by Transient elastography devices, also known as Fibroscan, are medical devices used to detect and quantify liver fibrosis and steatosis using transient elastography technique. These devices measure liver stiffness through vibration-controlled transient elastography methodology. The non-invasive pain-free elastography examination helps evaluate liver fibrosis and monitor progression or regression in patients with chronic liver diseases.
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 market are Echosens, HISKY Medical Technologies Co., Ltd. and SMEDA Medical Co., Ltd. These key players are engaged in new product launches and expansions to strengthen their market position. Newer technologies Fibroscan devices are miniaturized and portable which is expanding access to screening in primary care and community settings. Advancements like XL probe and 3D shear wave elastography have increased reliability and accuracy of transient elastography technique.
Market drivers:
The growing prevalence of chronic liver diseases mainly due to rising alcohol consumption, growing obesity rates, and Hepatitis infections is a key factor driving the demand for transient elastography devices. As per estimates, worldwide annually over 1 million people die from complications of chronic liver disease. Transient elastography helps to screen, diagnose and monitor disease progression without the need for invasive biopsies. This has boosted the adoption of these devices across hospitals and diagnostic centers. Government efforts to increase screening are also supporting the market growth.
Key opportunities
Key opportunities in the Transient Elastography Devices Market Demand include growing awareness regarding early detection of liver diseases through screening programs. This is encouraging the adoption of Fibroscan technology in primary care centers as well. Newer technologies like XL probe have increased applicability for obese patients presenting new revenue streams. Market players can tap opportunities in emerging markets of Asia Pacific and Latin America having high burden of viral hepatitis.
Technological advancements
In terms of technological advancements, 2D shear wave elastography and MRI elastography have been introduced to overcome limitations of 1D Fibroscan like unreliable results in obese patients. 3D transient elastography devices provide volumetric and quantitative assessment helping rule out confounding factors more accurately. XL probes upto 50Mhz with controlled attenuation parameter (CAP) technology have increased screening in obese and overweight cases. Such new features are improving diagnostic efficacy and expanding market growth.
Current Challenges in Transient Elastography Devices Market
The transient elastography devices market is facing various challenges which are hampering its growth. Factors such as high cost of advanced devices, availability of alternative diagnostic methods and lack of awareness are some of the major issues in this industry. Due to expensive nature of technologically advanced transient elastography devices, many small hospitals and diagnostic centres are reluctant to purchase them. This adversely impacts the sales volume. Further, presence of alternative diagnostic techniques like fibroscan and magnetic resonance elastography for liver diagnostics poses tough competition to transient elastography devices. Lack of awareness regarding advanced non-invasive liver diagnostics among general population in developing regions is another roadblock. Overall, addressing these challenges would allow market players to expand their customer base and penetration in the long run.
SWOT Analysis
Strength: Ability to non-invasively detect and stage liver fibrosis without needing biopsy. Portable design of devices enable point-of-care testing.
Weakness: High costs associated with technologically advanced devices. Requires trained technicians to operate devices.
Opportunity: Increasing prevalence of chronic liver diseases worldwide presents significant growth prospects. Scope for adoption in emerging markets with large patient population.
Threats: Availability of alternative cheaper diagnostic methods poses competition. Reimbursement issues and uncertainty over insurance coverage can hamper sales.
Geographical Regions
In terms of value, the transient elastography devices market remains highly concentrated in North America and Western Europe. This is attributed to well-established healthcare systems, rising cases of NAFLD and high adoption of modern diagnostic modalities in these regions. Asia Pacific market is projected to witness fastest growth during the forecast period, driven by expanding medical infrastructure, growing healthcare expenditure and increasing focus on early detection of liver disorders in densely populated nations like India and China. Latin America and Middle East & Africa also present lucrative opportunities for market players looking to enhance regional presence.
The transient elastography devices market is poised to experience fastest growth in Asia Pacific region through 2030. Factors such as rising clinical burden of chronic liver diseases, strengthening medical capabilities across developing countries and growing health insurance penetration are driving the demand for transient elastography devices in Asia Pacific. In addition, regional medical tourism has increased focus on disease diagnostics and management which supports market expansion. Overall, Asia Pacific region offers attractive revenues prospects for manufacturers of transient elastography devices in long run.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
