The global Liver Cancer Diagnostics Market size is expected to reach USD 17.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.5% from 2021 to 2028. Abbott Laboratories, F. Hoffmann-La Roche Ltd., Qiagen N.V., Thermo Fisher Scientific, Inc., Siemens Healthineers, Becton Dickinson & Company, Illumina, Inc. are some of the key players in this industry. The rising prevalence of liver cancer and the introduction of innovative diagnosis products are propelling the market growth.
According to the data published by Globocan, liver
cancer was the 6th most common type of cancer and, in 2020, around 905,677 new
cases of this life-threatening disease were diagnosed, globally, which lead to
around 830,180 deaths. The most common cause of liver cancer is chronic
(long-term) infection with Hepatitis C Virus (HCV) or Hepatitis B Virus (HBV).
As per the WHO’s estimates, globally, around 71.0 million people have chronic
HCV infection. As per the same source, in 2016, around 399,000 people died from
cirrhosis and primary liver cancer related to HCV infection. Such a high
prevalence and mortality rate of the disease has significantly upsurged the
demand for innovative diagnostic solutions for its timely diagnosis, thus,
supporting market growth.
Furthermore, continuous technological advancements in
the field of oncology diagnostics and increased access to more efficient
diagnosis tools are anticipated to support the market growth throughout the
forecast period. In September 2020, Genetron Holdings Limited, a China-based
oncology diagnostics company, received the FDA’s Breakthrough Device
designation for HCCscreen, a blood-based next-generation sequencing (NGS) test.
This newly launched test is designed for early detection of hepatocellular
carcinoma (HCC) in patients who are suspected to be at high risk for HCC due to
liver cirrhosis and/or chronic HBV infection.
Moreover, continuous public-private initiatives in
several countries to increase screening for early diagnosis of various cancers,
including liver cancer, are expected to create a conducive environment for
market growth. In 2019, Saudi Arabia’s Ministry of Health announced to
undertake several initiatives including, advancements of screening programs,
improving awareness about cancers, and establishing new oncology centers across
the region. In 2019, Cleveland Clinic Abu Dhabi announced to introduce an
enhanced range of liver cancer services in the country to address the growing
demand.
Related Press Release@ Liver Cancer Diagnostics Market Report
Liver Cancer Diagnostics Market
Report Highlights
- By test type, the laboratory tests segment emerged as the largest
segment in 2020 owing to its increased demand for effective diagnosis of
hepatocellular carcinoma
- Based on end use, the hospitals and diagnostic laboratories segment
accounted for the leading revenue share during the forecast period, as
they are the primary centers for the diagnosis and treatment of all
chronic diseases
- North America dominated the market and accounted for the largest revenue
share in 2020. The improved awareness about hepatocellular carcinoma and
high adoption of novel technologies are facilitating the dominance of this
region during the forecast period
- In Asia Pacific, the market is estimated to show the fastest growth
during the study period. This high growth can be attributed to the
presence of a huge target population and developing healthcare
infrastructure in emerging countries
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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