Liver Disease Diagnostics Market Expected to Reach $62.6 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Liver Disease Diagnostics Market," The liver disease diagnostics market size was valued at $34.5 billion in 2021, and is estimated to reach $62.6 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031. The liver is one of the most important organs in the human body as it eliminates unwanted substances from the blood, regulates chemical levels in the body, and stores nutrients for all cellular and biological activity. The phrase "liver disease" refers to a wide range of issues that causes the liver to fail to perform its primary function. Hepatitis, cirrhosis, liver cancer, and liver abscess are examples of liver diseases. These liver diseases can be diagnosed at early stages by imaging techniques, laboratory tests, endoscopies, and biopsies. Hence, there is a huge demand by medical professionals for liver disease diagnostics.

Growth of the liver disease diagnostics market size is majorly driven by a surge in the number of patients suffering from liver cancer, a rise in the prevalence of acute and chronic hepatitis B, nonalcohol-related fatty liver disease, Wilson disease, iron in hemochromatosis, and hepatocellular carcinoma. For instance, in April 2022, according to Bristol Myers & Squibb, each year, nearly 1 million people die due to hepatitis B or hepatitis C, globally. The Liver Disease Diagnostics Market Share is witnessing significant growth globally, owing to the rise in the adoption of liver disease diagnostics and visualization systems in healthcare settings, coupled with technological advancements.

An increase in alcohol consumption leads to the death of healthy liver cells and reduces the ability to generate new ones as well as leads to a buildup of fats leading to liver diseases. For instance, according to the National Center for Drug Abuse Statistics 2021, about 34.1% reported binge drinking at least once and 7.0% reported extreme binge drinking. Furthermore, in a survey conducted by the Johns Hopkins University of Maryland Baltimore, about 60.1% of the respondents reported that they increased their alcohol consumption after March 1, 2020. Thus, such a rise in high alcohol consumption is expected to lead to liver disorders and further drive the growth of the market. Hence, these factors boost the growth of the liver disease diagnostics market.

The rise in the number of research institutes globally provides growth opportunities for the market. In addition, growth in patient preference for minimally invasive surgeries, and diagnostic procedures, favorable FDA approvals & reimbursement policies in developed economies, and an increase in alcohol consumption and poor dietary habits boost the growth of the liver disease diagnostics market share.

Liver diseases have increased during the COVID-19 pandemic, owing to an increase in the consumption of alcohol and leading to the growth of the liver disease diagnostic market. For instance, according to the article of springer published in 2021, 10,242 hospital admissions for alcohol-related liver disease or pancreatitis occurred in 257 hospitals during pandemic. Out of the 10,242 hospital admissions, 6371 cases were due to alcohol-related liver disease. Fourteen percent of alcohol-related liver disease cases had alcohol hepatitis, and 72% had alcoholic liver cirrhosis. In addition, the COVID-19 pandemic led to rise in awareness regarding physical, mental, and emotional health. This, in turn, has increased awareness regarding diagnosis of liver diseases and increase in regular checkups by using liver disease diagnostics. Thus, such development is anticipated to bring stabilization and drive the growth of the liver disease diagnostic market during the forecast period. 

On the basis of technique, the laboratory tests segment is expected to witness the highest CAGR during the liver disease diagnostics market forecast period, owing to the rise in the prevalence of chronic liver diseases and an increase in awareness regarding laboratory tests for diagnosis of liver diseases and hepatitis. In addition, the rise in the discovery of new laboratory tests and the increase in demand for laboratory tests drives the growth laboratory tests segment.

On the basis of end-user, the laboratories segment is expected to witness the highest CAGR during the forecast period, owing to an increase in incidences of hepatitis and a rise in awareness regarding the diagnosis of hepatitis at an early stage. The rise in healthcare expenditure also boosts the growth of the laboratories segment in the liver disease diagnostics industry.

Depending on the region, Asia-Pacific Liver Disease Diagnostics Industry is expected to witness the highest CAGR during the forecast period, owing to a surge in the geriatric population that is more prone to diseases and a rise in awareness regarding liver disease diagnostics assisted minimally invasive surgeries.

KEY FINDINGS OF THE STUDY

• By technique, the imaging segment held the largest share in the liver disease diagnostics market forecast in 2021.
• On the basis of end-user, the hospital's segment held the largest market share in 2021.
• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Liver Disease Diagnostics Market Analysis from 2021 to 2031 to identify the prevailing global liver disease diagnostics market opportunities.
• On the basis of region, North America held the largest market share in 2021.
• The report includes an analysis of the regional as well as Liver Disease Diagnostics Market Trends, key players, market segments, technique areas, and market growth strategies.