Increasing incidences of liver diseases will boost the liver disease diagnostics market, forecast to touch US$ 44 Bn by 2025 at a CAGR of 7%
Noida, Uttar Pradesh, India, March 18 2021 (Wiredrelease) Report Ocean Pvt Ltd –:The rising acute and chronic liver disease prevalence is one of the major factors expected to drive the market’s growth. For instance, according to the WHO 2018 report, 841,080 new liver cancer cases were reported worldwide, and an estimated 781,631 people died owing to liver cancer. Rising initiatives by key players to develop susceptible and rapid tests to detect liver diseases in specific populations such as pregnant women and HIV-positive patients are anticipated to fuel the liver disease diagnostics consumption. For instance, Abbott received a CE mark for Determine HBsAg 2 test, an easy-to-use, sensitive, and rapid diagnostic test used to detect hepatitis B, in February 2019. Following these promising developments, the Global Liver Disease Diagnostics Market is estimated to see healthy growth, pegged at a CAGR of around 7% throughout the forecast period 2020-2025.
Increasing incidences of liver diseases
Increasing incidences of liver diseases are boosting the growth of the liver disease diagnostics market. Growing incidences of obesity, metabolic syndrome, diabetes, and cardiovascular disorders that lead to liver diseases are another major factor boosting the growth of the liver disease treatment market. Additionally, the increasing prevalence of liver disease due to side effects of other drugs such as acetaminophen and poor hygienic and sanitation conditions is expected to increase the market growth. Hepatitis C virus (HCV) and Hepatitis B virus (HBV) are the two major causes of liver disease. Thus, increasing the development of the Liver Disease Diagnostics Market during the forecast period.
The high imaging test cost and lack of skilled professionals in low and middle-income countries
Some of the factors set to impede the liver disease diagnostics market’s growth are the high cost of imaging tests and the lack of skilled professionals in low and middle-income countries. Stringent government regulations, high prices of drug research and developments, and the side effects associated with medication are creating hurdles for the Liver Disease Diagnostics Market.
In March 2020, Roche received the FDA (US Food and Drug Administration) breakthrough device designation for its Elecsys GALAD score, a serum biomarker-based model. This model can predict hepatocellular carcinoma in chronic liver disease patients.
Besides, novel methods to diagnose diseases are likely to impact the market for liver disease diagnostics positively. For instance, in December 2017, VITROS ALTV Slides, a new and novel method for measuring Alanine Aminotransferase (ALT) using dry slide technology, was developed by Ortho Clinical Diagnostics. This novel method reduces the sample requirement volume, increases sensitivity, and enhances precision performance.
Segmentation Overview of the Global Liver Disease Diagnostics Market
The liver disease diagnostics market is segmented based on Diagnosis Technique and End-Use. These major market segments are further categorized into various sub-segments to study the market in detail.
By Diagnosis Technique Outlook (Imaging, Laboratory tests, Endoscopy, Biopsy, Others)
By End-Use Outlook (Hospitals, Laboratories, Others)
Key Players Insights
Abbott, F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc., Randox Laboratories Ltd., Boston Scientific Corporation, Laboratory Corporation of America Holdings, Fujifilm Corporation, Horiba Medical, and Siemens Healthcare GmbH, among others, are the prominent liver disease diagnostics companies included during the research study.
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