Transient Elastography Device Market
Number of pages: 100 | Report Format: PDF | Published date: May 19, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 85.53 million |
|
Revenue Forecast in 2031 |
US$ 119.65 million |
|
CAGR |
3.8% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Technology, Modality, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global transient elastography device market was valued at US$ 85.53 million in 2022 and is expected to register a revenue CAGR of 3.8% to reach US$ 119.65 million by 2031.
Transient Elastography Device Market Fundamentals
A transient elastography device, also known as a fibroscan, is a medical tool used to assess liver fibrosis or stiffness. It is a non-invasive diagnostic device providing quantitative liver elasticity measurements, directly indicating fibrosis progression. The device primarily diagnoses and monitors chronic liver diseases, such as hepatitis B and C, alcoholic liver disease, and non-alcoholic fatty liver disease (NAFLD). The transient elastography device consists of a handheld probe attached to a machine that controls the examination process. The probe emits a low-frequency mechanical wave, typically in the range of 50 to 500 Hz, which propagates through the liver. This wave causes a mild vibration in the liver tissue. Sensors within the probe measure the speed at which the wave travels through the liver and assess the stiffness or elasticity of the tissue.
The global transient elastography device industry analysis report comprehensively analyzes the market, with the factors that either aid or impede the market growth, such as its drivers, restraints, and opportunities. The research provides insight into the companies that operate in the transient elastography device market and their efforts to position themselves as key players through expansion strategies and innovations. It also highlights recent developments that contribute to the transient elastography device market growth. The research also analyzes the impact of the COVID-19 pandemic.
This research is valuable for businesses seeking insights into the market, customers, and competition. The research provides special insights into the segmentation, regions, market size & projection, revenue CAGRs, and other important information that may help clients make the right decisions. The report assembles data from market players and professionals across the industrial value chain. The study also incorporates qualitative and quantitative assessments from industry professionals. Secondary research, surveys and interviews, and statistical modeling are all used in our research to estimate market size and projection. Our reports deliver the most reliable market data because of our specialized research methods.
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Transient Elastography Device Market Dynamics
The rising prevalence of chronic liver diseases, such as hepatitis B and C, alcoholic liver disease, and non-alcoholic fatty liver disease (NAFLD), is the primary factor for the growth of the global transient elastography device market. These diseases can lead to liver fibrosis, making the need for non-invasive diagnostic tools like transient elastography more crucial. For instance, according to the National Center for Biotechnology Information’s article of May 2021, around 257 million people have chronic hepatitis B virus. Transient elastography has witnessed technological advancements, leading to the development of more sophisticated and accurate devices. Improved probe designs, enhanced software algorithms, and better data analysis capabilities have contributed to the accuracy and reliability of transient elastography results. These advancements attract healthcare providers to invest in updated devices, driving the market growth.
Additionally, limited availability in developing nations, high cost, and competition from alternative diagnostic technologies are some restraints impeding the overall transient elastography device growth.
Transient Elastography Device Market Ecosystem
Transient Elastography Device Market, by Technology
Transient Elastography Device Market, by Modality
Transient Elastography Device Market, by End User
Transient Elastography Device Market by Modality
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The standalone segment dominated the market with more than 58% revenue share, providing accurate and non-invasive liver stiffness measurements and aiding in diagnosing, staging, and monitoring liver diseases. Standalone devices are designed to operate independently of other diagnostic or imaging systems. These devices are self-contained and typically dedicated solely to transient elastography examinations. They are versatile and can be used in various clinical settings, including hospitals, clinics, research centers, and point-of-care environments. They cater to the needs of different healthcare professionals, such as hepatologists, gastroenterologists, primary care physicians, and endocrinologists, in assessing liver fibrosis and managing liver diseases.
The market segmentation sections provide the transient elastography device market outlook in terms of the demarcation of different consumer groups. Market segmentation is the split of an industry into subgroups depending on characteristics such as product, technology, services, end user, and other factors. Market segmentation data helps organizations understand the preferences and distinctive demands of different customer groups and implement targeted marketing strategies. This data additionally helps in identifying potential transient elastography device market demand opportunities.
Transient Elastography Device Market by Region
North America dominated the global transient elastography device market with the largest revenue share in 2022 and is expected to register a CAGR of 3.7% during the forecast period, owing to a well-established healthcare infrastructure and a high prevalence of chronic liver diseases, such as hepatitis C, NAFLD, and alcoholic liver disease. For instance, according to the American Liver Foundation’s factsheet of August 2022, more than 100 million people in the United States have some liver disease, and 4.5 million adults have been diagnosed with it. Additionally, the market continues to grow due to increasing awareness, improved screening programs, and the need for non-invasive diagnostic tools. The region has been at the forefront of developing and adopting innovative transient elastography technologies, such as vibration-controlled transient elastography (VCTE) and other advanced versions.
Based on the regions, the global transient elastography device market is segmented into:
The industry's regional segmentation provides insights into geographic pockets in terms of transient elastography device industry trends, market size, share, and growth rate. This information helps organizations assess potential growth opportunities in new regional markets, understand competitive threats, and develop localized sales and expansion strategies. This section also offers deeper insights into the regional and country-level transient elastography device market overview.
Key Components of the Report
Transient Elastography Device Market Competitive Landscape
The market competitive landscape analysis is performed by gathering and evaluating data about the key competitors, industry trends, and market dynamics. It involves collecting and analyzing data on factors such as products, pricing, geographic reach, customer demographics, marketing tactics, and recent developments. Competitive landscape analysis can help organizations identify present or prospective opportunities and risks in the market.
Transient Elastography Device Market Strategic Developments
Reasons To Buy This Report
Key Strengths of Our Report
Target Audience to Benefit from this Report.
A transient elastography device, also known as a fibroscan, is a medical tool used to assess liver fibrosis or stiffness.
The global transient elastography device market was valued at US$ 85.53 million in 2022.
North American region will have the largest transient elastography device market size during the forecast period from 2023 to 2031.
The revenue CAGR of the transient elastography device market during the forecast period will be 3.8% from 2023 to 2031.
Growing emphasis on disease management and monitoring is the most prominent transient elastography device industry trend.
Limited availability in developing nations, high cost, and competition from alternative diagnostic technologies are key challenges hampering the growth of the global transient elastography device market.
Technological advancements and the rising prevalence of chronic liver diseases are growth opportunities in the global transient elastography device market.
Some key players in the transient elastography device market are SMEDA Medical Co., Ltd., GE Healthcare, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Supersonic Imagine, Resoundant Inc., and Sandhill Scientific Inc.
The standalone segment has the highest global transient elastography device market share.
*Insights on financial performance are subject to the availability of information in the public domain