Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Liver Disease Diagnostics Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
The Global Liver Disease Diagnostics Market size is projected to reach US$ 38.9 Bn by 2028, with a CAGR of 6.1% during 2021-2028
The growing prevalence of chronic and acute liver disorders is one of the key reasons that will push the demand in liver disease diagnostics. According to the WHO, in 2018, there were 841,080 records of new cases of liver cancer worldwide and an additional 781,631 deaths from liver cancer. The efforts of major players for highly reactive and fast testing for liver disorders are anticipated to improve the demand for the treatment of hepatic disease in other populations, including pregnant women and HIV-positive patients.
In order to enhance early identification and patient performance, increasing R&D in reliable diagnostic tools is expected to stimulate the development of the liver disease diagnostic industry. In the year 2020, Breakthrough Product Designation for the Elecsys GALAD Award has been awarded to Hoffmann-La Roche Ltd. In the Roche Diagnostics Liver Indication project, Elecsys GALAD score was created to boost diagnostic workflow and to provide clinicians with reliable results.
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Medicare and other health benefit programs introduced favourable reimbursement plans, is projected to stimulate the demand for liver disease diagnostics. The Medicare Coverage Plan in CodeMap, and alignment with Medicare, incorporates the piccolo-express liver panel plus developed by Abbott for a US$ 30.89 medicare rebate.
The launch of new testing approaches for liver disease diagnostics is also expected to have a beneficial impact on the market. For starters, VITROS ALTV Slides was created by Ortho Clinical Diagnostics in December 2017 to offer a new tool for the calculation of Alanine Aminotransferase (ALT) using dry slide technology. This new approach decreases sample size, improves reliability, and enhances accuracy.
In North America, a modern medical and clinical approach to care for liver disorders, a growing incidence of liver disease, and a rise in unmet demand are expected to lead the overall market of liver disease diagnostics. Besides, the estimated increase in patient population, and increasing R&D investments in several main players & government organizations, are expected to contribute and grow at a substantial CAGR in the global liver disease diagnostics industry.
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The geriatric population is rising
Structural disorders or modifications caused by ageing contribute to hepatic diseases primarily. The geriatric population is expected to rise by 86 percent by 2050, according to the National Institute of Aging. The increasing levels in geriatric populations have contributed to an increase in hepatic disease incidences, which further raises the competition on the liver disease market.
Awareness plan for State and non-government organizations
Increased understanding has become a must with the prevalence of liver diseases. State and non-profit organizations play a vital role in growing understanding of liver diseases worldwide. These groups foster understanding and funding for R&D for the prevention, diagnosis, and cure of diseases of the liver.
Increased research and development to develop novel products
Various organizations are investing in their research and development to develop new and specialized liver disease treatments. The discovery and development of highly successful pharmaceuticals with or without side effects will quickly propel the market.
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Specific and bio-similar drugs are available
Specific liver disease prescription medications have provided a new avenue for entry into the generic market with the expiry of the patent in the coming years. By contrast with marketed drugs, generic or related bio-medications are more coveted for the treatment of specific illnesses because of the reduced cost of generic medicines.
Key Players & Strategies
Participants include major global AstraZeneca, Bayer AG, Gilead Science Inc., Merck & Co. Inc, F. Hoffmann-La Roche AG, Sanofi, Pfizer Inc., Novartis AG, GlaxoSmithKline plc, and Others.
Various approaches for using disruptive technologies to facilitate patient treatment are the main players. Boston Science Company purchased BTG plc in August 2019 to provide new technology for better health care.
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