscopy Instruments
# Rising Patient Preference for Minimally Invasive Surgeries
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