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Transient Elastography Devices Market: Growing Demand for Non-Invasive Liver Diagnosis

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Sneha
Transient Elastography Devices Market: Growing Demand for Non-Invasive Liver Diagnosis

The global Transient Elastography Devices Market is estimated to be valued at US$83.2 Mn in 2021 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Transient elastography devices are non-invasive medical devices that are used for liver fibrosis assessment. These devices provide a quick and accurate measurement of liver stiffness, which helps in the diagnosis of various liver diseases. The advantages of transient elastography devices include minimally invasive procedures, painless examination for patients, and real-time results. The increasing prevalence of liver diseases, such as chronic hepatitis and liver cirrhosis, is driving the demand for these devices. Additionally, the growing preference for non-invasive diagnostic procedures and the need for early diagnosis of liver diseases are further contributing to the market growth.

Market Key Trends:

One key trend in the Transient Elastography Devices Market is the technological advancements in these devices. Continuous research and development efforts by key market players have led to the introduction of more advanced and accurate transient elastography devices. These devices now offer improved image quality, enhanced diagnostic accuracy, and real-time monitoring capabilities. Additionally, the integration of artificial intelligence and machine learning algorithms into these devices is revolutionizing liver disease diagnosis. The use of advanced technologies in transient elastography devices is expected to drive market growth by providing more accurate and efficient diagnosis options for liver diseases.

Porter’s Analysis:

·        Threat of New Entrants: The threat of new entrants in the transient elastography devices market is moderate. Although there are certain barriers to entry such as high capital requirements and strict regulations, the market still presents attractive opportunities for new players due to the increasing demand for non-invasive diagnostic techniques.

·        Bargaining Power of Buyers: The bargaining power of buyers in the transient elastography devices market is high. Buyers, such as hospitals and diagnostic centers, have a wide range of options to choose from and can negotiate for competitive prices and better terms of purchase. This puts pressure on manufacturers to offer innovative products and competitive pricing strategies.

·        Bargaining Power of Suppliers: The bargaining power of suppliers in the transient elastography devices market is moderate. While there are a few dominant suppliers of key components such as ultrasound probes and software, manufacturers have the option to switch suppliers if they can find better quality or more cost-effective alternatives.

·        Threat of New Substitutes: The threat of new substitutes in the transient elastography devices market is relatively low. Currently, transient elastography devices are considered the gold standard for liver fibrosis assessment, and there are limited alternatives that offer similar accuracy and non-invasiveness. However, technological advancements in other imaging modalities may pose a future threat.

·        Competitive Rivalry: The competitive rivalry in the transient elastography devices market is intense. There are several key players operating in the market, leading to price competition and a constant race to develop innovative and advanced products. Additionally, the market is witnessing collaborations and partnerships among manufacturers to gain a competitive edge.

Key Takeaways:

The Global Transient Elastography Devices Market Demand is expected to witness high growth, exhibiting a CAGR of 3.5% over the forecast period. This growth can be attributed to the increasing prevalence of liver diseases, such as hepatitis and fatty liver disease, which require accurate assessment of liver fibrosis. The market is also driven by the growing demand for non-invasive diagnostic techniques and the advantages offered by transient elastography devices in terms of accuracy and patient comfort.

Regionally, North America is expected to be the fastest-growing and dominating region in the transient elastography devices market. This can be attributed to the high prevalence of liver diseases, well-established healthcare infrastructure, and favorable reimbursement policies in the region. The Asia Pacific region is also expected to witness significant growth due to the increasing awareness about liver diseases and improving healthcare infrastructure.

Key players operating in the transient elastography devices market include Echosens, HISKY Medical Technologies Co., Ltd., and SMEDA Medical Co., Ltd. These companies are focusing on product advancements, strategic collaborations, and geographical expansion to strengthen their market presence. Echosens, for instance, recently launched a new generation of its FibroScan device, offering improved performance and ease of use.

In conclusion, the transient elastography devices market is expected to experience steady growth, driven by the increasing prevalence of liver diseases and the demand for non-invasive diagnostic techniques. Key players in the market are constantly striving to innovate and collaborate to stay competitive.

 

Read More -  https://www.trendingwebwire.com/transient-elastography-devices-market-trends-and-size-analysis/

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