The rising prevalence of liver diseases is promoting the growth of the global liver disease diagnostics and treatment market predicts Fortune Business Insights in their new study. The study is titled “Liver Disease Diagnostics and Treatment Market Size, Share and Global Trend By Treatment ( Anti-Viral Drugs, Vaccines, Chemotherapy, Targeted Therapy, Immunosuppressant, Immunoglobulins), By Diagnosis (Imaging, laboratory Tests, Endoscopy, Biopsy, Others), By End User (Hospitals, Clinics, Diagnostic Laboratories, Others), and Geography Forecast till 2026.” This report focusses on major factors driving and restricting the growth of the market during the forecast period of 2019 to 2026.
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According to the report, the market is dominated by the imaging segment based on diagnosis segment. This is because of the rise in technological advancement in liver diseases diagnosis and treatment procedures. This, coupled with, rise in popularity of non-invasive imaging techniques, will help this segment gain high revenue in the forecast period.
An Overview of the Impact of COVID-19 on this Market:
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Some of the major companies that are present in the global liver disease diagnostics and treatment market report include Pfizer Inc., Novartis AG, Abbott, Johnson & Johnson Services, Inc., F. Hoffmann-La Roche Ltd., Bayer AG, Merck & Co. Inc., Bristol-Myers Squibb Company, Eli Lilly and Company, Mylan N.V., among others.
Changing Lifestyle and Spread of Smoking and Drinking Habits to Propel Growth
The American medical Society had projected that about more than 30,610 males and 11,610 females in the U.S. to be diagnosed with liver diseases by the end of 2018. The most prominent reason behind this is the rise in cases of obesity. In underdeveloped nations however the presence of unmet clinical need for liver diseases is likely to fuel the demand for liver disease diagnostics and treatment. In addition to this the rise in disposable income of the people is expected to aid the expansion of the market as they are more likely to willingly spend on advanced treatment. Furtermore, the widespread adoption of unhealthy lifestyle is identified as key growth driver for the global liver disease diagnostics and treatment market.
Major Segmental Overview:
- By Test Type
- By Application
- By End User
- By Geography
Additionally, the increasing prevalence of acute and chronic diseases of the liver such as biliary atresia, autoimmune hepatitis, cirrhosis, hepatitis A, B, and C, , and others, are boosting the global liver disease diagnostics and treatment market. In many developing nations, lack of awareness and availability of proper treatment facilities for liver diseases are anticipated to propel liver diseases diagnostics and treatment market.
However, side-effects related to liver diseases treatment post-surgery and risk of infection from open wound may impede the growth of the market to an extent. Furthermore, strict rules and regulations implemented on the use of liver treatment medication and the risks associated with them may also cause hindrance to the growth of the market in the forecast period.
Increasing Awareness and Improvement in Healthcare Facilities Will Help Market Exhibit Strong Growth in Asia Pacific
At present, North America is dominating the global liver diseases diagnostics and treatment market, according to Fortune Business Insights. This dominance is likely to continue in the forecast period owing to the rising prevalence of liver disease because of irregular eating habits and rising consumption of liquor witnessed in the region. The surge in adoption of novel diagnostic procedures and therapeutic approaches is more likely to help North America remain dominant in the coming years.
Meanwhile, the liver disease treatment market in the Asia Pacific is likely to register a faster growth on account of developing healthcare infrastructure in the region, especially in the developing nations. Besides this, the spread of awareness programs supported by governments will help inform and educate people about the availability of liver diagnostics.
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