Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Liver Disease Diagnostics market.
Trusted Business Insights presents an updated and Latest Study on Liver Disease Diagnostics Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Liver Disease Diagnostics market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Liver Disease Diagnostics Market
The global liver disease diagnostics market size was valued at USD 18.2 billion in 2020 and is estimated to grow at a compound annual growth rate (CAGR) of 5.4% from 2021 to 2027. Rising prevalence of acute and chronic liver diseases is one of the major factors expected to drive the market for liver disease diagnostics. For instance, according to the WHO, in 2018, 841,080 new cases of liver cancer were reported globally and an estimated 781, 631 people died due to liver cancer. Rising initiatives undertaken by key players to develop highly sensitive and rapid tests to detect liver diseases in specific populations such as pregnant women and HIV-positive patients is anticipated to boost the market for liver disease diagnostics. For instance, in February 2019, Abbott received a CE mark for Determine HBsAg 2 test, a sensitive, easy-to-use, and rapid diagnostic test used for the detection of hepatitis B.
Furthermore, increasing R&D of accurate diagnostic systems to improve early diagnosis and patient outcomes is expected to propel the growth of the market for liver disease diagnostics. In March 2020, F. Hoffmann-La Roche Ltd. was granted Breakthrough Device Designation for Elecsys GALAD score. Elecsys GALAD score was developed under Roche Diagnostics Liver Indication Program to improve diagnostic workflow and support clinicians by providing accurate information.
The presence of favorable reimbursement policies by Medicare, Medicaid, and other health insurance programs is expected to accelerate the market for liver disease diagnostics. The Medicare coverage policy in CodeMap, a leading source of reimbursement solutions, and Medicare compliance includes piccolo express liver panel plus developed by Abbott with a medicare reimbursement of USD 30.89.
In addition, the introduction of novel methods to diagnose diseases is likely to have a positive impact on the market for liver disease diagnostics. For instance, in December 2017, VITROS ALTV Slides, a new and novel method for the measurement of Alanine Aminotransferase (ALT) using dry slide technology was developed by Ortho Clinical Diagnostics. This novel method reduces the volume of sample requirement, increases sensitivity, and enhances precision performance.
Diagnosis Technique Insights: Liver Disease Diagnostics Market
The imaging segment lead the market and held a revenue share of 29.4% in 2019. This is attributed to the rising number of initiatives taken by key players in the market for liver disease diagnostics to develop advanced imaging techniques. Laboratory tests are carried out using urine, blood, and other fluid samples to diagnose the liver function. Whereas, imaging includes ultrasound, X-ray, Magnetic Resonance Imaging (MRI) scan, Computed Tomography (CT) scan, and others. Imaging is estimated to witness a significant CAGR of 6.9% during the forecast period.
In addition, the key players in the market for liver disease diagnostics are undertaking initiatives to support non-profit organizations to raise awareness and help physicians in detecting liver diseases. In January 2020, Echosens supported Fatty Liver Foundation (FLF) by providing FibroScan to help clinicians in detecting, monitoring, and preventing liver diseases.
End-use Insights: Liver Disease Diagnostics Market
The hospitals segment held the largest revenue share of 45.5% in 2019 as the majority of patients rely on hospitals well-equipped with diagnostic testing devices. Hospitals provide optimal care to patients and enable early detection & diagnosis, thus boosting the growth of the market for liver disease diagnostics. Furthermore, the ongoing development of healthcare infrastructure is anticipated to enhance the existing hospital facilities.
The laboratories segment is projected to be the fastest growing segment in the liver disease diagnostics market over the forecast years. Various laboratories and institutes conduct awareness programs to diagnose hepatic organ disease. For instance, in December 2017, the Institute of Liver and Biliary Sciences collaborated with Mylan Laboratories to conduct screening and awareness programs. The aim was to provide quality screening and testing facilities for more than 1000 patients in Delhi. The program conducted tests such as Hepatitis B & C, Fibroscan, and ALT.
Regional Insights: Liver Disease Diagnostics Market
North America lead the market and held a revenue share of 43.1% in 2019, followed by Europe. High investments in R&D and presence of key players are some factors expected to be responsible for the growth of the market for liver disease diagnostics in the region. Furthermore, the presence of organizations that provide information regarding the diagnosis of diseases to patients is expected to fuel the growth of the market for liver disease diagnostics. One such organization is GetPalliativeCare.org that provides palliative care information related to diagnostic methods such as endoscopy, CT scan, and biopsy.
The market for liver disease diagnostics in the Asia Pacific is expected to grow at a significant rate during the forecast period. Increasing geriatric population and awareness about regular check-ups are contributing to the growth of the market for liver disease diagnostics in this region. Furthermore, regulatory approval of advanced technologies that can be integrated with imaging systems is estimated to drive regional growth. For instance, in August 2018, LiverMultiScan received clearance from Therapeutic Goods Administration (TGA) to diagnose patients with highly prevalent diseases in Australia such as NAFLD and NASH.
Key Companies & Market Share Insights: Liver Disease Diagnostics Market
The key players are implementing multiple strategies for the development of innovative technologies to advance patient care. In August 2019, Boston Scientific Corporation acquired BTG plc to offer access to advanced technologies for better patient care. Some of the prominent players in the liver disease diagnostics market include:
Key companies Profiled: Liver Disease Diagnostics Market Report
- F. Hoffmann-La Roche Ltd.
- Thermo Fisher Scientific Inc.
- Randox Laboratories Ltd.
- Boston Scientific Corporation
- Laboratory Corporation of America Holdings
- Fujifilm Corporation
- Horiba Medical
- Siemens Healthcare GmbH
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the global liver disease diagnostics market report on the basis of diagnosis technique, end use, and region:
Diagnosis Technique Outlook (Revenue, USD Million, 2016 – 2027)
- Laboratory tests
End-Use Outlook (Revenue, USD Million,2016 – 2027)
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