Liver Disease Diagnostics Market Size Worth $48.7 Billion By 2027: Grand View Research, Inc.
Under this investment, Glycotest, Inc. transferred HCC panel technology to Fosun Pharma to commercialize in China and develop tests for liver cancer and liver fibrosis that are currently under pipeline.
SAN FRANCISCO, Aug. 12, 2020 /PRNewswire/ -- The global liver disease diagnostics market size is expected to reach USD 48.7 billion by 2027, expanding at a CAGR of 6.5%, according to a new report by Grand View Research, Inc. increasing funding and research initiatives undertaken by market players is one of the major factors expected to propel market growth. For instance, in November 2019, Glycotest, Inc. received the second USD 3.0 million tranche of USD 10.0 million Series A funding from Shanghai Fosun Pharmaceutical Co., Ltd. (Fosun Pharma). Under this investment, Glycotest, Inc. transferred HCC panel technology to Fosun Pharma to commercialize in China and develop tests for liver cancer and liver fibrosis that are currently under pipeline.
Key suggestions from the report:
- Imaging segment witnessed the largest market share in 2019 owing to increasing initiatives by key players to develop accurate imaging systems
- Based on end-use, the hospitals segments held the largest share in 2019. Factors such as increasing adoption of advanced technologies and favorable reimbursement policies are expected to drive segment growth
- North America dominated the market in 2019 due to increasing alcoholic consumption and rising awareness regarding chronic diseases
- The market in Asia Pacific is projected to witness the fastest growthover the forecast period owing to the high unmet needs and rising regular check-ups for the diagnosis of diseases.
Read 80 page research report with ToC on "Liver Disease Diagnostics Market Size, Share & Trends Analysis Report By Diagnosis Technique (Imaging, Laboratory Tests, Endoscopy, Biopsy, Others), End-use (Hospital, Laboratories, Others), And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/liver-disease-diagnostics-market
Companies are focusing on collaborations and partnership to improve the quality of care,which is anticipated to drive the market. For instance, in October 2019, Perspectum Diagnostics entered into a partnership to offer LiverMultiScan at Precious Medical Center in Singapore. The aim of this partnership was to create awareness among people to consider liver checking as an integral part of their health screening.
Researchers conducting studies to support the development of novel diagnostic methods that can accurately differentiate between benign and malignant lesions are expected to fuel market growth. For instance, researchers from Charité - Universitätsmedizin Berlin used tomoelastography to visualize mechanical properties of tumors and developed a new Magnetic Resonance Imaging (MRI) technique to detect grading of tumor consistency.
Furthermore, companies are conducting clinical trials to develop new tests with high sensitivity and specificity. For instance, Laboratory for Advanced Medicine is conducting a clinical trial on 1,600 patients with liver cirrhosis using invasive biopsy through quantification of cfDNA methylation and comparing it with ultrasound technique. The test is projected to be completed in 2020.
Development and commercialization of accurate diagnostic methods is expected to boost the market. For instance, in March 2020, ENDRA Life Sciences Inc. received CE mark for TAEUS FLIP system. This system measures liver fat to identify and monitor Non-Alcoholic Fatty Liver Disease (NAFLD) and Non-Alcoholic Steatohepatitis (NASH). It is an ultrasound system that accurately and at point of care quantifies fat in the liver.
Grand View Research has segmented the global liver disease diagnostics market on the basis of diagnosis technique, end use, and region:
- Liver Disease Diagnostics Diagnosis Technique Outlook (Revenue, USD Million, 2016 - 2027)
- Imaging
- Laboratory tests
- Endoscopy
- Biopsy
- Others
- Liver Disease Diagnostics End-use Outlook (Revenue, USD Million, 2016 - 2027)
- Hospitals
- Laboratories
- Others
- Liver Disease Diagnostics Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Asia Pacific
- Japan
- China
- India
- Australia
- Singapore
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
- List of Key Players in the Liver Disease Diagnostics Market
- Abbott
- Fujifilm Corporation
- Thermo Fisher Scientific Inc.
- F. Hoffmann-La Roche Ltd.
- Boston Scientific Corporation
- Laboratory Corporation of America Holdings
- Horiba Medical
- Siemens Healthcare GmbH
- Randox Laboratories Ltd.
Find more research reports on Clinical Diagnostics Industry, by Grand View Research:
- Clinical Laboratory Tests Market – Global clinical laboratory tests market size was valued at USD 176.7 billion in 2019. It is expected to register a CAGR of 7.1% over the forecast period.
- Comprehensive Metabolic Panel Testing Market – Global Comprehensive Metabolic Panel (CMP) Testing market size was estimated at USD 10.8 billion in 2018 and is expected to register a CAGR of 7.3% during the forecast period.
- Hepatitis Diagnostic Test Market – Global hepatitis diagnostic test market size was valued at USD 3.9 billion in 2016 and is expected to grow at a CAGR of 6.5% over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.
