The Liver Disease Diagnostics Market size is forecast to reach $42.18 billion by 2025, growing at a CAGR of 6.83% during the forecast period 2020-2025. Liver disease refers to illness that induces inflammation of the liver and interferes with the proper functioning of the liver. Rising prevalence of acute & chronic liver disease and rising initiatives undertaken by companies to develop highly sensitive and rapid tests to detect liver diseases is the major factor driving the growth of the market. Increasing research & development of accurate diagnosis systems to improve early diagnosis & the patient outcome is set to further enhance the overall market demand for the Liver Disease Diagnostics Market during the forecast period 2020-2025.

Liver Disease Diagnostics Market Segment Analysis – By Diagnosis Technique

The Imaging segment held the largest share in the Liver Disease Diagnostics Market in 2019 and is estimated to grow at a CAGR of 7.24% during the forecast period 2020-2025. Imaging is essential for diagnosing biliary tract disorders and is important for detecting focal liver lesions. It is limited in detecting and diagnosing diffuse hepatocellular disease. Imaging is the technique and process of creating visual representations of the liver for clinical analysis and medical intervention, as well as visual representation of the function of the liver. It seeks to reveal the liver, as well as to diagnose and treat disease. On imaging, patients with chronic liver disease demonstrate variable degrees of abnormal hepatic morphology, which can be readily identified on magnetic resonance imaging scans. The liver parenchyma has a nodular appearance owing to regenerative nodules and bridging fibrosis. Imaging is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025.

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Liver Disease Diagnostics Market Segment Analysis – By End-User

The Hospitals held the largest share in the Liver Disease Diagnostics Market in 2019. Hospitals provide optimal care to patients and enable early detection & diagnosis, thus boosting the growth of the market for liver disease diagnostics. Furthermore, the ongoing development of healthcare infrastructure is anticipated to enhance the existing hospital facilities. Various laboratories and institutes conduct awareness programs to diagnose hepatic organ disease. The Hospitals are set to be the highest growing segment and are estimated to register the highest CAGR during the forecast period 2020-2025.

Liver Disease Diagnostics Market Segment Analysis – By Geography

North America dominated the Liver Disease Diagnostics Market in 2019 with a share of more than 39.10%, followed by the Asia Pacific owing to high investment in research & development. Presence of an organization that provides information regarding the diagnosis, technological advancements in diagnostic tools, growing alcohol consumption, and the availability of generic and biosimilar drugs is increasing the growth of the Liver Diagnostics Market in this region.

However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025 owing to the awareness about the regular check-ups, and regulatory approval of advanced technologies. The rapid increase in the number of diagnostic laboratories in emerging economies is increasing the growth of the Liver Diagnostics Market in this region.

Liver Disease Diagnostics Market Drivers

Increasing incidences of liver diseases

Increasing incidences of liver diseases are increasing the growth of the Liver Disease Diagnostics Market. Increasing 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 owing to side effects of other drugs such as acetaminophen and poor hygienic and sanitation conditions are expected to increase the market growth. Hepatitis B virus (HBV) and hepatitis C virus (HCV) are the two major causes of liver disease. Thus, increasing the growth of the Liver Disease Diagnostics Market during the forecast period 2020-2025.

Availability of generic and bio-similar drugs

The availability of generic and biosimilar drugs is increasing the growth of the Liver Disease Diagnostics Market. Patent expiry of various block-buster liver disease treatment drugs has created a new gateway for the entrance of the generic market. Moreover, owing to the low cost of generic drugs compared to branded therapies, there is more preference for generic drugs or bio similar drugs for the treatment of various diseases. With chemical compositions identical to brand name drugs, generics have become ubiquitous with much lower costs often making them the default choice for healthcare insurers. In some states, unless the doctor specifies the branded drug, the pharmacy will go with the generic. Thus, increasing the growth of the Liver Disease Diagnostics Market during the forecast period 2020-2025.

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Liver Disease Diagnostics Market Challenges

The high cost of imaging test and lack of skilled professional in low and middle-income countries

Some of the factors that is set to impede the growth of the Liver Disease Diagnostics Market is the high cost of imaging test and lack of skilled professional in low and middle-income countries. Stringent government regulations, high prices of drug research and developments along with the side effects associated with medication is creating hurdles for the Liver Disease Diagnostics Market.

Liver Disease Diagnostics Market Industry Outlook

Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Liver Disease Diagnostics Market. In 2019, the Liver Disease Diagnostics Market share is consolidated by the top ten players present in the market. Liver Disease Diagnostics Market, the top 10 companies are Abbott Laboratories, F. Hoffmann-La Roche Ltd., Boston Scientific Corporation, Siemens AG (Siemens Healthineers), Bayer AG, Merck & Co., Inc., Sanofi S.A., Novartis AG, Pfizer, Inc., and Randox laboratories limited among others.

Acquisitions/Product Launches

In March 2020, Roche announced that it received the US Food and Drug Administration (FDA) breakthrough device designation for its Elecsys GALAD score, a serum biomarker-based model. This model can predict hepatocellular carcinoma in chronic liver disease patients.

Key Takeaways

North America dominated the Liver Disease Diagnostics Market in 2019 owing to the presence of an organization that provides information regarding the diagnosis of diseases to the patient and the high prevalence of hepatitis & fatty liver diseases. The Liver Disease Diagnostics Market scope for different regions will be provided in the final report.

Changing habits such as increased alcohol intake, unhealthy diets, and government & non-government awareness program is likely to aid in the market growth of the Liver Disease Diagnostics Market.

Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Liver Disease Diagnostics Market report.

The high cost of imaging tests and lack of skilled professionals in low and middle-income countries is poised to create hurdles for the Liver Disease Diagnostics Market.

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https://www.industryarc.com/Report/16156/liver-function-tests-market.html

B. Liver Disease Treatment Market

https://www.industryarc.com/Report/16155/liver-disease-treatment-market.html

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