by Transient elastography devices are medical imaging tools used to stage liver fibrosis in patients with chronic liver diseases. They help assess liver stiffness through non-invasive ultrasound waves to determine the degree of liver fibrosis or cirrhosis. This aids physicians in monitoring disease progression and deciding treatment plans for patients with hepatitis, non-alcoholic fatty liver disease, and others. Increasing prevalence of chronic liver diseases worldwide has augmented the demand for transient elastography devices that allow rapid, painless, and reproducible evaluation of liver fibrosis.
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
Higher demand for non-invasive liver diagnostic procedures: Rising cases of chronic liver diseases globally has increased the need for early and accurate diagnosis to effectively manage the condition. Transient elastography devices enable painless and rapid assessment of liver stiffness in patients to stage liver fibrosis or cirrhosis without invasive biopsy procedures. This higher demand for non-invasive diagnostic solutions for liver diseases is a major driver bolstering the growth of transient elastography devices market.
Growing prevalence of liver conditions: Chronic liver conditions like hepatitis B & C, alcohol-related liver disease, and non-alcoholic fatty liver disease (NAFLD) have become highly prevalent worldwide. As per the World Health Organization (WHO), 257 million people globally suffer from hepatitis B while 71 million have hepatitis C. This has augmented clinical adoption of transient elastography devices as it aids physicians in timely diagnosis and management of such cases of chronic liver disease. The increasing prevalence of underlying conditions propels the market growth.
Segment Analysis
The transient elastography devices market is segmented into portable transient elastography devices and standalone transient elastography devices. The portable transient elastography devices segment is dominating the market and is expected to continue its dominance during the forecast period. Portable devices offer advantages like convenience, mobility and accessibility which are driving their adoption over standalone devices.
PEST Analysis
Political: Regulations regarding liver diagnosis and drug development are expected to drive the market growth. Various government initiatives to spread awareness about liver disorders are also aiding the market.
Economic: Rising healthcare spending globally and growing affordability is fueling the demand for advanced diagnosis devices like transient elastography devices. High incidence of liver diseases also presents lucrative opportunities.
Social: Growing awareness about liver health and increasing lifestyle diseases are prompting people to opt for regular health checkups. This is benefiting the adoption of transient elastography devices for early detection of liver fibrosis.
Technological: Introduction of novel technologies like artificial intelligence and Bluetooth connectivity in devices is augmenting their usability. Ongoing R&D for development of compact, portable and AI-enabled devices is further promoting the market growth.
Key Takeaways
The Global Transient Elastography Devices Market Demand is expected to witness high growth. 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.
Regional analysis comprises the Asia Pacific region is emerging as the fastest growing market for transient elastography devices. Factors such as rising healthcare spending, growing medical tourism, increasing awareness about liver health and large patient population are driving the market in the Asia Pacific region.
Key players operating in the transient elastography devices market are Echosens, HISKY Medical Technologies Co., Ltd. and SMEDA Medical Co., Ltd. Echosens holds a majority market share owing to its well-established product portfolio. HISKY Medical Technologies and SMEDA Medical are other prominent players offering a varied range of transient elastography devices.
*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.
