Kidney stone retrieval devices offer patients a safer and more efficient alternative to traditional surgical interventions, reducing recovery times as well as complications. With their precise and targeted approach, kidney stone retrieval devices ensure effective retrieval, promoting patient comfort and overall well-being. According to Inkwood Research, the global kidney stone retrieval devices market is expected to grow with a CAGR of 4.54% during the forecast period of 2023 to 2032, capturing a revenue of $3908.52 by 2032.
Kidney stones may develop in either one or both kidneys, primarily affecting individuals aged 30 to 60. Moreover, the condition is relatively common, with approximately two in 20 women as well as three in 20 men experiencing their development at some point in their lives. As the prevalence of kidney stones continues to rise globally, the significance of retrieval devices in enhancing treatment outcomes is set to increase, as well.
The Value Equation – To What Degree Does Pricing Matter?
With a notable spike in kidney stones and urinary system stone disease (USSD) globally, the demand for kidney stone retrieval devices among patients as well as healthcare facilities is driven by medical necessity rather than price sensitivity. As a result, buyers have limited power to influence product development or negotiate prices. In comparison, suppliers with unique or patented technologies may possess a higher negotiating power.
Nevertheless, the affordability and pricing of the devices play a crucial role for buyers in the healthcare sector. While the primary emphasis continues to remain on the devices’ quality and effectiveness, purchasers may also assess the cost of the devices and consider the holistic value they provide.
And on that note, let’s assess the cost-effectiveness of various kidney stone retrieval devices and how healthcare facilitates can evaluate the value these devices bring to their practices –
Lithotripters stand as non-invasive, non-surgical apparatuses that utilize electromagnetic shock waves passed through a water bath to fragment kidney stones and gall bladder stones. These devices have been categorized by the US FDA as class II devices, permitting the completion of the stone removal procedure within a 30-minute timeframe.
According to Inkwood research, lithotripters is expected to be the fastest-growing product in the global kidney stone retrieval devices market, owing to their numerous advantages over alternative treatment modalities. They also offer a cost-effective approach, rendering them more accessible to patients, particularly in developing nations where healthcare expenses often present a significant obstacle to treatment seeking. Under this classification, the two predominant procedures include –
- Ureteroscopic (URS) Laser Lithotripsy
-
- Ureteroscopy (URS) stands as the preferred approach for addressing small to medium-sized kidney stones situated anywhere within the urinary tract. According to a comprehensive review of studies conducted in 2018, the average expense associated with ureteroscopy in the absence of lithotripsy stands at approximately $2,800. However, introducing methods like laser or other forms of lithotripsy could elevate this figure. It is essential to note that this base amount does not encompass supplementary costs, including facility charges and medical practitioner fees. As a result, the complete cost of the procedure might escalate to around $10,000.
- Inkwood Research estimates that the ureterorenoscopes segment, under the product category, captured the highest share of 32%in 2022.
- Extracorporeal Shock Wave Lithotripsy (SWL)
-
- Extracorporeal SWL is employed to fragment kidney stones into smaller pieces, facilitating their removal through the urinary tract. This method is suitable for stones ranging from 4 mm to 2 cm in diameter. The procedure’s benefits include non-invasiveness, decreased complications, absence of hospitalization, swifter recovery, and cost-effectiveness. As a result of these advantages, the utilization of ESWL is anticipated to rise in kidney stone retrieval treatments.
- Theextracorporeal shock wave lithotripsy segment is expected to dominate the treatment category between 2023 to 2032.
In a retrospective study conducted at Massachusetts General Hospital, it was observed that ureteroscopic (URS) laser lithotripsy achieved significantly higher stone-free rates compared to shock-wave lithotripsy (SWL) (89% vs. 47%). Extracorporeal SWL is initially less costly, but lower effectiveness translates into a greater need for repeat or ancillary procedures in order to get a patient stone free.
Hence, while both treatment modalities exhibited no major complications, the aforementioned analysis indicated that URS proved to be more cost-effective compared to SWL under the following conditions:
- SWL had a success rate of less than 60% to 64%
- URS demonstrated a success rate of at least 57% to 76%
Furthermore, on average, the procedure costs were estimated at $3,167 for SWL and $4,470 for URS.
(This cost evaluation encompassed the surgeon’s and anesthesia fees, facility costs, and stent placement expenses, if applicable)
Although it is crucial to highlight that patient preferences must largely influence the decision-making process regarding the choice of surgical approach, researchers also underscore that the selection between SWL and URS should not be solely driven by cost considerations. Accordingly, with the introduction of the Medicare Access and CHIP Reauthorization Act (MACRA), aiming to transition the United States healthcare system towards value-based reimbursement, there is an increasing emphasis placed on optimizing the cost-effective allocation of resources.
Kidney Stone Retrieval Devices Market Regulatory Compliance | Financial Implications
Meeting the demands of regulatory prerequisites can impose substantial financial burdens on kidney stone retrieval device manufacturers. They are obligated to allocate resources for comprehensive testing, clinical trials, and meticulous documentation to validate their devices’ safety and effectiveness. Adhering to regulatory standards often necessitates additional expertise and resources, which can lead to escalated expenses, possibly impeding the expansion of the global kidney stone retrieval devices market.
Conversely, on the regional front, the kidney stone retrieval devices market in Asia-Pacific boasts reduced production costs due to affordable labor and operational expenses compared to other regions. Moreover, sales and marketing are also cost-effective due to the lower workforce as well as operational costs. In India, this facet is supported by government initiatives such as the ‘Make in India’ program, which promotes affordable manufacturing through subsidies.
Likewise, regulatory pathways, particularly in China and India, are becoming more flexible. The healthcare spending is on the rise alongside increased insurance coverage and reimbursement. Aligning with this, companies operating in the global kidney stone retrieval devices market are focused on providing affordable procedures, predominantly with the aim to reduce patient discomfort post-surgery and significantly increase cost-efficiency.