Biliary Interventional Radiology Devices Market Trends

Growth Drivers

• Healthcare quality improvement and cost effectiveness: A study conducted by the Agency for Healthcare Research and Quality in 2022 stated that early-stage interventions using advanced radiology biliary devices resulted in an 18.2% lower hospitalization rate, saving a projected USD 1.3 billion in U.S. healthcare. The adoption of minimally invasive procedures has become more frequent to reduce the complication rates. Research Nester estimates that these protocols have resulted in 23.3% fewer readmissions compared to conventional surgical methods. Additionally, the Society of Interventional Radiology has adopted quality standards for biliary interventions.
• Rising preference for the minimally invasive treatment: There has been a rise in the adoption of minimally invasive procedures, as it is helpful in lowering hospital stays and saving costs. Additionally, stent placement and Percutaneous transhepatic cholangiography (PTC) have now become standard therapies after the failure of ERCP, fostering the demand for significant IR systems. There has been a surge in demand for minimally invasive techniques to allow the short stay treatment to lower the healthcare costs. Various ambulatory surgical centers are adopting biliary interventional radiology devices.
• Surge in technology adoption: The surge in adoption of advanced imaging and minimally invasive technologies is significantly fueling the growth of the market. The modern suites now include a hybrid C-arm fluoroscopy. This helps in enabling 3D visualization for conducting intricate biliary procedures such as drainage and stent placement. The inclusion of AI leads to real-time localization and accurate optimization of the catheter navigation. Also, the next generation of biliary stents is preferred due to better biocompatibility and reduced migration. The cloud-based image management systems allow for the remote review and decision-making.

Challenges

• Government-imposed pricing caps and reimbursement barriers: Governments in a plethora of countries are imposing price caps on medical devices to control healthcare costs, restricting the profit yield for manufacturers. For instance, European countries such as France and Germany are utilizing reference pricing, compelling companies make compliance with the regional benchmarks.
• Strict regulatory approval delays: The stringent and lengthy approval from the FDA, CE Mark, etc., causes delays for market entry. For example, in 2022, Olympus Corporation faced a 6-month delay in Japan owing to the Pharmaceuticals and Medical Devices Agency safety review process.