According to a new market research study titled ‘Liver treatment Market to 2025 – Global Analysis and Forecasts by disease and imaging modality, the global liver treatment market is expected to reach US$ 4,883.5 Mn in 2025 from US$ 3,426.8 in 2017.
The market is estimated to grow with a CAGR of 4.6% from 2018-2025. The market is expected to grow due to increasing geriatric population and prevalence of liver diseases, however, the high cost of the imaging equipment is acting as a growth hindering factor of the global liver treatment market.
Key market players operating in the market of liver treatment across the globe includes General Electric, Koninklijke Philips N.V., Siemens AG, CANON MEDICAL SYSTEMS CORPORATION, Hitachi, Ltd, Elekta AB (pub), Neusoft Corporation, Samsung Healthcare, BPL Medical Technologies, and Cura Healthcare among others.
Introduction of new products in the market by various market players are responsible to contribute the growth of liver treatment market. For instance, in March 2017, Royal Philips received FDA 510(k) approval to market its ElastQ Imaging capability, in addition, it has expanded the functionalities of its EPIQ family of ultrasound systems.
Market Segmentation
The imaging modality segment of the liver treatment market is segmented into computed tomography, magnetic resonance imaging and ultrasound. Computed tomography is expected to hold a maximum share among the imaging modality segment in the liver treatment market in 2017 and is also anticipated to hold the largest market in the year 2025.
A CT scan provides accurate information about the size, shape and position of any tumors in the liver or elsewhere in the abdomen, as well as nearby blood vessels. Hence, it is used to identify the location of a tumor, analyze the extent of cancer in the body and also determine whether the disease is responding to treatments.
Regional Overview
According to the Centers of Disease Control and Prevention (CDC), the total number of adults diagnosed with liver disease were around 4.9 million by 2016 in the United States. Liver disease is considered to be among the leading causes of death. Among various liver diseases, the cases of Alcoholic liver disease (ALD) is among the main causes of chronic liver disease worldwide.
ALC accounts for 48% of cirrhosis associated deaths in the United States. As per the data of 2015 National Survey on Drug Use and Health (NSDUH), 86.4 percent of people ages 18 or older reported that they drank alcohol at some point in their lifetime. In UK, liver disease has been diagnosed in 1 person out of 10, making it among the leading causes of mortality with a rise in the number of cases every year.
Liver disease is considered to be the fifth reason cause of death in England & Wales, after heart, cancer, stroke and respiratory disease. The rise in the number of liver diseases is expected to grow at a significant rate during the forecast period, hence fueling the growth of the market in the coming years.
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