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(Medical-NewsWire.com, April 12, 2021 ) 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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The major surgical snares vendors 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). These players have adopted various growth strategies such as acquisitions, new product launches and approval, expansions, to expand their presence in the global surgical snares market. These strategies adopted by major players from 2015 to 2018. This has helped them to innovate their offerings and broaden their customer base.
Olympus Corporation has established its presence in diversified markets; this has helped it to minimize risks and dependency on any particular business segment. The company has a strong product portfolio, which enables it to strengthen its position in the market. It has strong R&D capabilities, which provide it with a strategic advantage over its competitors. The company is focusing on R&D to meet the demands of the surgical snare industry. The company focuses on obtaining market-driven solutions to meet the increasing demand for surgical snare products.
Boston Scientific Corporation focuses on catering to surgical snare market. The company leads in terms of operational and financial strength and has focused on surgical snare market through both organic means. Boston has strong geographic presence in North America and Asia Pacific, which helps company to execute its sales and marketing activities. Company continuously focused on R&D investment, which helps company to expand its product portfolio through new product launches. For instance, in 2015, Boston Scientific launched Captivator EMR Device for endoscopic mucosal resection surgical procedure.
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