Transient elastography devices are medical imaging devices used to evaluate liver steatosis and fibrosis in patients suffering from chronic liver diseases. These devices help assess liver stiffness through ultrasound shear wave elastography technique which determines liver stiffness in a painless and non-invasive manner. Transient elastography has gained popularity over invasive biopsy procedures for liver fibrosis evaluation due to its reliable, rapid and reproducible results. The growing prevalence of lifestyle diseases such as obesity, diabetes and rising alcohol consumption has led to surge in chronic liver disease cases globally. Nearly 4 million deaths each year result from chronic liver diseases making it a major global health concern.
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 key trends:
The transient elastography devices market is witnessing notable technological advancements with introduction of newer and portable devices. Development of compact and lightweight transient elastography devices has improved patient accessibility and diagnostics in point-of-care settings. This has allowed clinics and hospitals to establish fibroscan centres within their premises to enable quick evaluation of liver fibrosis. Further, software advancements have enhanced device operability, simplified data acquisition and reporting. The addition of artificial intelligence capabilities in some devices enables automated liver measurements and staging of fibrosis removing operator dependency. Such technological innovations are expected to boost the adoption of transient elastography devices worldwide.
Porter’s Analysis
Threat of new entrants: Low barriers of entry in terms of technology and capital requirement. However, the market is dominated by few major established players limiting scope for new players.
Bargaining power of suppliers: Moderate as major suppliers have established global presence and have technical expertise in manufacturing elastography devices. However, suppliers have limited influence considering diversity of suppliers.
Bargaining power of buyers: Moderate as number of buyers are increasing with growing application of elastography in diagnosis of various chronic diseases. However, product differentiation limits switching options for buyers.
Threat of new substitutes: Low as elastography devices have irreplaceable functions in non-invasive diagnosis and quantification of tissue stiffness not offered by other modalities.
Competitive rivalry: Intense as major players focus on expanding their geographic presence and product portfolios through investments in R&D and strategic collaborations.
Key Takeaways
The global Transient Elastography Devices Market Growth s expected to witness high. 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.
Regional analysis: Asia Pacific is expected to witness fastest growth in the transient elastography devices market led by increasing healthcare expenditure, rising geriatric population and growing awareness about non-invasive diagnostic procedures. Europe dominates the global market currently supported by high adoption for chronic disease diagnosis and management.
Key players operating in the Transient Elastography Devices market are Echosens, HISKY Medical Technologies Co., Ltd. and SMEDA Medical Co., Ltd. Echosens leads the market with diversified product portfolio for fibroscan procedures. HISKY and SMEDA are emerging as strong regional players in Asia pacific through strategic partnerships and cost effective devices respectively.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it