The global liver cancer diagnostics market is projected to grow at a staggering 8.2% value CAGR, reaching US$ 26 Billion, following an assessment period ranging from 2022-2032. As per a newly published report on this industry by Fact.MR, a valuation of US$ 11.73 Billion has been anticipated during FY 2022.
From 2017-2021, demand for Liver Cancer Diagnostics flourished at a growth rate of 7.8%, concluding at US$ 10.83 Billion. Increasing adoption of self-medication for primary health issues treatment and rising preference for dietary supplements in daily consumption is expected to boost the sales of OTC vitamins & dietary supplements.
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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.
Key Takeaways from the Market Study
- Global liver cancer diagnostics market to expand nearly 2.1x from 2022-2032
- LFTs for liver cancer diagnostics is the most sought-after component, flourishing at an 8.1% CAGR
- By End-user, the Cancer Research Institute Segment is likely to register a CAGR of ~8%
- U.S to emerge as one of the most opportunistic markets, witnessing a significant growth rate throughout the forecast period 2022-2032
“Increasing prevalence of cancer in prominent regions like North America & Europe & recent FDA approvals on the new tests for early detection of liver cancer is projected to accelerate the market growth.” comments an analyst at Fact. MR.
What Makes the US Liver Cancer Diagnostics Market a Hotspot?
Because of things like the presence of eminent providers, the rising prevalence of diseases that are connected, the early acceptance of novel methods, etc., the United States is a very attractive market for liver cancer diagnostics. As research in the country accelerates, a rise in demand for liver cancer diagnostics in cancer research institutions is anticipated.
Atezolizumab (Tecentriq) and bevacizumab (Avastin) were given FDA approval in June 2020 as an initial treatment for persons with liver cancer that has spread or cannot be cured surgically. For those with the kind of liver cancer known as hepatocellular carcinoma, this novel medicine seems to be superior to traditional treatments (HCC).
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Competitive Landscape
Prominent service providers are taking advantage of the rapidly digitizing landscape to introduce new services equipped with cutting-edge innovative technology. Some notable developments are as follows:
- In August 2021, Illumina, Inc. announced the acquisition of GRAIL, a healthcare company focused on life-saving early detection of multiple cancers but will hold GRAIL as a separate company during the European Commission’s ongoing regulatory review.
- In September 2021, India-based BDR Pharma announced the launch of the generic cancer drug called Cabozantinib. The drug is said to be helpful in the treatment of hepatocellular carcinoma and other types of cancers.
- In June 2022, Adaptimmune and Genetech announced a collaboration through which they would be commercializing allogeneic T-cell therapies to treat various cancers. This collaboration could generate around US$ 3 Bn for the companies involved.
- In August 2021, 111, a digital health platform, entered into a strategic cooperation agreement with Suzhou Zelgen Biopharmaceuticals Co. to develop a virtual platform for liver cancer-affected individuals. The platform would provide patients access to online doctor consultations and medicines.
Key Companies Profiled
- Illumina Inc.
- Foundation Medicine Inc.
- Danaher Corporation
- Sysmex Corporation
- Biocept Inc.
What Role Does Imaging Play in Liver Cancer Diagnostics?
Imaging is essential for the diagnosis of cancer because it enables doctors to examine the size and kind of tumours. There are many different imaging technologies and procedures to choose from, and imaging for the diagnosis of liver cancer is also a highly common diagnostic tool. The most recent report from Fact.MR claims that researchers are working on novel imaging techniques that may be more effective in finding small cancers.
For instance, one team of researchers supported by TLC is working with peptides, which are tiny chemicals that cling to liver cancer cells. These peptides are connected to dyes that are visible on a CT or MRI scan. Several imaging methods and technologies include:
- Endoscopy for Liver Cancer Diagnostics
- Computed Tomography (CT) Scan for Liver Cancer Diagnostics
- Magnetic Resonance Imaging (MRI) Scan for Liver Cancer Diagnostics
- Ultrasound Imaging for Liver Cancer Diagnostics
- MRI Imaging Tests for Liver Cancer Diagnostics
- Laparoscopy Tests for Liver Cancer Diagnostics
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Key Segments in Liver Cancer Diagnostics Industry Research
- By Test Type :
- AFP Tests
- LFTs
- Biopsy
- Others
- By End User :
- Hospital-associated Labs
- Independent Diagnostic Laboratories
- Cancer Research Institutes
- Others
- By Region :
- North America
- Europe
- Asia Pacific
- The Middle East & Africa
- Latin America
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