The market size of the Global Liver Disease Management Market in the year 2021 is valued at 23.03 billion and is predicted to reach 39.62 billion by the year 2030 at an 6.40% CAGR during the forecast period.
Liver disease can be acquired (genetic) or caused by liver-harming causes such as viruses (hepatitis A, B, and C) and alcohol usage. Obesity has been connected to liver disease as well. The liver is required for food digestion as well as to regulate the toxicity of chemicals in the body. One of the primary key factors driving the market's growth is the world's growing geriatric population, which is susceptible to various chronic diseases, including liver disease. Changing dietary habits and sedentary lifestyles are driving market expansion. The rising prevalence of fatty liver disease due to excessive cholesterol, obesity, hypertension (high blood pressure), and diabetes is boosting market growth.
Furthermore, significant technological breakthroughs, such as the creation of the bioartificial liver, are driving market expansion. It replaces liver functions with regenerated liver cells and is commonly utilized in individuals with acute liver failure. By this, the quick acceptance of anti-viral medications, safe and efficient in suppressing the hepatitis B virus and lowering the risk of developing cirrhosis and hepatocellular carcinoma, is favorably impacting the market growth. Aside from that, increased research and development (R&D) efforts, significant increases in the healthcare industry, and implementation of different government measures to enhance public health are producing a good outlook for the market.
The liver disease management market is segmented on diagnosis, treatment and end-use. Based on the diagnosis, the market is segmented into endoscopy, imaging, biopsy, and others. Based on treatment, liver disease management market is segmented into anti-viral drugs, targeted therapy, chemotherapy and others. Based on end-use, the liver disease management market is segmented into clinics, hospitals, diagnostics laboratories and others.
Based on the diagnosis, the imaging segment is accounted as a major contributor to the liver disease management market.
The imaging segment is expected to hold a significant share of the market due to an increase in the number of initiatives launched by key companies in the liver disease diagnostics market to create new imaging techniques. Laboratory tests are performed using urine, blood, and other fluid samples to diagnose liver function. Ultrasound, X-ray, Magnetic Resonance Imaging (MRI) scan, Computed Tomography (CT) scan, and more imaging procedures are available.
The hospital segment witnessed growth at a rapid rate.
Hospitals grabbed the highest revenue share, and it is anticipated that they will continue to hold that position during the anticipated time. Since most patients rely on hospitals with diagnostic testing instruments, hospitals give excellent treatment to patients and enable early identification and diagnosis, enhancing the market for liver disease diagnostics. Furthermore, continued healthcare infrastructure development is expected to improve existing hospital facilities.
The Asia Pacific liver disease management market holds a significant revenue share in the region.
The Asia Pacific Liver disease management market is expected to register the highest market share in revenue in the near future. The growing elderly population and increased awareness of the importance of regular check-ups are driving the expansion of the market for liver disease diagnostics in this area. Furthermore, it is expected that regulatory approval of innovative technologies that can be combined with imaging systems would boost regional growth. In addition, North America is projected to grow rapidly in the global Liver disease management market. High R&D investments and prominent players are projected to drive the growth of the region's market for liver disease diagnostics. Furthermore, organizations that supply patients with information about disease diagnosis are projected to boost the expansion of the market for liver disease diagnostics.
The key players in the Liver disease management market have shifted their focus toward product manufacturing and are initiating significant strategies such as mergers, acquisitions, and joint ventures of major and domestic players to enhance their product portfolio and strengthen their global market footprint. Some major key players in the liver disease management market are Abbott, AbbVie Inc., Hoffmann-La Roche Ltd., Bristol-Myers Squibb Company, Astellas Pharma Inc, Lilly, Merck & Co., Inc, Pfizer Inc., Novartis AG, Johnson & Johnson Private Limited.