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(Medical-NewsWire.com, January 30, 2022 ) Liver Disease Diagnostics market size was estimated at $31.34 million in 2020, growing at a CAGR of 6.9% during the forecast period 2021-2026. Liver disease diagnostics include a variety of tests such as magnetic resonance imaging, ultrasound, ct scan, biopsy and others that can help determine the status of the liver. The liver aids in the distribution of blood and processes throughout the body. It also aids in the coagulation of proteins in the blood, the detoxification of harmful compounds, and the usage of supplements. The presence of special compound in liver cells allows liver cells to execute synthetic reactions. When cells die, these compounds are released into the blood vessels, making it easier to dissect the liver during examinations. Infectious, immunological, genetic, and metabolic factors can all contribute to liver disease. Different causes of diseases make diagnosis difficult. As a result, multiple tests are required for a precise diagnosis of the disease's cause. Increasing number of acute and chronic liver diseases across the globe is one of the major factor driving the growth of the market. Increasing healthcare infrastructure and rising disposable income of the people is set to further enhance the overall market development of the Liver Disease Diagnostics Market for the period 2021-2026.
Liver Disease Diagnostics Market Segment Analysis – By Diagnosis Technique
On the basis of diagnosis technique market for Liver Disease Diagnostics is categorized in Endoscopy, Biopsy, Imaging, Laboratory tests and others. Imaging segment in Liver Disease Diagnostics market held the largest share and is estimated to register higher CAGR of 7.1% during the forecast period 2021-2026. Ultrasound, X-ray, Magnetic Resonance Imaging (MRI) scan, Computed Tomography (CT) scan, and other types of imaging are available also growing number of key players in the market for liver disease diagnostics are investing in the development of advance imaging techniques thereby increasing Liver Disease Diagnostics market.
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Liver Disease Diagnostics Market Segment Analysis – By End-User
On the basis of end user market for Liver Disease Diagnostics is categorized in Hospitals, Laboratories and Others. Hospitals segment in Liver Disease Diagnostics market held the largest share. Hospitals provide patients with the best care and allow for early identification as well as improvement in the healthcare infrastructure thereby increasing Liver Disease Diagnostics market. However, Laboratories is estimated to register higher CAGR of 7.0% during the forecast period 2021-2026 owing to, to diagnose hepatic disorders, several labs and institutes have launched awareness campaigns.
Liver Disease Diagnostics Market Segment Analysis – By Geography
North America dominated the Liver Disease Diagnostics market with a major share of 43% in 2020. This is attributed to increasing incidence of liver diseases in this region. According to the Centers for Disease Control and Prevention, between 800,000 and 1.4 million persons in the United States suffering from chronic hepatitis B. Furthermore, growing research and development in diagnostic tools by key players in this region which are contributing to the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to rising government investment and funding in healthcare sector in this region. Increasing disposable income of the people coupled with rising number of diagnostic laboratories in this region is also increasing the growth of the market in this region.
Liver Disease Diagnostics Market Drivers
Increasing Prevalence of Liver Diseases
Increasing incidence of liver diseases including chronic liver disease is increasing the growth of the Liver Disease Diagnostics Market. According to the World Health Organization (WHO), globally around 841,080 new instances of liver cancer were reported and 781, 631 people died as a result of the disease. Additionally, increase in consumption of alcohol which leads to rise in number of liver cancer is also practiced to increase the growth of the Liver Disease Diagnostics market during the forecast period 2021-2026.
Increasing Technological Advancement
Increasing technological advancement in Liver Disease Diagnostics is increasing the growth of the Liver Disease Diagnostics market. Rising research and development activities by key players that helps to provide very sensitive and test assays for detecting liver disease thereby increasing the growth of the Liver Disease Diagnostics Market during the forecast period 2021-2026.
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Liver Disease Diagnostics Market Challenges
Lack of Professional
Major factor that is set to impede the growth of the Liver Disease Diagnostics market is lack of professional. Another factor which hamper the growth of market is high price of imaging tests.
Liver Disease Diagnostics Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Liver Disease Diagnostics Market. In 2020, the Liver Disease Diagnostics Market share is consolidated by the top ten players present in the market. The Liver Disease Diagnostics Market, top 10 companies are, Abbott, Siemens Healthcare GmbH., Fujifilm Corporation, Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd., Boston Scientific Corporation, Merck & Co., Inc., Novartis AG, Pfizer, Inc. and Sanofi S.A.
In February 2019, Abbott got CE approval for a quick diagnostic test, Determine HBsAg 2 which is used for detecting hepatitis B surface antigen.
North America dominated the Liver Disease Diagnostics Market in 2020 owing to the increasing prevalence of liver diseases in this region. The Liver Disease Diagnostics Market scope for different regions will be provided in the final report.
Growing technological advancement in liver disease imaging technique is set to aid the market growth of the Liver Disease Diagnostics Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the Liver Disease Diagnostics market will be provided in the Liver Disease Diagnostics Market report.
Lack of skilled professionals is poised to create the hurdles for the Liver Disease Diagnostics Market.
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