The Bipolar Forceps market studied is expected to grow with an anticipated CAGR of 5.2%, during the forecast period.
The major drivers propelling the growth of Bipolar Forceps market are the increasing prevalence of chronic diseases and the increasing adoption to minimally invasive procedures globally. According to the United Nations, World Population Ageing 2019, there were 703 million people aged 65 years or over in the world in 2019 and the number is projected to double to 1.5 billion in 2050. According to World Health Organization 2018, globally, chronic diseases kills more than 41 million people each year. Cardiovascular diseases account for most deaths caused by chronic diseases (17.9 million people annually), followed by cancers (9 million), respiratory diseases (3.9 million), and diabetes (1.6 million). The increase in geriatric population results in the increased prevalence of chronic diseases and thereby, rises the demand for various surgeries.Additionally, the increasing investments in the research and development activities for the innovation of advanced bipolar forceps products by major players are expected to drive the market. Thus, considering the mentioned facts and key drivers, the studied market is anticipated to propel over the forecast period.
Key Market Trends
The Disposable Segment is Expected to grow significantly over the Forecast Period
The disposable bipolar forceps are sterile single-use instruments mostly available in stainless steel. The disposable bipolar forceps offer freedom from autoclaving and reprocessing, repair, repeated handling, and are cost effective instruments. Some of the disposable bipolar forceps available commercially include LIBERTY, COHEN, LIBERTY AURA,ActiLine EcoCeps and many more. Among the disposable bipolar forceps, non-stick bipolar forceps are highly used as it provides various benefits such as prevention of tissue sticking to the tip, doesn't require cleaning , reduces toxic surgical smoke and are compatible with standard eletrosurgery units. The Stryker Corporation's Spetzler-Malis Disposable Bipolar Forceps is one such non-stick bipolar foreceps that delivers optimal sightlines, balanced high-comfort ergonomics, and superb non-stick coagulation performance. Thus, in view of the increased advantages of the disposable bipolar forceps, the studied segment is expected to grow over the forecast period.
North America has a dominant share in Bipolar Forceps market and is anticipated to grow tremendously over the forecast period
The rise in geriatric population, increasing prevalence of chronic diseases and the increasing adoption to minimally invasive procedures are expected to drive the growth of studied market in North America. According to Globocan 2018 report, there were 2,129,118 new cancer cases and 616,714 deaths due to cancer in United States in 2018 and the top five cancers were breast cancer (11%), Lung (10.7%), Prostate (10%), Colon (4.7%) and Bladder (3.9%) cancers. Additionally, most of the major players of the studied market such as Johnson and Johnson, Medtronic, CONMED Corporation, Becton, Dickinson and Company and many more are concentrated in United States. Thus, in view of the aforementioned factors, North America is expected to propel significantly in the Bipolar Forceps market over the forecast period.
Competitive Landscape
The Bipolar Forceps market is highly competitive and consists of many major players, that dominate the market. The major players of the studied market include Stryker Corporation, CONMED Corporation, Medtronic plc,B. Braun Melsungen AG, Johnson and Johnson,KLS Martin Group, Becton, Dickinson and Company and many more. The major players are evolving various strategies such as investment in Research and Development, collaborations and acquisitions for the expansion of their product portfolio.
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Table of Contents
Methodology
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