Global Liver Disease Diagnostics Market: Rising prevalence of acute and chronic liver diseases is one of the major factors expected to drive the market for liver disease diagnostics.

The global liver disease diagnostics market size was valued at USD 31.45 billion in 2020 and is expected to reach USD 46.47 billionby 2027 estimated to grow at a compound annual growth rate (CAGR) of 5.7 % from 2020 to 2027. Rising prevalence of acute and chronic liver diseases is one of the major factors expected to drive the market for liver disease diagnostics.

For instance, according to the WHO, in 2020, 841,080 new cases of liver cancer were reported globally and an estimated 781, 631 people died due to liver cancer. Rising initiatives undertaken by key players to develop highly sensitive and rapid tests to detect liver diseases in specific populations such as pregnant women and HIV-positive patients is anticipated to boost the market for liver disease diagnostics. For instance, in February 2020, Abbott received a CE mark for Determine HBsAg 2 test, a sensitive, easy-to-use, and rapid diagnostic test used for the detection of hepatitis B. With better living conditions, the prevalence of the chronic liver disease, including non-alcoholic fatty liver disease and alcohol-related liver disease, is expected to escalate, potentially leading to more cases of end-stage liver disease (liver failure, cirrhosis, and liver cancer). During the last 30 years, visionary governments of major nations have given clear incentives for basic/clinical research, vaccination services, and drug discovery and production in the field of hepatology

Changing habits, such as increased alcohol intake, unhealthy diets, have increased the occurrence of liver disease. Furthermore, the increasing geriatric population has contributed to significant growth in the global demand for the treatment of liver disease. There is a significant market opportunity for this market because the prevalence of disorders has become common. Government and non-government awareness programs will contribute to the growth of the liver disease treatment industry.

Nonetheless, stringent government regulations (FDA, MHRA), high prices of drug research and development, pose a crucial challenge to the liver disease treatment industry. Side effects associated with medications are a growing concern that consumer demand is expected to decline. Patent expiry and increasing general awareness of health will promote the development of the sector. New research and technology would create an immense opportunity for market players.

Key market players in global liver disease diagnostics market include Abbott Laboratories, F. Hoffmann-La Roche Ltd., Boston Scientific Corporation, Siemens AG (Siemens Healthineers), Bayer AG, Merck & Co., Inc., Sanofi S.A., Novartis AG, Pfizer, Inc., and Randox laboratories limited.

North America dominated the market and held a revenue share in 2020, followed by Europe. High investments in R&D and presence of key players are some factors expected to be responsible for the growth of the market for liver disease diagnostics in the region. Furthermore, the presence of organizations that provide information regarding the diagnosis of diseases to patients is expected to fuel the growth of the market for liver disease diagnostics. One such organization is GetPalliativeCare.org that provides palliative care information related to diagnostic methods such as endoscopy, CT scan, and biopsy.

The markets in the APAC region are expected to register substantial revenue growth in the coming years due to the increasing awareness concerning liver diseases and a steadily booming geriatric population.