Wilmington, Delaware, United States, June 28, 2023 (GLOBE NEWSWIRE) -- The global vascular snare market stood at USD 29.5 billion in 2020, and the global market is projected to reach USD 54.4 billion by 2031. The global industry is anticipated to record a CAGR of 5.8% between 2021 and 2031.
The value of vascular snare market is increasing, owing to the increasing prevalence of vascular diseases, such as peripheral artery disease (PAD), deep vein thrombosis (DVT), and aneurysms. The conditions necessitate interventional procedures to restore blood flow, remove obstructions, or repair damaged blood vessels. The growing incidence of these diseases is propelling the demand for vascular snares, as they are essential tools in endovascular interventions.
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Advancements in minimally invasive procedures, is another significant factor contributing to the market growth. Advancements in medical technology have led to the development of innovative minimally invasive procedures, which offer numerous benefits over traditional open surgeries.
Minimally invasive procedures result in shorter hospital stays, reduced recovery time, and minimized scarring for patients. Vascular snares play a crucial role in these procedures, enabling physicians to navigate and manipulate vascular structures with precision. The demand for vascular snares increases, as the adoption of minimally invasive techniques continues to increase.
The market prospects have been driven by factors such as technological advancements in vascular snares, which have significantly improved the design and functionality of vascular snares. Manufacturers are continuously investing in research and development to introduce innovative products that offer enhanced safety, efficacy, and ease of use. Advanced features, such as radiopaque markers, improved maneuverability, and increased compatibility with various imaging modalities, have increased the adoption of vascular snares. The introduction of biocompatible materials and coatings has further improved the performance and durability of these devices, leading to greater market acceptance.
Key Findings of the Market Report
- On the basis of type, single loop snare segment is likely to be most preferred, expected to expand at a significant share, attributed to the rising adoption of minimally invasive procedures, and expanding applications in various endovascular interventions.
- By length, the 100 cm to 150 cm segment is anticipated to be the most preferred, owing to the factors such as increased range of interventions, as well as technological advancements in imaging & navigation.
- By application, peripheral segment is expected to boost the market growth, attributed to the factors including high prevalence of peripheral vascular diseases, and technological advancements in peripheral interventions.
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Global Vascular Snare Market: Growth Drivers
- The global vascular snare market is projected to expand at a steady pace from 2021 to 2031, owing to favorable reimbursement policies, and increasing healthcare expenditure.
- Other factors that are projected to augment the market growth include growing awareness & education, and expansion of ambulatory surgical centers.
- Technological convergence, and increasing disposable income & healthcare spending, are the major factors that are anticipated to fuel the market prospects in the near future.
Global Vascular Snare Market: Regional Landscape
- North America is expected to dominate the vascular snare market, and is expected to hold a significant share during the forecast period, attributed to high prevalence of vascular diseases, and advanced healthcare infrastructure in the region.
- The regional market is witnessing an increase, due to the factors such as favorable reimbursement policies, as well as technological advancements & research investments.
- Increasing adoption of minimally invasive procedures, and rising geriatric population in the region, are also anticipated to escalate the growth of the regional market over the analysis period.
Global Vascular Snare Market: Key Players
Some of the key market players in the global vascular snare market are:
- Argon Medical Devices, Inc.
- B. Braun Melsungen AG
- C. R. Bard, Inc. (Becton, Dickinson and Company)
- Cook Medical LLC
- Medtronic
- Merit Medical Systems, Inc.
- pfm medical Ag
- Teleflex Incorporated
Competitive Landscape
Prominent players in the vascular snare industry are taking advantage of the rapidly increasing demand for vascular snare. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In 2021, Terumo Corporation, a leading medical device company, launched its TruSnare® vascular snare product. The device offers enhanced flexibility and control for the retrieval of foreign bodies or thrombi during endovascular procedures.
- In the same year, Merit Medical introduced the PreludeSYNC EVO™ vascular snare system. The device incorporates a unique hybrid design that combines the features of both a loop snare and a cylindrical snare, providing greater versatility and maneuverability during interventions.
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Global Vascular Snare Market: Segmentation
By Type
- Single-loop Snare
- Triple-loop Snare
- Four-loop Snare
- Others
By Length
- 55 cm to 93 cm
- 100 cm to 150 cm
- 175 cm to 200 cm
By Application
- Heart
- Peripheral
- Neuro
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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