Analysis of Liver Cancer Diagnostics market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global liver cancer diagnostics market reached a valuation of around US$ 11.73 Bn in 2022 and is slated to accelerate at a CAGR of 8.2% to top US$ 26 Bn by 2032. This noteworthy jump in market size is because of growing investments in research programs in regions like North America & Europe.
North America accounts for a governing market share of around 35% of the global market, primarily due to the increasing prevalence of cancer, which can be linked to the rising healthcare expenditure in the region.
Liver Cancer Diagnostics Market Size (2022)
US$ 11.73 Billion
Projected Market Value (2032F)
US$ 26 Billion
Global Market Growth Rate (2022-2032)
North America Pacific Market Share (2022)
Europe Market Share (2022)
Market Share of Cancer Research Institutes (2022)
Key Companies Profiled
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Instances of cancer have seen a substantial rise over the past decade, and this rise is expected to be seen through this decade as well. Liver cancer cases have seen a gradual increase as the lifestyle of people has changed drastically over the years. The prevalence of obesity due to poor eating habits is one of the major factors responsible for the increase in liver cancer across the world.
Rising consumption of tobacco and alcohol is also a major lifestyle change that has promoted the disease, in turn, giving rise to more demand for effective liver cancer diagnostics. Hepatocellular carcinoma (HCC) diagnostics and liver carcinoma diagnostics are two major diagnostic methods that are in demand and expected to be prominent over the decade. Demand for liver cancer diagnostics is anticipated to rise at a robust CAGR of 8.2% over the 2022 to 2032 forecast period.
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Recent Developments in Imaging Technology Expands the Market Growth for Liver Cancer Diagnostics
Imaging plays a vital role in cancer diagnosis, as it allows medical professionals to explore the extent of tumors and their nature. Imaging for liver cancer diagnostics is also a very popular diagnostic method, and there is a wide array of imaging technologies and techniques to choose from. According to the latest report published by Fact.MR, Scientists are developing new kinds of imaging tests that may be better at detecting small tumors.
For example, one group of TLC-funded researchers is using small molecules, called peptides, which attach to liver cancer cells. These peptides are linked to dyes that can be seen with a CT scan or MRI. Some of the imaging technologies and techniques are:
Demand for imaging in liver cancer diagnostics is anticipated to be significant as imaging technology advances and becomes more accurate, efficient, and affordable. While there are some concerns regarding the constant use of imaging on the body, these constraints are expected to be ironed out as technology advances and research increases.
Demand for computed tomography (CT) scans in liver cancer diagnostics, demand for magnetic resonance imaging (MRI) scans in liver cancer diagnostics, demand for X-rays in liver cancer diagnostics, and demand for ultrasound imaging in liver cancer diagnostics are all expected to see similar growth as their adoption in various diagnostic procedures is developed.
An increase in demand for liver cancer diagnostic procedures is also expected to drive demand for endoscopy in liver cancer diagnostics and demand for laparoscopy tests in liver cancer diagnostics as their application scope increases.
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Rising Laboratory Tests to Develop Novel Treatments are Likely to Fuel Market Growth
Laboratory tests for liver cancer diagnostics are many to choose from, and all of them indicate different aspects of cancer tumors. Lab tests aid in understanding and determining the causes and nature of cancer, and can be crucial in planning an effective treatment plan.
Blood tests for liver cancer diagnostics are the most common lab-based tests. Demand for AFP tests for liver cancer diagnostics is moderate, as these tests are most effective in determining the treatment for the disease. Demand for LFTs for liver cancer diagnostics is slightly higher than that of AFP tests, as they provide direct information on the condition of the liver.
Research is bolstering and pioneering new tests that make diagnosis more efficient, accurate, and affordable. The use of growth factors and receptors for liver cancer diagnostics, enzymes and isoenzymes biomarkers for liver cancer diagnostics, and molecular markers for liver cancer diagnostics are some major areas of research that show promise shortly. As research progresses, we are expected to see a rise in the application of these new methods and tests.
New Entrants are Developing Advanced Devices for Early Detection of Liver Cancer
In recent years, there have been several advances in treating liver cancer. While removing liver cancer through surgery can be an effective form of liver cancer treatment for some patients, it’s not suitable for all patients. As researchers continue to uncover new and innovative treatments, doctors have more options to consider for their patients. To gain a competitive edge, the new players are investing in the technologies to develop new tests for the early detection of diagnosed liver cancer.
In terms of Revenue, North America is projected to capture the Governing Share in the Market
This research details the global liver cancer diagnostics landscape across regions such as North America, Latin America, Europe, APAC, and MEA. North America is anticipated to dominate the market with around 35% global liver cancer diagnostics market share. According to the American Cancer Society, in the past few decades, the incidence rates of liver cancer have more than tripled and the death rates have more than doubled during this time. As per the same source, in 2021, around 42,230 new cases of liver cancer are expected to be diagnosed in the U.S., which will lead to around 30,230 deaths.
Demand in Europe is predicted to rise at a steady pace over the decade. Both these regions will see high growth owing to the rising adoption of advanced technology and increasing instances of liver cancer. In 2021, 2.7 million people in the European Union were diagnosed with the disease, and another 1.3 million people lost their lives to it.
The APAC region is anticipated to experience the highest CAGR owing to the adoption of improved diagnostic procedures for liver carcinoma in countries such as India and China. Demand for liver cancer diagnostics in independent diagnostic laboratories in APAC is expected to see a major rise as the cost-effectiveness of diagnostic solutions increases. The MEA market is expected to witness steady growth in demand for liver cancer diagnostics.
Recent FDA Approvals of Novel Technologies Have Augmented the Market Development for Liver Cancer Diagnostics
The U.S. is a highly lucrative market for liver cancer diagnostics, and this can be associated with factors such as the presence of prominent providers, rising prevalence of related diseases, early adoption of novel procedures, etc. Demand for liver cancer diagnostics in cancer research institutes is expected to see a rise as research in the nation picks up pace.
In June 2020, the Food and Drug Administration (FDA) approved atezolizumab (Tecentriq) and bevacizumab (Avastin) as an initial treatment for people with liver cancer that has spread or that can’t be treated with surgery. This new treatment appears to be better than standard therapy for people with a type of liver cancer called hepatocellular carcinoma (HCC).
Soaring Investments in Cancer Research & Favorable Government Initiatives are Likely to Rev up Regional Sales
China is the second-largest economy in the world, and that makes it a huge market for almost everything. The nation has a rising medical tourism industry that is propelling demand for liver cancer diagnostics as well.
Sales of liver cancer diagnosis instruments are also expected to see a rise as the government is backing manufacturers with favorable funding initiatives. Manufacturers of liver cancer diagnostic instruments in China are also investing in the research & development of cost-effective solutions to boost their sales.
In August 2020, Berry Oncology launched a liver cancer early screening product, named “Lai Si Ning.” Based on the Whole-Genome Sequencing Technology of cfDNA, the liquid biopsy can achieve a 95.42 percent sensitivity while maintaining the specificity of 97.91 percent. (To compare, the sensitivity of early liver cancer detection using traditional serum markers and imaging is only 63 percent.)
Hospital-associated labs are expected to account for a majority of the revenue share in the global liver cancer diagnostics industry over the forecast period.
Increasing focus on procedures that require medical surroundings and tests that require hospitalization, and increasing demand for biopsy for liver cancer diagnostics are some of the major factors that are propelling the growth of hospital-associated labs in the market.
Top manufacturers of liver cancer diagnosis instruments are investing in research & development that would aid in diagnosis and treatment more effectively and efficiently.
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The Liver Cancer Diagnostics landscape is slated to reach a valuation of US$ 26 Billion by 2032.
As of 2022, Fact.MR expects the Liver Cancer Diagnostics industry to be valued at US$ 11.73 Billion.
From 2022 to 2032, the Liver Cancer Diagnostics industry is poised to flourish at an 8.2% CAGR.
As per Fact.MR’s projections, the market for Liver Cancer Diagnostics in the U.S will likely expand at a 35% CAGR.
According to Fact.MR, a CAGR of 7.8% was recorded for the Liver Cancer Diagnostics market from 2017-2021.
Cancer Research Institute Segment is expected to grow the fastest, at a CAGR of ~8%.
Based on Test Type, the LFTs for Liver Cancer Diagnostics find their extensive use in the pharmacies segment, documenting an 8.1% value CAGR.
As of 2021, the Liver Cancer Diagnostics market was valued at US$ 10.83 Billion.
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