Transient Elastography is a non-invasive method used for the assessment of hepatic fibrosis in patients with chronic liver disease by measuring liver stiffness. Transient elastography is recommended for the initial evaluation of liver fibrosis in untreated patients with chronic hepatitis C and no accompanying health disorders. Transient elastography devices uses techniques such as vibration controlled transient elastography (VCTE) and controlled attenuation parameter. Increasing number of liver diseases is expected to drive the growth of transient elastography devices market. For instance, according to the American Liver Foundation, 15%-25% of chronic hepatitis B cases develop into serious liver diseases such as cancer, cirrhosis, and liver failure.
Transient Elastography Devices Market – Impact of Coronavirus (COVID-19) Pandemic
The coronavirus (COVID 19) pandemic and lockdowns in various countries across the globe have impacted the financial status of business across all sectors. The private healthcare sector is one the sectors which has been majorly impacted by the COVID-19 pandemic. The lockdown in various countries due to COVID-19 pandemic has created an economic burden on the private healthcare sector. Healthcare providers were facing challenges with regards to manpower, equipment, consumables, and other resources to ensure safety in treatment of patients with other diseases, and declining outpatient’s visits, etc. Moreover, the coronavirus pandemic has negatively impacted the development, production, and supply of drugs and affected growth of the healthcare businesses of various companies across the globe, this has led to closure of industrial establishments, except manufacturing of essential commodities and leading to disruption in supply chain of products. Thus, COVID-19 pandemic has affected the economy in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets. Supply chain and manufacturing activities in India, China, the U.S. and others have been disrupted due to the global lockdowns, while countries such as Thailand, Indonesia, Singapore, and others are facing problems with regards to transportation of drugs and medications.
Thus, impact of the coronavirus (COVID-19) pandemic is expected to limit growth of the global transient elastography devices market during the forecast period.
The global transient elastography devices market is estimated to be valued at US$ 83.2 million in 2021 and is expected to exhibit a CAGR of 3.5% during the forecast period (2021-2028).
|Base Year:||2020||Market Size in 2021:||US$ 83.2 Mn|
|Historical Data for:||2018 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||3.5 %||2028 Value Projection:||US$ 106.1 Mn|
Echosens, HISKY Medical Technologies Co., Ltd. and SMEDA Medical Co., Ltd.
|Restraints & Challenges:||
Figure1. Global Transient Elastography Devices Market Value (US$ Mn), By Modality (2021-2028)
Increasing partnerships by key players and increasing number of product launches are expected to drive growth of global transient elastography devices market.
Major factors assisting the market growth during the forecast period includes the rising number of partnerships by the key players in the market. For instance, in August 2019, Wuxi Hisky Medical Technologies Co., Ltd., a China-based medical device company, launched a new product series, iLivTouch, which uses multichannel imaging guided transient elastography to assess the state of hepatic fibrosis and steatosis.
Furthermore, key market players are focused on product launch, which is expected to drive the growth of global transient elastography devices market. For instance, in November 2020, Echosens, a high-technology company offering the FibroScan family of products, announced the launch of FibroScan 630 Expert, a comprehensive non-invasive solution for assessing stiffness and ensure efficient liver disease management, in the U.S.
Global Transient Elastography Devices Market – Restraints
Growth of the global transient elastography devices market is expected to be hampered over the forecast period, owing to alternate technologies such as shear wave elastography (SWE), and magnetic resonance elastography (MRE). For instance, magnetic resonance elastography (MRE) is useful in detecting the development of fibrosis in diffuse liver. SWE can be used as an alternative to transient elastography (TE) device when TE devices are not able to obtain adequate results for patients suffering from obesity and ascites.
Figure 2. Global Transient Elastography Devices Market Value (US$ Mn) & Y-o-Y Growth (%), 2021-2028
Global Transient Elastography Devices Market - Competitive Landscape
Key players operating in the global transient elastography devices market are Echosens, HISKY Medical Technologies Co., Ltd., and SMEDA Medical Co., Ltd.
Elastography is a medical imaging modality that maps the elastic properties and stiffness of soft tissues such as liver. Elastography is also known as liver elastography. It is a type of imaging test that checks the liver for fibrosis. Fibrosis is a condition that reduces blood flow to and inside the liver. This causes the build-up of scar tissue. Fibrosis can lead to serious complications in the liver. An elastography is used to diagnose fatty liver disease (FLD) and fibrosis. Fatty liver disease is a condition in which normal liver tissue is replaced by fat. This fat can lead to cell death and fibrosis in the liver. Transient elastography (TE) devices measures the stiffness of liver. TE devices use vibration controlled transient elastography (VCTE) and controlled attenuation parameters. Transient elastography devices comes in standalone and portable modality.
Increasing number of product launches is expected to drive the global transient elastography devices market. For instance, in August 2019, Wuxi Hisky Medical Technologies Co., Ltd., a China-based medical device company, launched a new product series, iLivTouch, which uses multichannel imaging guided transient elastography to assess the state of hepatic fibrosis and steatosis.
However, growth of the global transient elastography devices market could also be hampered over the forecast period, owing to the availability of alternate methods. For instance, transient elastography devices cannot be used for people who are suffering from obesity, ascites, and narrow intercostal spaces. So, in such patients, alternate technologies such as shear wave elastography (SWE) and magnetic resonance elastography (MRE) are available in the market.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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