PUBLISHER: Allied Market Research | PRODUCT CODE: 1193044
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193044
The liver disease diagnostics market was valued at $34,520.4 million in 2021 and is estimated to reach $61,962.1 million by 2031, growing at a CAGR of 6.1% from 2022 to 2031.
The liver is a vital organ of the body and has more than 500 functions and primary functions such as bile production & excretion, as excretion as bilirubin, cholesterol, hormones, and drugs. It fights infection, eliminates toxins, and helps in blood purification. Liver disease comprises a range of complex conditions that affect the liver. Liver dysfunction can be fatal and can cause a variety of acute and chronic disorders, including hepatitis A, hepatitis B, hepatitis C, non-alcoholic fatty liver disease, liver cancer, bile duct cancer, liver cell adenoma, and liver cirrhosis. Liver diseases are caused due to infection (parasites and viruses), chronic alcohol abuse, fat accumulation in the liver, immune system abnormality, and inheritance (hemochromatosis, hyperoxaluria, and Wilson's disease)
Various techniques are used for the diagnosis of liver diseases such as imaging, laboratory tests, endoscopy, and biopsy. An increase in the use of imaging such as MRI, CT scan, and laboratory for the diagnosis of liver diseases boosts the growth of the liver disease diagnostics market.
Major factors that drive the growth of the liver disease diagnostics market include a rise in technological advancements, and an increase in the prevalence rate of chronic liver diseases such as hepatitis, chronic hepatitis B, chronic hepatitis C, and nonalcohol-related fatty liver disease (NAFLD). In addition, other liver diseases include infiltrative liver disorders (e.g., hepatic sarcoidosis and amyloidosis), alpha-1 antitrypsin deficiency, primary biliary cholangitis, and primary sclerosing cholangitis.
For instance, according to a report by the World Health Organization (WHO) published on June 2022, globally, an estimated 58 million people had chronic hepatitis C virus infection, with around 1.5 million new infections occurring per year. An estimated 3.2 million adolescents and children have chronic hepatitis C infection. Hence, such factors increase the demand for liver disease diagnostics.
However, unfavorable reimbursements, as well as complications such as the dearth of trained physicians & endoscopists, side effects of biopsy, and high costs associated with liver disease diagnostic products, are expected to hamper the market growth. On the contrary, unmet medical demands in developing countries and lucrative opportunities in emerging economies are expected to create immense opportunities for liver disease diagnostics manufacturers worldwide in the future.
Furthermore, the healthcare business is projected to witness growth, owing to a rise in the prevalence of chronic liver diseases, hepatitis, and liver cancer; an increase in R&D investments in drug discovery & development, and a rise in awareness regarding the minimally invasive diagnostic procedure for liver diseases. This is anticipated to offer remunerative opportunities for key players to invest in the market during the forecast period.
The liver disease diagnostics market is segmented on the basis of technique, end user, and region. On the basis of technique, the market is classified into imaging, laboratory tests, endoscopy, and biopsy. Depending on the end user, it is fragmented into hospitals, laboratories, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and the rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major players profiled in the report are Abbott Laboratories, Bio-Rad Laboratories Inc., Cosara Diagnostics Pvt Ltd, Echosens, Fujifilm Holdings Corporation, Meril Life Sciences Pvt. Ltd., Qiagen N.V., Siemens AG, Thermo Fisher Scientific Inc., and Trivitron Healthcare.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the liver disease diagnostics market analysis from 2021 to 2031 to identify the prevailing liver disease diagnostics market opportunities.
Market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the liver disease diagnostics market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global liver disease diagnostics market trends, key players, market segments, application areas, and market growth strategies.
By Technique
By End Use
By Region