by The global Transient Elastography Devices Market is estimated to be valued at US$ 83.2 Mn in 2021 and is expected to exhibit a CAGR of 3.5% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The transient elastography devices market includes devices used to measure liver stiffness or fibrosis non-invasively. These devices provide an alternative to liver biopsies, which are invasive and can cause complications. Transient elastography devices are widely used to diagnose and monitor liver diseases such as hepatitis B and C, alcoholic liver disease, and non-alcoholic fatty liver disease (NAFLD).
Liver diseases are a major global health concern, with the World Health Organization (WHO) estimating that around 1.4 million deaths occur each year due to these diseases. The increasing prevalence of liver diseases is driving the demand for non-invasive diagnostic tools such as transient elastography devices. These devices offer numerous advantages over traditional liver biopsies, including minimal pain and discomfort, faster results, and lower costs.
Market Key Trends:
One of the key trends in the transient elastography devices market is the technological advancements in these devices. Manufacturers are constantly innovating and introducing new features to improve the accuracy and ease of use of these devices. For example, some devices now come with real-time shear wave imaging, which provides better visualization of liver stiffness. Additionally, advancements in software are enabling the integration of transient elastography devices with electronic health records and telemedicine platforms, allowing for remote monitoring of patients.
These technological advancements are improving the overall efficacy of transient elastography devices and making them more user-friendly. This is expected to drive the adoption of these devices in healthcare facilities, clinics, and research institutes.
PEST Analysis:
- Political: The political factor affecting the transient elastography devices market refers to the regulatory environment and government policies. Governments worldwide are increasingly focusing on improving healthcare infrastructure and outcomes. This creates favorable conditions for the market as it encourages investment in medical technologies and devices.
- Economic: The economic factor impacting the market includes factors such as GDP growth, healthcare expenditure, and reimbursement policies. The increasing healthcare expenditure, especially in emerging economies, is driving the demand for transient elastography devices. Additionally, favorable reimbursement policies for medical procedures involving these devices are further fueling market growth.
- Social: The social factor considers the influence of demographics and societal trends on the market. The rising prevalence of chronic liver diseases, such as cirrhosis and hepatitis, is a significant driver for the adoption of transient elastography devices. Furthermore, the increasing awareness about early diagnosis and monitoring of liver diseases among the general population is also contributing to market growth.
- Technological: The technological factor analyzes advancements and innovations in the field of transient elastography devices. The development of portable and user-friendly devices that provide accurate and quick results has revolutionized liver disease diagnosis and monitoring. These technological advancements have expanded the accessibility and usage of transient elastography devices, driving market growth.
Key Takeaways:
The Global Transient Elastography Devices Market Size is expected to witness high growth, exhibiting a CAGR of 3.5% over the forecast period. This growth is primarily attributed to the increasing prevalence of liver diseases globally and the growing demand for non-invasive diagnostic techniques.
Regionally, North America is expected to be the fastest growing and dominating region in the market. The region has a well-established healthcare infrastructure, high healthcare expenditure, and favorable reimbursement policies. Additionally, the rising incidence of liver diseases in North America is also contributing to the market’s growth.
Key players operating in the transient elastography devices market include Echosens, HISKY Medical Technologies Co., Ltd., and SMEDA Medical Co., Ltd. These players have a significant market presence and actively invest in research and development to enhance their product portfolios. Their competitive strategies, strong distribution networks, and focus on technological advancements contribute to their market dominance.
In summary, the transient elastography devices market is poised for significant growth due to favorable political and economic factors, increasing prevalence of liver diseases, societal awareness, and technological advancements. North America is expected to be the leading region, and key players such as Echosens, HISKY Medical Technologies Co., Ltd., and SMEDA Medical Co., Ltd. are expected to maintain their dominance 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
