Liver Cancer Diagnostics Market Growth & Trends
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. 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.
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