by Primary Sclerosing Cholangitis Market overview: Primary Sclerosing Cholangitis (PSC) is a chronic liver disease characterized by inflammation and scarring of the bile ducts within the liver and the presence of other associated symptoms. It requires initial diagnosis followed by long term management of symptoms and complications.
The global Primary Sclerosing Cholangitis Market is estimated to be valued at US$ 1.98 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing diagnosis rate is expected to fuel the growth of the Primary Sclerosing Cholangitis Market over the forecast period. With improving awareness about PSC and its associated risks, more individuals are opting for early diagnosis. This is prompting the development and adoption of advanced diagnosis technologies and solutions such as magnetic resonance cholangiopancreatography and endoscopic retrograde cholangiopancreatography by healthcare facilities. This in turn is driving the demand for diagnosis products and services in the market.
SWOT Analysis
Strength: Low market saturation provides scope for high market penetration. Increasing awareness regarding the disease diagnosis and treatment options available acts as a driver.
Weakness: Lack of approved drugs for the disease treatment poses a challenge. Risks associated with medical procedures hinder the market growth.
Opportunity: Rising research funding from public and private organizations to develop novel treatment approaches presents new opportunities. Growing geriatric population vulnerable to liver diseases augments the demand.
Threats: Stringent regulatory processes for approval of new drugs and devices extends time to market. High cost of treatment procedures limits wide acceptance in low and middle-income countries.
Key Takeaways
Global Primary Sclerosing Cholangitis Market Demand is expected to witness high growth. The global Primary Sclerosing Cholangitis Market is estimated to be valued at US$ 1.98 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.
Regional analysis
North America dominates the global market and is expected to maintain its leading position throughout the forecast period as well. Higher awareness levels, advanced healthcare facilities, and rising disease prevalence are some of the key factors responsible for the largest share of the region.
Key players
Key players operating in the Primary Sclerosing Cholangitis market are Abbott Point of Care Inc., Cornley Hi-tech Co., LTD, Radiometer Medical ApS, EDAN Instruments, Inc., ERBA Diagnostics Mannheim GmbH, F Hoffman La Roche Ltd., Fortress Diagnostics, Instrumentation Laboratories, LifeHealth, Medica Corporation, Nova Biomedical Corporation, OPTI Medical Systems, Inc., Sensa Core, and Siemens Medical Solutions USA, Inc. These players are focusing on new product launches, collaborations, and expansions to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
