The biliary tumor market comprises products that are used to diagnose and treat biliary tumors, also known as bile duct tumors. Biliary tumors develop in the bile ducts, which are thin tubes that carry bile from the liver to the small intestine. Some key products in this market include magnetic resonance imaging (MRI) systems, ultrasound systems, endoscopic retrograde cholangiopancreatography (ERCP) devices, positron emission tomography (PET) scans, biopsy needles and systems, and biliary drainage and obstruction devices. MRI and ultrasound systems help detect and stage biliary tumors efficiently. ERCP devices assist in unblocking the bile duct during jaundice. PET scans provide information about cancer spread. Biopsy is important for tumor diagnosis. Drainage devices help relieve jaundice by draining blocked bile.
The Global Biliary Tumor Market is estimated to be valued at USD 4.5 Bn in 2024 and is expected to reach USD 9.1 Bn by 2031, growing at a compound annual growth rate (CAGR) of 8.4% from 2024 to 2031.
Key Takeaways
Key players operating in the biliary tumor market are Siemens Healthineers, GE Healthcare, Philips Healthcare, Canon Medical Systems, Hitachi Medical, Fujifilm Holdings and Shimadzu.
The high demand in Biliary Tumor Market is driven by the increasing prevalence of biliary cancers owing to lifestyle changes, genetics, and other risk factors. Technological advancements include hybrid imaging solutions integrating PET/MRI and PET/CT modalities for more accurate staging and real-time interventional endoscopy, allowing minimally invasive biopsies and drainage.
Market Trends
The two key trends in the biliary tumor market are 1) Growing adoption of hybrid imaging systems - Hybrid imaging modalities such as PET/MRI and PET/CT systems provide both anatomical and functional imaging, allowing more accurate staging of biliary cancers. 2) Increasing demand for minimally invasive procedures - Technological advancements are enabling less invasive endoscopic procedures for biopsy, drainage and tumor ablation using advanced catheters, thereby improving clinical outcomes and reducing complications.
Market Opportunities
The two major opportunities in the biliary tumor market are
1) Rising healthcare expenditure in emerging economies - Countries like India, China, Brazil are witnessing increased healthcare spending to strengthen diagnostic infrastructure including medical imaging systems, thereby driving market growth.
2) Growing research into targeted therapies - Multiple biopharma companies are conducting clinical trials evaluating new targeted drugs and immunotherapies for advanced biliary cancers, offering new treatment options.
Impact of COVID-19 on Biliary Tumor Market Growth
The COVID-19 pandemic had a significant impact on the biliary tumor market in the initial stages. Various lockdowns and restrictions imposed worldwide disrupted the supply chain and production of key devices and drugs. This led to delayed diagnosis and treatment of biliary cancer patients. The focus of healthcare facilities also shifted more toward handling the increasing number of coronavirus cases. Many elective surgeries, including those for biliary tumors, were postponed, which negatively impacted the market.
However, with widespread vaccination drives and relaxation of lockdowns, the market is recovering slowly. The demand for drugs and devices is rising again as the number of cancer procedures increases post-COVID. Manufacturers are restarting production at full capacities. Meanwhile, telehealth and teleconsultation also gained popularity among oncologists and patients during this period. This ensured continuity of care for biliary tumor patients to some extent. Going forward, expediting vaccination especially in developing regions can help revive the market further.
In terms of geographical contribution, North America holds the major share of the biliary tumor market in terms of value currently. This is attributed to factors such as high healthcare expenditure, presence of advanced medical facilities, and easy accessibility to newest treatment options. However, Asia Pacific is expected to grow at the fastest rate during the forecast period. Increasing healthcare investments, rising cancer incidence, growing medical tourism, and expanding private insurance coverage are driving the market in the region. countries like China, India, and South Korea will be the focus of future growth.
While North America dominates currently, strategies to promote early detection and access to care in Asia Pacific can make it the leading regional market in future years. Initiatives empowering local healthcare systems and training medical professionals would further aid market growth across emerging nations. Strong industry-academia collaborations for R&D can also lead to innovations suited to address healthcare challenges prevalent in these areas.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)