Global liver cancer diagnostics market to grow nearly 2.1x from 2022 to 2032: Fact.MR study
The global liver cancer diagnostics market is expected to grow at a staggering CAGR of 8.2%, reaching USD 26 billion, after an assessment period ranging from 2022 to 2032. According to a recently published report on this industry by Fact .MR, a valuation of US$11.73 billion was projected in fiscal year 2022.
From 2017 to 2021, request for the diagnosis of liver cancer flourished at a growth rate of 7.8%, concluding at US$10.83 billion. The growing adoption of self-medication for the treatment of primary health conditions and the growing preference for dietary supplements in daily consumption are expected to boost the sales of over-the-counter vitamins and dietary supplements.
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Cancer cases have seen a substantial increase in the last decade, and this increase is also expected to continue in this decade. Liver cancer cases have seen a gradual increase as people’s lifestyles have changed drastically over the years. The prevalence of obesity due to unhealthy eating habits is one of the main factors responsible for the increase in liver cancers worldwide.
The increase in tobacco and alcohol consumption is also a major lifestyle change that has promoted the disease, in turn leading to increased demand for effective liver cancer diagnostics. Hepatocellular carcinoma (HCC) diagnosis and liver carcinoma diagnosis are two major diagnostic methods that are in demand and expected to be important in the decade.
Key insights from market research
- Global Liver Cancer Diagnostics Market to Grow Nearly 2.1x Between 2022 and 2032
- LFTs for liver cancer diagnostics are the most sought-after component, flourishing at a CAGR of 8.1%.
- By end-user, the cancer research institutes segment is likely to register a CAGR of around 8%
- The United States is going to become one of the most opportunistic markets, witnessing a significant growth rate throughout the forecast period 2022-2032
“Rising prevalence of cancer in major regions like North America and Europe and recent FDA approvals on new early detection tests for liver cancer are expected to accelerate the market growth.” comments a Fact analyst. Mr.
What makes the US liver cancer diagnostics market a hotspot?
Due to factors such as the presence of eminent vendors, increasing prevalence of related diseases, early acceptance of new methods, etc., the United States is a very attractive market for liver cancer diagnosis. As research in the country picks up pace, an increase in demand for liver cancer diagnostics from cancer research institutes is predicted.
Atezolizumab (Tecentriq) and bevacizumab (Avastin) received FDA approval in June 2020 as initial treatments for people with liver cancer that has spread or cannot be cured surgically. For people with the type of liver cancer known as hepatocellular carcinoma, this new drug appears to be superior to traditional (HCC) treatments.
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Prominent service providers are taking advantage of the rapid digitalization of the landscape to introduce new services equipped with cutting-edge innovative technology. Some notable developments are:
- In August 2021, Illumina, Inc. announced the acquisition of GRAIL, a healthcare company focused on the early and life-saving detection of multiple cancers, but will own GRAIL as a separate company pending ongoing regulatory review of the European Commission.
- In September 2021, the Indian company BDR Pharma announced the launch of the generic cancer drug called Cabozantinib. The drug is said to be useful in the treatment of hepatocellular carcinoma and other types of cancers.
- In June 2022, Adaptimmune and Genetech announced a collaboration through which they would commercialize allogeneic T-cell therapies to treat various cancers. This collaboration could generate around US$3 billion 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 people with liver cancer. The platform would provide patients with access to online medical consultations and medications.
Profiled Key Companies
- Illumina Inc.
- Foundation Medicine Inc.
- Danaher Company
- Sysmex Company
- Biocept inc.
What role does imaging play in the diagnosis of liver cancer?
Imaging is essential for diagnosing cancer because it allows doctors to look at the size and type of tumors. There are many different imaging technologies and procedures to choose from, and imaging for the diagnosis of liver cancer is also a very common diagnostic tool. Fact.MR’s most recent report says researchers are working on new imaging techniques that may be more effective at detecting small cancers.
For example, a TLC-supported team of researchers is working with peptides, which are tiny chemicals that latch onto liver cancer cells. These peptides are connected to dyes visible on a scanner or MRI. Several imaging methods and technologies include:
- Endoscopy for the diagnosis of liver cancer
- Computed tomography (CT) for the diagnosis of liver cancer
- Magnetic resonance imaging (MRI) for the diagnosis of liver cancer
- Ultrasound Imaging for the Diagnosis of Liver Cancer
- MRI imaging tests for the diagnosis of liver cancer
- Laparoscopic tests for the diagnosis of liver cancer
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Key Segments of the Liver Cancer Diagnostics Industry Research
- By type of test:
- AFP testing
- Per end user:
- Hospital laboratories
- Independent diagnostic laboratories
- Cancer research institutes
- By region:
- North America
- Asia Pacific
- The Middle East and Africa
- Latin America
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