Biopsy forceps are used by medical professionals & surgeons to hold things/objects and collect samples, for diagnosis of various diseases. Health professionals usually choose the best course of the treatment post analyzing the disease status of a sample taken. Moreover, these biopsy forceps are also employed by surgeons to handle tissues and crucial organs.
Various types of biopsy forceps are used in the medical industry, such as endometrial biopsy forceps, endoscopy forceps, endometrial biopsy forceps, laparoscopic biopsy forceps, bronchoscopy biopsy forceps, capsulorhexis forceps, and cervical punch biopsy forceps.
Due to surge in healthcare spending and funding linked to favorable reimbursement, manufacturers have started investing in the medical device industry. Moreover, due to these factors, surge in demand for various types of biopsy forceps is witnessed.
Surge in prevalence of gastrointestinal illnesses & cancer
As per International Agency for Research on Cancer (IARC) predicts that there will be 16.3 Mn cancer deaths & 27.5 Mn new cases of cancer by 2040. Moreover, as per WHO, it is predicted that people 60 years of age & older are expected to increase from 900 Mn in 2015 to 2 Bn in 2050. Age related issues such as medical cancer and gastrointestinal illnesses are more prevalent due to the growing senior population. Moreover, high preference towards minimally invasive surgical techniques is predicted to support the market growth.
High availability of technologically advanced biopsy forceps
Surge in demand and consumption of biopsy forceps, due to several surgical procedures carried out annually in the United States and Canada, North America is predicted to dominate the worldwide biopsy forceps market. Factors such as rising product affordability, high spending on healthcare services, high acceptance rate for technologically advanced products are expected to boost the market share of biopsy forceps market
Rise in rate of chronic disorders among senior population pushing the growth of the market
As per US census bureau, 2050 to 83.7 Mn expects the number of people 65 years of age and older to double from an estimated 43.1 Mn in 2012. Moreover, the rise in elderly population is witnessed due to baby boomers. Ageing is a biological process that happens due to cellular and molecular damage. Also, older population is likely to push the expansion of various diagnostic procedures.
Strict FDA rules expected to restrain the growth of the market
The FDA’s rigorous regulations and high cost of advanced biopsy tools are expected to restrain the sales of biopsy forceps. Also, the market’s sales growth is also anticipated to be hampered by the high cost of disposable biopsy forceps. For instance, As per the survey by Dijon University Hospital, the price of a biopsy session using reusable forceps for the stomach is almost equal to €7.5 (plus €1.92 for sterilization costs), and €8.7 for reusable colonic forceps (with the same sterilization cost). Reusable biopsy forceps are therefore much more beneficial than disposable biopsy forceps from a strictly cost standpoint.
Market for biopsy forceps is extremely fragmented
Due to low entry barriers, the market is extremely fragmented on a global scale. Due to high competition in the biopsy forceps market, manufacturers are also focusing on their investments in emerging regional markets.
Moreover, leading companies in the worldwide biopsy forceps market are producing safer biopsy forceps that are useful for surgeons and other medical professionals.
For instance, Olympus Corporation had purchased Quest Photonic Devices B.V. in January 2021 to improve its surgical endoscopy capabilities.