Sales Revenue from Liver Cancer Diagnostics Market to Transcend US$ 20 Bn by 2031: Fact.MR Study
Published : 20 Oct 2021 Industry: Healthcare
Fact.MR, a market research and competitive intelligence provider, in this recently updated analysis on the liver cancer diagnostics market, has estimated the industry to rise at a positive CAGR of 8.2% over the decade. As per the study, the global market was worth nearly US$ 10 Bn in 2020.
Cancer has become one of the most prevalent diseases across the world. Instances of liver cancer have been increasing over the past decade and are expected to follow the same trend through 2031. Rise in cases can be attributed to the prevalence of obesity, increase in diabetes, rise of alcohol-induced cirrhosis, and exposure to dietary aflatoxin.
Liver cancer is mostly dependent on modifiable factors, and these factors can be adjusted with preventive measures and lifestyle changes. New techniques and diagnostic solutions are being researched and developed in order to diagnose the disease early and properly. Increasing prevalence of Hepatitis B and C infections are also expected to drive demand for liver cancer diagnostics.
Research and investments for better diagnostic solutions coupled with government-backed initiatives are expected to favor market growth over the coming years.
Key Takeaways from Market Study
- Over the next ten years, the global liver cancer diagnostics industry is predicted to expand at a CAGR of 8.2%.
- Liver cancer diagnostic product sales amassed a net worth of nearly US$ 10 Bn in 2020.
- North America is anticipated to account for nearly 35% of global market share.
- Increase in alcohol and tobacco consumption is one of the major causes of rise in liver cancer cases.
- Global liver cancer diagnostics market is estimated to be worth around US$ 22 Bn by the end of 2031.
“Increasing consumption of alcohol and tobacco and rising prevalence of diabetes and obesity are increasing cases of liver cancer, majorly influencing demand for effective liver cancer diagnostics,” says a Fact.MR analyst.
Some of key providers of liver cancer diagnostics, such as Illumina Inc., Foundation Medicine Inc., Danaher Corporation, Sysmex Corporation, and Biocept Inc., etc., have been profiled in this industry survey. Research is ongoing to provide betters care.
- In May 2021, a first-of-its-kind study was launched in Singapore aimed at detecting liver cancer at an early stage. The study will be focusing on using AI algorithms to predict an individual’s risk of developing liver cancer, and will also identify which individuals are at the most risk.
- In September 2021, researchers at the Hiroshima University came up with a study that was based on nearly 160 pediatric liver cancer cases. In this, they discovered molecular markers that would help in understanding and treating the condition of Hepatoblastoma, the most common type of liver cancer in children.
More Valuable Insights Available
This global liver cancer diagnostics survey provides a detailed assessment while providing with the data for historic period (2016-2020) and also predictive insights for the forecast period of 2021-2031.
The report defines the liver cancer diagnostics market in terms of segments to make it comprehensive and effective. The segmentation is on the basis of end user (hospital-associated labs, independent diagnostic laboratories, cancer research institutes, and others) and test type (AFP tests, LFTs, biopsy, and others), across six major regions of the world (North America, Latin America, Europe, Japan, APEJ, and MEA).
Fact.MR’s Domain Knowledge in Healthcare
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed healthcare industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant – Healthcare