Increasing prevalence and incidence of fatty liver disease across the world is the main factor proliferating the growth of the fatty liver disease ultrasound diagnostic market. The globally rising incidence rate of fatty liver disease, mainly non-alcoholic fatty liver disease (NAFLD) can be easily fathomed from the statistics provided by the American Liver Foundation, according to which 100 million individuals in the U.S. are estimated to have NAFLD. Whereas, the increase in the incidence rate of non-alcohol fatty liver disease is primarily due to the rise in the prevalence of obesity and diabetics. According to the World Health Organization (WHO), more than 1.9 billion adults, 18 years and older, are overweight, and of these over 650 million are obese, and the worldwide prevalence of obesity nearly tripled between 1975 and 2016. Furthermore, as per the statistics by the International Diabetes Federation (IDF), the number of people with diabetes is more than 425 million in 2017, and it is estimated to reach 629 million in 2045. The facts mentioned above emanate the prevalence of obese and diabetic population across the world. Therefore, these factors are propelling the growth of the population affected by fatty liver disease. Moreover, the severe conditions associated with NAFLD such as cirrhosis, liver cancer, liver failure, and hepatic encephalopathy, is instigating the people to opt for early diagnosis to avoid the severity of the disease. Thus, the increasing awareness among the people is fuelling the adoption of plain ultrasound as the first line of diagnosis after suspecting a liver disease, consequently driving the growth of fatty liver disease ultrasound diagnostic market. The global fatty liver disease ultrasound diagnostic market size is estimated to be $15 billion in 2018. Furthermore, anticipating the adoption of ultrasound technology for the fatty liver diagnosis, the Fatty Liver Disease Ultrasound Diagnostic Market is estimated to propel at a CAGR of 3% during the forecast period 2019-2025.
Additionally, the increasing consumption of alcohol is
another factor that is augmenting the growth of fatty liver disease incidence.
The globally increasing alcohol consumption can be perceived from the rise in
the trade value of alcohols assessed by International Trade Center (ITC),
according to which the trade value of “Undenatured ethyl alcohol of an
alcoholic strength of < 80%; spirits, liqueurs and other spirituous beverages”
was increased from $27m in 2016 to $34m in 2018. The increasing fatty liver
disease conditions owing to high alcohol consumption is propelling the people
across the world to adopt non-invasive diagnostic methods, such as ultrasound
diagnostic technology. Thus, these factors are expected to fuel the growth of the
fatty liver disease ultrasound diagnostic market.
North America, a Lucrative Fatty Liver Disease Ultrasound Diagnostic Marketplace—
Geographically, North America had the most significant fatty liver disease ultrasound diagnostic market share with over 41% in 2018, and the market is poised to observe further growth in the region. This is mainly attributed to increasing prevalence of fatty liver disease, owing to growing trends of obesity, diabetics, and high alcohol consumption. Among these factors, obesity is considered as main cause of fatty liver disease. According to the National Health and Nutrition Examination Survey (NHANES) conducted by the Centers for Disease Control and Prevention (CDC) in 2017, in the U.S., the prevalence of obesity was 39.8% in adults and 18.5% in youth. Thus, the increasing obese population in this region is radically raising the incidence rate of fatty liver disease. Moreover, according to science daily, in 2018, the economic burden of fatty liver disease in the U.S. is $32 billion annually. These factors have initiated the people of this region to undergo tests to diagnose the fat content in the liver. However, the ultrasound diagnostic method has gained popularity among Americans owing to its potential benefits such as low cost, non-invasiveness, and superior imaging. Moreover, the presence of sophisticated health care industry, coupled with a large number of hospitals, has facilitated the Americans to undergo health checkups frequently. For instance, the number of hospitals in the U.S. is 6,210 in 2019, according to the American Hospital Association. These factors have rendered North America with maximum share in the fatty liver disease ultrasound diagnostic market.
Fatty Liver Disease Ultrasound Diagnostic Market to Gain Maximum Revenue from Hospitals Segment—
Based on end-users, the fatty liver disease ultrasound diagnostic market is segmented into hospitals, clinics, and others. Among these hospitals is found to be a key segment generating major revenue to the market and is estimated to show dominance during the forecast period. This is due to the strong presence of hospitals across the world and which facilitate the diagnosis of inpatients as well as outpatients. As of Feb 2017, a total of 19,217 hospitals and healthcare are present in 177 countries of the world, as per the World Health Organization (WHO). Moreover, people prefer hospitals over clinics as they provide more care and are generally open round the clock. Furthermore, hospitals are more versatile, as they can adopt any new technology associated with the ultrasound diagnostic methods such as 2D ultrasound device, 3D/4D ultrasound device, Doppler ultrasound device, color flow imaging, fusion imaging, elasticity imaging and many more. Therefore, these beneficial factors associated with the hospital segment are simulating the demand in the market.
Additionally, the presence of top hospitals across the world for fatty liver diagnosis and treatment is creating an unprecedented endorsement for fatty liver disease ultrasound diagnostic market. For instance, Mayo Clinic and Thomas Jefferson University Hospitals in the U.S., The Calgary Liver Unit in Canada, Sheila Sherlock Liver Center and Bupa in the UK, Frankfurt Liver Center and Heidelberg University Hospital in Germany to name a few, are some of the topmost hospitals for fatty liver disease treatment. Thus, the key application segment is poised to propel at a CAGR of 3.2% through to 2025.
Fatty Liver Disease Ultrasound Diagnostic Market Companies:
Some of the key companies in the fatty liver disease ultrasound market include Mayo Foundation for Medical Education and Research, RadNet, Bupa, Cleveland Clinic, Life Healthcare Group, Johns Hopkins Medicine, Lakeshore Diagnostic Ultrasound Company, Quest Diagnostics, Laboratory Corporation of America Holdings, and Sonic Healthcare Limited. These companies are continuously focusing on research and development activities to invent various ultrasound diagnostic techniques that give precise and accurate images of the fat content in the liver and facilitate early detection of fatty liver disease. Moreover, these companies are involved in strategic plans such as acquisitions, collaborations, and partnerships to stay ahead of their competitors. For instance, Life Healthcare, one of South Africa’s largest private hospital operators, has recently acquired 57.1% of the share capital of UK-based Alliance Medical Group. This acquisition is intended to expand its services globally.
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