Vascular Snare Market - Latest Trends with Future Insights

Vascular Snare Market: Introduction

According to the report, the global vascular snare market was valued at US$ 29.5 Mn in 2020 and is projected to expand at CAGR of 5.8% from 2021 to 2031. A vascular snare is an endovascular device that is utilized for the removal of foreign bodies from inside arteries and veins. The snare involves several radiopaque loops of wire inside a catheter, which when extended flower out and collapse when withdrawn into the catheter. Vascular snares are used to retrieve inferior vena cava filters, lost guide wires, or broken central venous catheters.

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Rise in Recurrent Pulmonary Embolism & Venous Thromboembolic Diseases

Inferior vena cava (IVC) filters have proven to be valuable for the prevention of primary or recurrent pulmonary embolism in select patients with or at high risk of venous thromboembolic disease. In the U.S., the percentage of annually placed optional filters i.e., filters that can remain as permanent filters or potentially be retrieved, has consistently exceeded that of permanent filters. Vascular snares are used to retrieve the lost object, with graspers and balloons. This is likely to boost the growth of the market during the forecast period.

Ever since endovascular interventions have been performed, there have been reports of displaced, embolic, and malposition medical devices within arteries and veins. This complication is distressing to both interventionists and patients. Most interventionists will encounter an intravascular foreign body at some point in their careers, either because of their own procedure or as a referral. It is an unfortunate reality that stents, inferior vena cava (IVC) filters, catheters, guide wires, coils, and other medical devices are occasionally deployed in the wrong location, and fracture. These factors are projected to increase demand for vascular snares during the forecast period.

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Single-loop Snare Segment to Lead Vascular Snare Market

In terms of type, the global vascular snare market has been classified into single-loop snare, triple-loop snare, four-loop snare, and others. The single-loop snare segment accounted for prominent share of 40.54% of the market in 2020. The segment is anticipated to expand at a CAGR of 6.1% from 2021 to 2031. Increase in promotional activities conducted by single loop snare manufacturing companies and availability of a high number of products are expected to contribute to the large market share of the segment during the forecast period.

North America to Lead Vascular Snare Market

In terms of region, the global vascular snare market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for major share of 41.68% of the global vascular snare market in 2020. The market in the region is expected to expand at a CAGR of 5.2% from 2021 to 2031. North America's large market share can be attributed to well-developed health care infrastructure, high health care expenditure, and adoption of branded vascular snare. Moreover, presence of major manufacturers is likely to augment the market in the segment during the forecast period.

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Competition Landscape

Key players operating in the global vascular snare market include 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, and Teleflex Incorporated.

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