Dublin, Dec. 10, 2024 (GLOBE NEWSWIRE) -- The "Liver Disease Diagnostics Market Insights, Competitive Landscape, and Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The Liver Disease Diagnostics Market is expected to grow at a steady CAGR forecast till 2030 owing to increasing number of people with liver diseases and increasing research and development activities.
The global liver disease diagnostics market was estimated to grow at a CAGR of 5.97% during the forecast period from 2024 to 2030. The demand for liver disease diagnostics is primarily being boosted by the increasing number of people with liver diseases, the rise in alcohol consumption, and bad eating habits among others.
Furthermore, the liver disease diagnostics market is anticipated to grow on account of a large number of ongoing research activities in this field, collaborations between healthcare providers, researchers, and industry players, and strategic partnerships among others are going to contribute to the overall growth of the liver disease diagnostics market during the forecast period from 2024-2030.
Liver Disease Diagnostics Market Dynamics
As per the data provided by the Organization for Economic Co-operation and Development (OECD) 2023, Germany witnessed 10.6 liters/per capita consumption of alcohol among people aged 15 and above in 2019 and France reported 10.4 liters/per capita consumption of alcohol in 2020 by people aged 15 and above.
The above-mentioned source further mentioned about 9.7 liters/per capita and 7.9 liters/per capita alcohol consumption among individuals aged 15 and above in the United Kingdom and South Korea respectively in 2020.
The increasing normalization of consumption of alcoholic drinks at family and communal gatherings, casual outings, and other occasions, rising urbanization, increasing levels of disposable income, increased access, and advertising among other factors have contributed to the increased consumption of alcohol across nations. Individuals going through stress and depression often opt for drinking alcohol to get temporary relief.
However, excess intake of alcohol can cause liver damage. Alcoholic fatty liver disease, alcoholic hepatitis, and cirrhosis are some of the major liver diseases resulting from the misuse of alcohol. The risk of liver cancer tends to increase with long-term alcohol consumption.
Therefore, the demand for effective and advanced liver disease diagnostic tools will increase so that appropriate medical attention can be provided to the patient.
However, poor diagnostic efficacy of various liver disease diagnostics coupled with limited access to liver disease diagnostic services, particularly in low-income countries may restrict the growth of the overall liver disease diagnostics market.
Liver Disease Diagnostics Market Segment Analysis
Liver Disease Diagnostics Market by Diagnostic Techniques (Liver Biopsy, Imaging Tests, Liver Function Tests, and Endoscopy), End-User (Hospitals, Diagnostic Labs, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).
In the application segment of the liver disease diagnostics market, the imaging tests, category is expected to amass a significant revenue share in the year 2023.
This can be ascribed to the high incidence of liver diseases, including hepatitis, and the role of various imaging tests in their effective diagnosis.
The imaging techniques for the liver, gallbladder, and biliary tract include ultrasound, radionuclide scanning, computed tomography (CT), magnetic resonance imaging (MRI), endoscopic retrograde cholangiopancreatography (ERCP), percutaneous transhepatic cholangiography, and surgical cholangiography. These imaging tests have a higher specificity than other diagnostic methods used to diagnose liver disease and it is anticipated to increase their demand.
These tests assist physicians in accurately examining the liver, allowing them to discover morphological abnormalities in the liver early on. The US National Library of Medicine in 2022 announced that the most accurate imaging method is gradient recalled echo (GRE) MRI to detect the existence and severity of hepatic steatosis.
Furthermore, the leading companies in the liver imaging diagnostics market are collaborating to raise awareness and improve the early diagnosis of a range of liver diseases. They are also developing and introducing new products, which are anticipated to further accelerate the growth of the segment under study. To illustrate, in June 2022, Novo Nordisk and Echosens worked jointly to implement non-invasive diagnostic tests for non-alcoholic steatohepatitis (NASH) and to raise awareness of the illness and the value of early detection and treatment. The companies aim to triple the number of people diagnosed with advanced to severe NASH by 2025.
Therefore, owing to the above-mentioned factors, the imaging tests category is expected to register significant growth, thereby driving the growth of the overall liver disease diagnostics market during the forecast period.
North America is expected to dominate the overall Liver Disease Diagnostics Market
Among all the regions, North America is estimated to account for the largest share of the liver disease diagnostics market in the year 2023. Owing to the significance of key growth factors such as the changes in lifestyles, like drinking more alcohol and eating less healthily, have also made liver disease more common. Over the next few years, the regional market is expected to grow because patients are becoming more aware of their health and because new products are being made to meet unmet medical needs.
According to the National Institute on Alcohol Abuse and Alcoholism 2023, in the United States around 29.5 million people aged between 12 and older (10.5% in this age group) had Alcohol Use Disorder (AUD) in 2022. This included 17.4 million males aged 12 and older (12.6% in this age group) and 12.2 million females aged 12 and older (8.5% in this age group).
As per the source mentioned above, about 753,000 US adolescents having their aged between 12 and 17 had AUD in 2022. AUD can lead to a range of harm including liver disease, requiring appropriate diagnosis.
Coupled with the factors mentioned above, the growing awareness of liver disease among US citizens as a result of the rise in the number of initiatives and programs by government and non-government organizations in the region is also going to assist in the market growth of liver disease diagnostics. For example, a national public health campaign named Think Liver Think LifeT by the American Liver Foundation aims to ensure every American understands their risk for liver disease, receives the appropriate screening and care coordination, and feels well-informed and supported throughout their liver journey. Such initiatives assist people in receiving proper diagnosis.
Thus, the above-mentioned factors are likely to propel the growth of the liver disease diagnostics market in the region during the forecast period from 2024-2030.
Key Takeaways from the Liver Disease Diagnostics Market Report Study
- Market size analysis for current liver disease diagnostics market size (2023), and market forecast for 6 years (2024-2030)
- Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
- Key companies dominating the global liver disease diagnostics market.
- Various opportunities available for the other competitors in the liver disease diagnostics market space.
- What are the top-performing segments in 2023? How these segments will perform in 2030?
- Which are the top-performing regions and countries in the current liver disease diagnostics market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for liver disease diagnostics market growth in the coming future?
A selection of companies mentioned in this report includes, but is not limited to:
- 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
- Siemens Healthcare GmbH
- Echosens
- Agilus Diagnostics
- GENFIT
- BioMerieux SA
- Bio-Rad Laboratories, Inc.
- Cosara Diagnostics Pvt. Ltd.
- Laboratory Corporation of America Holdings
For more information about this report visit https://www.researchandmarkets.com/r/3c0fi4
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