Transient Elastography Devices Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Liver Diseases
Transient elastography devices are non-invasive medical devices used to assess liver fibrosis and steatosis. These devices make use of vibration waves to measure liver stiffness and estimate fibrosis in the liver. Transient elastography devices offers benefits such as short examination time, rapid results and high accuracy in diagnosis of liver fibrosis stage and steatosis.
The global transient elastography devices market is estimated to be valued at US$ 89.13 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global transient elastography devices market is witnessing high growth owing to increasing prevalence of liver diseases. According to WHO data, about 1.03 billion people drink alcohol globally and around 3 million deaths every year result from harmful use of alcohol. Excessive alcohol consumption leads to alcoholic liver disease which is a leading cause of liver cirrhosis. Furthermore, increasing cases of hepatitis infections also contributes to chronic liver diseases. Transient elastography devices helps in non-invasive staging of liver fibrosis and reducing need for liver biopsies. This acts as a major driver for growth of transient elastography devices market.
The other driver is increasing healthcare expenditure in emerging economies. Countries like China, India are witnessing rise in disposable income and focus on improving access to healthcare through various government initiatives. This provides scope for adoption of advanced medical technologies like transient elastography devices in these regions. The above mentioned drivers are expected to propel demand for transient elastography devices over the forecast period.
SWOT Analysis
Strength: Transient elastography devices provide non-invasive diagnosis of liver conditions and diseases. They offer painless liver stiffness measurements and fibrosis staging in just a few minutes. This improves patient comfort and experience. Transient elastography devices enable real-time imaging which provides instant results to physicians.
Weakness: Transient elastography devices require specialized training for technicians to perform the scans and interpret the results accurately. The high cost of these devices limits their adoption in low and middle-income countries.
Opportunity: Rising alcoholic and non-alcoholic fatty liver disease cases globally is increasing the demand for accurate diagnosis. Growing geriatric population vulnerable to chronic liver diseases presents an opportunity. Adoption of transient elastography devices can help reduce the need for invasive liver biopsies.
Threats: Availability of alternative non-invasive diagnosis methods like magnetic resonance elastography and shear wave elastography poses competition. Economic slowdowns can impact healthcare expenditures and purchases of high-cost medical devices.
Key Takeaways
The Global Transient Elastography Devices Market Demand is expected to witness high growth. It is projected to reach a value of US$ 112.85 Mn by 2030 from US$ 89.13 Mn in 2023, expanding at a CAGR of 3.5% during the forecast period. Growing chronic liver disease prevalence driven by obesity, diabetes and alcohol consumption is a major factor driving the transient elastography devices market.
Regional analysis: Asia Pacific is expected to be the fastest growing region in the transient elastography devices market during the forecast period. This can be attributed to rising health awareness, growing medical tourism industry and increasing healthcare expenditures in major countries like China and India. North America currently dominates the market owing to technological advancements, presence of key players and availability of reimbursement for ELF tests in the region.
Key players: Key players operating in the transient elastography devices market are Echosens, HISKY Medical Technologies Co., Ltd. and SMEDA Medical Co., Ltd. Echosens leads the market with its FibroScan device used widely across the world. HISKY and SMEDA have gained market shares in Asia through affordable device offerings and strong regional presence.
For more insights, read- https://www.zupyak.com/p/3960259/t/the-global-transient-elastography-devices-market-growth-accelerated-by-increasing-healthcare-expenditure
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