by The measured stiffness value provided quantitative information that helps in diagnosis and risk assessment of various types of liver diseases like hepatitis and non-alcoholic fatty liver disease. Transient elastography devices offer advantages like quick examination, early and accurate diagnosis, reproducibility of results and better acceptance by patients. Growing prevalence of liver disorders coupled with advantages of transient elastography over conventional liver biopsy procedures is a major factor propelling the demand for transient elastography devices worldwide.
The Global Transient Elastography Devices Market is estimated to be valued at US$ 102.68 KT in 2024 and is expected to exhibit a CAGR of 1.9% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Transient Elastography Devices are Echosens, HISKY Medical Technologies Co., Ltd. and SMEDA Medical Co., Ltd. Echosens dominates the market with its flagship FibroScan product, which is widely used by clinicians globally.
The growing prevalence of viral hepatitis and fatty liver diseases worldwide is fueling the demand for Transient Elastography Devices Market Demand. According to the World Health Organization, approximately 257 million and 340 million people globally were living with viral hepatitis B and C respectively in 2019. Rising obesity rates leading to non-alcoholic fatty liver disease is another key factor contributing to market growth.
Manufacturers are expanding their presence in developing regions through partnerships and distribution agreements. For instance, Echosens entered partnerships with local distributors in countries such as India and Russia to boost sales of FibroScan in emerging Asian and European markets. This is allowing more patients in developing nations to access elastography-based liver disease diagnosis.
Market key trends
One of the key trends gaining momentum in the transient elastography devices market is the development of portable devices for point-of-care application. This includes handheld devices that are smaller, lightweight and easy to transport. Portable transient elastography devices are more suitable for use in hospital wards, community healthcare centers and clinics in remote areas, thereby increasing access to diagnosis. Manufacturers are focusing on miniaturization of technology to manufacture portable devices without compromising on functionality.
Porter’s Analysis:
Threat of new entrants: The transient elastography devices market requires huge R&D investments and regulatory compliance which acts as entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and established buyer loyalty for existing brands.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of substitute components and options for buyers to forward integrate.
Threat of new substitutes: Alternative diagnostic tests pose minimal threat as transient elastography is unique for non-invasive assessment of liver fibrosis.
Competitive rivalry: Intense competition among existing market players drives innovation to enhance product features.
Geographical Regions
North America currently holds the largest share of the transient elastography devices market owing to rising prevalence of chronic liver diseases and technological advancements in the region.
Asia Pacific is expected to be the fastest growing regional market during the forecast period, due to improving healthcare infrastructure, increasing awareness, and rising geriatric population in major Asian countries like China and India.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
