Transient elastography devices are medical devices used to non-invasively diagnose and manage liver fibrosis and cirrhosis. These devices use vibration-controlled transient elastography technique to measure the stiffness of liver tissue and determine the severity of liver fibrosis or cirrhosis. They help diagnose liver damage at early stages and monitor progression or regression of fibrosis during or after treatment without the need for liver biopsy. The early detection and management of liver fibrosis is crucial in preventing progression to end-stage liver diseases like cirrhosis and liver cancer.
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 Opportunity:
Liver diseases including hepatitis, fatty liver disease and alcoholic liver disease are among the leading causes of mortality worldwide. According to the World Health Organization, viral hepatitis alone affects over 325 million people globally. The rising cases of non-alcoholic fatty liver disease due to obesity and diabetes also contributes significantly to the increasing burden of liver diseases. Transient elastography devices enable standardized diagnosis and management of liver fibrosis in patients, thereby facilitating early treatment interventions and reducing disease progression. This presents lucrative growth opportunities for the transient elastography devices market during the forecast period.
Porter’s Analysis
Threat of new entrants: Low, as this is an established mature market with significant capital requirements to enter the market. High R&D investment and stringent regulations acts as entry barriers.
Bargaining power of buyers: Moderate, as there are several established brands in the market providing differentiated products. However, large healthcare organizations can negotiate on pricing.
Bargaining power of suppliers: Moderate, as major suppliers include technology and component companies. Developing alternative suppliers requires high investment.
Threat of new substitutes: Low, as transient elastography provides unique non-invasive diagnosis which can’t be replaced.
Competitive rivalry: High, as major brands continuously invest in R&D and adopt strategies like new product launches, agreements to gain market share.
SWOT Analysis
Strength: Novel non-invasive diagnostic method. Growing chronic liver disease prevalence boosts demand.
Weakness: High device cost limits adoption in lower resource settings. Interpretation of results requires skilled technicians.
Opportunity: Emerging markets with large patient pools yet to adopt elastography. New applications in oncology and other areas can boost growth.
Threats: Reimbursement issues and delays in approval processes hamper revenue. Economic slowdowns affect healthcare budgets.
Key Takeaways
The Global Transient Elastography Devices Market Size is expected to witness high growth over 2023-2030 on the back of growing chronic liver disease prevalence globally. 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.
North America currently dominates the market owing to developed healthcare infrastructure and high healthcare spending. However, Asia Pacific is projected to be the fastest growing region due to rising healthcare expenditures and large patient base. Countries like China, India are expected to spearhead the market growth. Growing collaborations between local and international medtech companies has boosted adoption. Moreover, healthcare reforms and investments in some APAC countries are positively impacting the market.
Key players operating in the transient elastography devices market are Echosens, HISKY Medical Technologies Co., Ltd. and SMEDA Medical Co., Ltd. Major players are focused on new product launches. For instance, in 2022, Echosens launched FibroScan 330 Touch, an all-in-one transient elastography device. The device features touchscreen capabilities and new applications.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it