Transient elastography devices are non-invasive medical devices used to measure liver stiffness as an indicator of liver disease severity or fibrosis stage. These devices employ vibration-controlled transient elastography technique using low-frequency (50Hz) vibration axial pulses inducing an elastic shear wave that propagates through the liver. Ultrasound pulses are then used to track the propagation of the shear wave and monitor its velocity which is directly related to liver stiffness that can help identify various stages of liver diseases ranging from fatty liver to cirrhosis. The global Transient Elastography Devices Market offers advantages of painless, rapid (less than 5 minutes), reproducible and operator-independent liver stiffness assessment compared to conventional liver biopsy procedures. With rising obesity-related non-alcoholic fatty liver disease (NAFLD) and the growing preference for non-invasive diagnosis techniques, the demand for transient elastography devices is surging.
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:
One of the major trends witnessed in the Transient Elastography Devices Market is the increasing adoption of portable handheld devices. Manufacturers are launching new portable devices that offer convenience of point-of-care and outpatient settings liver stiffness measurement. For instance, Echosens' FibroScan 330 and 400 series devices introduced in 2022 feature a new ergonomic single transducer probe and reduced weight for improved portability. Similarly, other manufacturers are focusing on miniaturization of devices with advanced AI imaging capabilities to penetrate new lucrative low-resource clinical settings. This rising availability of portable transient elastography devices is projected to boost market growth over the forecast period.
Porter's Analysis
Threat of new entrants: Low- Moderate capital requirement and FDA approval process acts as a barrier.
Bargaining power of buyers: Moderate - Alternative diagnosis methods and price sensitivity.
Bargaining power of suppliers: Moderate - Different device manufacturers and suppliers.
Threat of new substitutes: Low - Limited alternatives for liver disease diagnosis.
Competitive rivalry: High - Intense competition among key players to gain more market share.
Key Takeaways
The Global Transient Elastography Devices Market Size is expected to witness high growth. The increasing prevalence of chronic liver diseases and technological advancements are driving the market. 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 - North America dominates the market owing to growing obese population and well-established healthcare infrastructure in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period due to improving healthcare facilities and rising awareness.
Key players operating in the transient elastography devices market are Echosens, HISKY Medical Technologies Co., Ltd. and SMEDA Medical Co., Ltd. Echosens offers FibroScan, an elastography based non-invasive technology used for liver disease diagnosis. HISKY Medical focuses on developing new diagnostic ultrasound devices. SMEDA Medical manufactures medical equipment and devices for disease screening.
For More details on the topic:
Market Analysis The global elastography imaging market is estimated to grow at an 11.1% CAGR between 2019-2025, reveals the new Market Research Future (MRFR) report.
Owing to its magnificent features, elastography imaging has wide applications in orthopedic and musculoskeletal applications, vascular, urology, obstetrics/gynecology, cardiology, radiology/general imaging, and others.Numerous factors are adding to the global elastography imaging market growth.
On the contrary, the high price of systems may limit the global elastography imaging market growth over the forecast period.
By modality, the elastography imaging market is segmented into magnetic resonance elastography (MRI) and ultrasound.
Meanwhile, magnetic resonance elastography will grow at the fastest pace for its increasing adoption rate and wider availability.
By application, the elastography imaging market is segmented into orthopedic and musculoskeletal applications, vascular, urology, obstetrics/gynecology, cardiology, radiology/general imaging, and others.
