New designs in snare systems and techniques have increased the effectiveness of these in retrieval of foreign bodies, and hence are witnessing adoption in the treatment of thrombosis and venous thromboembolism. The commercialization of novel devices, underpinned by increasing approval of new technologies in developed regions, has boosted the success rates in peripheral procedures. The global vascular snare market is projected to advance at CAGR of 5.8% during 2021–2031.
Minimally-invasive and non-invasive single-loop, triple-loop, and four-loop snares are gaining preference over inferior vena cava (IVC) filters. Next-gen vascular snares are reinforcing the surgical skills of surgeons for retrieving intravascular foreign bodies including guidewires, IVC filters, and catheters.
Manufacturers in the vascular snare market are keen on frequently launching technologically-advanced devices, observe the analysts. An in-depth TMR study notes that the revenue possibilities are vast in single-loop snare segment. It held a leading share of the global vascular snare market, and the valuation of the segment is projected to expand at CAGR of 6.1% during forecast period from 2021 to 2031.
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Key Findings of Vascular Snare Market Study
- Rising Number of Endovascular Procedures Propelling Sales: Rise in endovascular interventions has also increased the risk of venous thromboembolism (VTE), thereby spurring the revenue prospects of the vascular snare market. Growing number of surgery and procedures for deep vein thrombosis has led to a big fillip in the demand for vascular snares. The sales in the vascular snares market have increasingly gained impetus from the increasing mortality of heart diseases and strokes.
- Medtech Companies Offering New Designs to Boost Patient Outcomes: Medical technology companies are keen on spending on R&D on developing new versions of products in the vascular snares market. They are innovating in vascular snare designs with the aim to reduce the rate of complications in patient population. In addition, medical device companies are evaluating new materials to support new snare techniques. The demand for technologically advanced devices for percutaneous retrieval of lost or misplaced intravascular objects is further expanding the revenue possibilities.
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Vascular Snare Market: Key Drivers
- The growing incidence and prevalence of peripheral vascular diseases has led to high mortality of cardiovascular diseases (CVD), especially in low- and middle-income countries. This is a key driver for lucrative avenues in the vascular snare market.
- These procedures were reduced substantially in the subsequent months after the outbreak of COVID-19 pandemic. Increase in elective procedures has augmented the import and export of vascular snare devices, thereby expanding the revenue potential.
Vascular Snare Market: Regional Growth Dynamics
North America is a highly lucrative vascular snare market. The region held a leading share of the global market—amounting to 40.54%–in 2020. The presence of several prominent medical device manufacturers based in the U.S. and Canada is a key factor underpinning the massive revenue potential. The pressing need for reducing the prevalence of pulmonary embolism and venous thromboembolism (VTE) has accelerated the revenue prospects of the North Americavascular snare market.
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Vascular Snare Market: Key Players
Some of the key players in the vascular snare market are Teleflex Incorporated, pfm medical Ag, Merit Medical Systems, Inc., Medtronic, Cook Medical LLC, C. R. Bard, Inc., B. Braun Melsungen AG, and Argon Medical Devices.
The study on the vascular snare market offers detailed scrutiny of the key financials, their growth strategies, and profile of the major products.
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Global Vascular Snare Market: Segmentation
Vascular Snare Market, by Type
- Single-loop Snare
- Triple-loop Snare
- Four-loop Snare
Vascular Snare Market, by Length
- 55 cm to 93 cm
- 100 cm to 150 cm
- 175 cm to 200 cm
Vascular Snare Market, by Application
Vascular Snare Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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