Transient Elastography Devices Are Estimated To Witness High Growth Owing To Opportunity For Liver Disease Screening
 |
| Transient Elastography Devices Market |
Transient
elastography devices are medical devices used to assess liver stiffness and
diagnose liver diseases, especially cirrhosis and hepatitis. These devices
employ vibration-controlled transient elastography techniques using FibroScan
technology, which provides a completely non-invasive and painless method to
assess liver stiffness. Transient elastography is gaining popularity as a
first-line screening and assessment tool for liver diseases, as it provides
quantitative and reproducible results.
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 Opportunity:
The growing burden of liver diseases, especially viral hepatitis,
alcohol-related liver disease, and non-alcoholic fatty liver disease, is
presenting a major opportunity for the transient elastography devices market.
Liver diseases currently affect over 1.8 billion people globally. Given the
largely asymptomatic nature of early liver disease, simple and non-invasive
screening techniques like transient elastography provide an optimal opportunity
for early detection. Early detection and monitoring of progression is critical
in managing liver diseases. As such, the increasing adoption of transient
elastography for primary screening and disease staging across hospitals and
healthcare facilities is expected to significantly drive the demand for
transient elastography devices over the forecast period.
Porter's Analysis
Threat of new entrants: The threat
of new entrants is low because of the high costs involved in R&D,
manufacturing, and marketing of this specialized medical devices.
Bargaining power of buyers: The
bargaining power of buyers is moderate as there are several suppliers in the
market providing substitutable products.
Bargaining power of suppliers: The
bargaining power of suppliers is moderate as there are many component
manufacturers.
Threat of new substitutes: The
threat of new substitutes is moderate as newer non-invasive technologies for
liver fibrosis detection are continuously being researched.
Competitive rivalry: Competition in
the transient elastography devices market is high among the key players.
SWOT Analysis
Strength: Transient elastography
devices provide a fast, painless, and reproducible method for fibrosis
assessment.
Weakness: Transient elastography
devices require technical skills to interpret results and cannot fully replace
a liver biopsy.
Opportunity: Rising burden of chronic liver diseases globally increases the
need for non-invasive fibrosis assessment tools.
Threats: Stringent regulations for new medical devices and reimbursement
challenges in some regions limit market growth.
Key Takeaways
The Global
Transient Elastography Devices Market Demand is expected to witness
high growth over the forecast period of 2023 to 2030 owing to the rising
prevalence of chronic liver diseases. 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.
The North America transient elastography devices market accounted for the
largest share in 2023 due to the growing NAFLD/NASH burden and supportive
reimbursement schemes in the US and Canada. However, Asia Pacific is
anticipated to grow at the fastest pace during the forecast period supported by
the large patient pool and improving access to advanced healthcare in China and
India.
Key players operating in the transient elastography devices market are
Echosens, HISKY Medical Technologies Co., Ltd. and SMEDA Medical Co., Ltd.
Echosens dominates the market with its flagship FibroScan device used worldwide
for non-invasive fibrosis assessment.
.jpg)
Comments
Post a Comment