Primary sclerosing cholangitis (PSC) is a long-term condition that causes scarring and narrowing of the bile ducts. This results in damage to the hepatic ducts inside and outside the liver. PSC can worsen over time and eventually lead to cirrhosis, liver failure, and require liver transplant. Some of the key symptoms include jaundice, itching, abdominal pain, and fatigue. PSC is often diagnosed during examinations for other liver problems and through various diagnostic tests including magnetic resonance cholangiopancreatography (MRCP), endoscopic retrograde cholangiopancreatography (ERCP), and liver biopsy.
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 Dynamics:
Increasing adoption of advanced diagnostic technologies is expected to drive the growth of the primary sclerosing cholangitis market over the forecast period. MRCP and ERCP procedures plays a vital role in the diagnosis of PSC and determining the extent and severity of bile duct abnormalities. These minimally invasive techniques provide high resolution images of bile ducts without exposing patients to radiation. Moreover, rising prevalence of chronic liver diseases has increased the demand for reliable diagnostic methods across the globe. According to the American Liver Foundation, nearly 30,000 Americans suffer from PSC, and the number is growing each year. This rising patient pool is anticipated to augment the market growth.
Segment Analysis
The primary sclerosing cholangitis market is segmented into diagnostic tests and treatment. The diagnostic tests segment dominates the market owing to growing use of various serological tests, imaging tests, and biopsy for accurate diagnosis. Within diagnostic tests, imaging tests sub-segment holds the largest share due to high usage of magnetic resonance cholangiopancreatography (MRCP) and endoscopic retrograde cholangiopancreatography (ERCP) for proper visualization of bile ducts.
PEST Analysis
Political: Heavy investments by governments across the globe on research activities to develop newer drugs and diagnostics for rare diseases like primary sclerosing cholangitis is boosting the market growth.
Economic: Rising healthcare expenditures and affordability of people toward advanced healthcare therapies and medical devices are propelling the market expansion.
Social: Growing awareness among people about early diagnosis and treatment of primary sclerosing cholangitis through healthcare campaigns launched by non-profit organizations and hospitals is fueling the market demand.
Technological: Continuous development of novel diagnostic technologies like virtual MRCP for non-invasive imaging of biliary tract and advanced drugs with lesser side effects are providing momentum to market growth.
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.
North America region dominates the global market and is expected to maintain its dominance during the forecast period. This is attributed to growing research initiatives for drug development, increasing healthcare expenditures, and availability of advanced healthcare facilities in the US and Canada.
Key players related content comprises 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; Siemens Medical Solutions USA, Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it