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HEALTHCARE & PHARMACEUTICAL

Transient Elastography Device Market Segmentation By Technology (Vibration Controlled Transient Elastography [VCTE], Controlled Attenuation Parameter [CAP] and FibroMeter); By Mode (Battery Operated and Mobile Device) and By End User (Diagnostic Clinics, Surgical Centers, Hospital and Research Laboratories) – Global Demand Analysis & Opportunity Outlook 2028

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

· April 2017: Diversatek, Inc. announced that it has merged Sandhill Scientific and Medovations to form one single     company.

Introduction to Transient Elastography Devices

Transient elastography is a new and noninvasive method used for the assessment of stiffness in the liver tissue which is further used to analyze the presence of liver diseases along with its development stage. Transient elastography provides a quantitative one-dimensional image of tissue stiffness. The condition of the tissue is then determined by this one-dimensional image created by the movement of the tissues. A device known as fibroscan is widely used in transient elastography technique for clinical diagnosis of patients with liver disease such as chronic hepatitis C and B and, fatty liver disorders.

Market Size and Forecast

Increase in incidence rate of liver fibrosis and cirrhosis globally along with the demand for better technology based equipment for detecting liver disorders are some of the significant factors boosting the market growth. The transient elastography device market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by technology into vibration controlled transient elastography [VCTE], controlled attenuation parameter [CAP] and fibrometer. Among these segments, the vibration controlled transient elastography [VCTE] is anticipated to hold the leading share in the market on account of high demand for this device backed by its generation of quantitative evaluation parameters.

Introduction to Transient Elastography Devices

Transient elastography is a new and noninvasive method used for the assessment of stiffness in the liver tissue which is further used to analyze the presence of liver diseases along with its development stage. Transient elastography provides a quantitative one-dimensional image of tissue stiffness. The condition of the tissue is then determined by this one-dimensional image created by the movement of the tissues. A device known as fibroscan is widely used in transient elastography technique for clinical diagnosis of patients with liver disease such as chronic hepatitis C and B and, fatty liver disorders.

Market Size and Forecast

Increase in incidence rate of liver fibrosis and cirrhosis globally along with the demand for better technology based equipment for detecting liver disorders are some of the significant factors boosting the market growth. The transient elastography device market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by technology into vibration controlled transient elastography [VCTE], controlled attenuation parameter [CAP] and fibrometer. Among these segments, the vibration controlled transient elastography [VCTE] is anticipated to hold the leading share in the market on account of high demand for this device backed by its generation of quantitative evaluation parameters. CLICK TO DOWNLOAD SAMPLE REPORT

Transient-Elastography-Device-Market

Growth Drivers

Rising Cases of Liver Disorders to Boost the Market Growth

Factors such as sedentary lifestyle and excess alcohol consumption are resulting in the rise in cases of liver problems which has led to a significant increase in liver fibrosis and cirrhosis. In 2017, the liver disease deaths owing to excessive intake of alcohol were 22,246 in United states, according to the Centers for Disease Control and Prevention (CDC). Since there is an increase in awareness among the people for accurate diagnosis at an early stage, the demand for transient elastography device is high. This is anticipated to significantly expand the transient elastography device market.

Multipurpose Application of the Elastography Device to Drive the Market Growth

The advancement in healthcare technology all over the world is improving at a fast pace owing to the increasing number of cases of various medical problems. This results in a growing demand for better medical equipments for treatment of multiple diseases at clinics and hospitals. Transient elastography device is also used to evaluate other disorders such as portal hypertension, breast cancer, prostate cancer, and other diseases in which fibrosis plays an important role. On the back of these factors, the market is predicted to grow over the forecast period.

Restraints

High Costs and Inability to Detect the Liver Completely to Hamper the Market Growth

The diagnosis procedure associated with this device is expensive as well as it sometimes fails to identify the intermediate stages of fibrosis. Further, there also exists other alternate clinical tests and methods to measure stiffness in liver tissue. This is estimated to hinder the growth of transient elastography device market in the future.

Market Segmentation

Our in-depth analysis of the transient elastography device market includes the following segments:

By Technology

  • Vibration Controlled Transient Elastography [VCTE]
  • Controlled Attenuation Parameter [CAP]
  • FibroMeter

By Mode

  • Battery operated
  • Mobile device

By End User

  • Diagnostic Clinics
  • Surgical Centres
  • Hospitals
  • Research Laboratories

By Region

On the basis of regional analysis, the transient elastography device market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for transient elastography device in Europe is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market transient elastography device. Moreover, the growing requirements for assessing liver problems using non-invasive transient elastography technique according to the guidelines of European Association for the Study of the Liver, further increases the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of rapid development in healthcare equipments and growing research activities in the region. The advancement in healthcare facilities in the region, especially in countries such as China, Japan and India further raise the demand for this device.

The transient elastography device market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis.

Top Featured Companies Dominating the Market

The transient elastography device market is dominated by market players such as EchoSens and Diversatek, Inc. Moreover, several players in the transient elastography device industry are increasingly expanding their product diversification by utilizing advanced technologies which will digitally integrate the device to detect and assess the liver disorders at a primary stage. Additionally, several players are also investing hugely on research and developmental activities that help to advance the technologies in transient elastography device.


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