Transient elastography devices are medical devices used to characterize tissues by measuring their elasticity or stiffness. These devices are used to detect and stage liver fibrosis and cirrhosis in patients suffering from chronic liver diseases like hepatitis C and B. The devices utilize ultrasound technology along with mild vibrations to measure the propagation speed of a mechanical wave through liver tissue, with stiffer tissue impeding wave propagation. Transient elastography allows for a quick, non-invasive assessment of liver fibrosis compared to a liver biopsy.

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 1.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The transient elastography devices market is expected to witness high growth over the forecast period owing to the increasing incidence of chronic liver diseases worldwide. According to the World Health Organization, chronic liver diseases are among the top ten causes of death globally. Hepatitis B and C infections are the most common causes of chronic liver diseases, with an estimated 257 million and 71 million people respectively living with chronic hepatitis B and C infections globally. The increasing prevalence of risk factors like obesity, alcohol consumption and tobacco use is further expected to drive the incidence of chronic liver diseases.

Moreover, transient elastography devices offer a quick and reliable way to stage liver fibrosis compared to liver biopsy, which is an invasive procedure. Transient elastography has gained acceptance for routine clinical use, particularly in resource constrained areas due to its ability to characterize liver stiffness from a single examination and provide results immediately. This has resulted in increased adoption of transient elastography devices across hospitals and diagnostic centers over the past few years.

SWOT Analysis

Strength: Transient Elastography Devices have non-invasive functionality to detect liver fibrosis and other chronic liver diseases accurately in just a few minutes instead of invasive biopsy procedures. These devices use ultrasound pulses and measure their velocity to calculate liver stiffness and diagnose liver conditions. Their painless and radiation-free procedures reduce risks for patients.

Weakness: Transient Elastography Devices require substantial capital investments and their maintenance costs are also high. Additionally, skilled professionals are needed to operate these machines which increases operational expenses. The devices also have limitations in obese patients or those with ascites where accuracy of results may reduce.

Opportunity: Rising alcohol consumption and growing obesity levels are increasing cases of Non-Alcoholic Fatty Liver Disease (NAFLD) globally. This raises demand for non-invasive diagnostic methods like Transient Elastography Devices to evaluate liver conditions. Favorable reimbursement policies also support the market. Additionally, increasing awareness about early disease detection augurs well for market growth.

Threats: Alternative techniques like Magnetic Resonance Elastography and FibroTouch provide stiff competition. Economic slowdowns can reduce healthcare budgets and affect market growth. Stringent regulatory approvals also delay product launches.

Key Takeaways

The Global Transient Elastography Devices Market Share is expected to witness high over the forecast period of 2023 to 2030. The increasing prevalence of chronic liver diseases is a major factor driving the market. 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 1.9% over the forecast period 2023 to 2030.

Regional analysis: Europe dominates the global Transient Elastography Devices market currently due to rising alcohol consumption and significant healthcare expenditure. However, Asia Pacific is expected to grow at the fastest pace due to improving access to healthcare in developing nations.

Key players: Key players operating in the Transient Elastography Devices market are Echosens, HISKY Medical Technologies Co., Ltd. and SMEDA Medical Co., Ltd. Echosens holds the leading market share owing to its robust product portfolio and global presence.

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