TRANSIENT ELASTOGRAPHY DEVICES MARKET ANALYSIS

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).

Figure1. Global Transient Elastography Devices Market Value (US$ Mn), By Modality (2021-2028)

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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

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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.