by Transient elastography devices are medical devices used to detect and measure liver fibrosis. The devices are non-invasive and utilize ultrasound technology coupled with vibration to measure liver stiffness which helps clinicians diagnose and stage liver disease. Liver stiffness is directly related to the amount of fibrosis in the liver. Transient elastography devices allow clinicians to measure liver stiffness and fibrosis accurately and reproducibly in a matter of minutes.
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 rising prevalence of alcoholic liver disease is a key driver fueling the growth of the transient elastography devices market. Alcoholic liver disease has become one of the leading causes of liver disease worldwide owing to changing lifestyles and increasing alcohol consumption globally. According to the World Health Organization, around 3 million deaths every year result from harmful use of alcohol. Alcoholic liver disease slowly causes fatty liver, fibrosis, cirrhosis of the liver and even liver cancer. Transient elastography devices enable detection of liver fibrosis at early stages in patients with alcoholic liver disease facilitating prompt treatment interventions and management of the condition. Moreover, technological advancements leading to development of improved transient elastography devices with enhanced accuracy and compatibility with existing ultrasound systems would also propel the market growth over the forecast period.
SWOT Analysis
Strength: Transient elastography devices offer a non-invasive method to assess liver stiffness and diagnose liver diseases such as fibrosis, cirrhosis and steatosis. The technology provides instant and painless results helping diagnose patients quickly. It has gained popularity as an alternative to liver biopsy which is an invasive procedure.
Weakness: Transient elastography devices are unable to provide tissue samples for further analysis which can be obtained from biopsy. The results from the device may not always be very accurate and require cross-validation with other diagnostic methods. The high cost of these devices is also a limitation for widespread adoption.
Opportunity: With the growing prevalence of liver diseases worldwide, there is an increased need for efficient diagnostic solutions. Transient elastography devices help address this need by providing quick diagnosis without invasive procedures. Emerging economies with large patient pools could drive the market attracting more investments from players.
Threats: Introduction of novel diagnostic techniques such as magnetic resonance elastography which offers more accurate results compared to transient elastography could hamper its future adoption. Strict regulatory approvals also act as a roadblock for new entrants.
Key Takeaways
The Global Transient Elastography Devices Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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 indicates that North America holds the major share of the market currently due to advanced healthcare infrastructure and availability of adequate reimbursements. However, Asia Pacific region is projected to grow at the fastest pace with China, India and Japan emerging as lucrative markets.
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 position with its FibroScan product which has set the gold standard for non-invasive liver diagnosis. HISKY and SMEDA are other Chinese manufacturers focusing their business in the Asia Pacific region. The transient elastography devices market is relatively concentrated with these top players holding majority share.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
