Liver Cancer Diagnostics Market: Global Industry Analysis and Forecast (2022-2029)

By 2029, the Liver Cancer Diagnostics Market is expected to reach US $ 2.81 billion, thanks to growth in the industrial product segment. The report analyzes Liver Cancer Diagnostics Market dynamics by region and end-user industries.
Liver Cancer Diagnostics Market Overview:
The abnormal proliferation of cells in the body is referred to as cancer. Cancerous cells can develop in any part of the body and spread to other sections of the body. Cancer of the liver starts in the cells of the liver. The liver can develop a variety of cancers. Hepatocellular carcinoma is the most prevalent type of liver cancer, and it starts in the hepatocyte. Hepatoblastoma and intrahepatic cholangiocarcinoma are two further kinds of liver cancer. These are regarded as less prevalent.

Hepatocellular carcinomas account for over 80% of adult primary liver malignancies, according to the American Society of Clinical Oncology (ASCO). Techniques for detecting liver cancer are included in liver cancer diagnosis and confirmation.

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Liver Cancer Diagnostics Market Dynamics:
Liver Cancer Diagnostics Market size was valued at US$ 1.47 Bn. in 2021 and the total revenue is expected to grow at 8.42% through 2022 to 2029, reaching nearly US$ 2.81 Bn.

Around the world, liver cancer is one of the top causes of cancer-related deaths. According to the American Cancer Society, the incidence of liver cancer has more than tripled in the last few decades, while death rates have more than doubled. According to the same source, roughly 42,230 new instances of liver cancer would be detected in the United States in 2021, resulting in around 30,230 deaths. Chronic viral hepatitis, Cirrhosis, high alcohol consumption, cigarette consumption, and obesity are all key risk factors for this condition. Although early detection and diagnosis of liver cancer are critical for reducing related mortality, there is a significant demand for novel diagnostic tools.

The ability to accurately diagnose the advancement of liver cancer is critical for selecting the best treatment option. Various companies and organizations have taken enormous initiatives to develop and implement innovative solutions for the early identification of this disease in response to the rising demand. Roche got FDA Breakthrough Device Designation for its new Elecsys GALAD score in March 2021.

The Elecsys GALAD score is intended to assist doctors by giving an accurate and prompt diagnosis of hepatocellular cancer. EXACT Sciences Corporation earned FDA breakthrough designation for their blood-based test for early detection of liver cancer in November 2021. CancerSEEK, a liquid biopsy test developed by Johns Hopkins University researchers, was launched in June 2021. The test was created to detect cancers such as stomach, liver, ovarian, and esophageal cancers at an early stage, allowing for early treatment.

The global liver cancer diagnostics market is expected to grow due to an increase in the prevalence of liver cancer, high alcohol consumption, research and development activities such as the development of newer techniques for the diagnosis of liver cancer, the availability of effective cancer treatments, and the adoption of new techniques for the detection of liver cancer. The liver cancer diagnostics market is likely to be hampered by a lack of experienced specialists and a lack of awareness about technical improvements.

Further, to increase companies' market share, key firms are pursuing inorganic growth techniques such as mergers and acquisitions. Exact Sciences, for example, purchased Genomic Health for USD 2.8 billion in July 2021. Exact Sciences bolstered its position in the oncology diagnostics market with this acquisition.
Liver Cancer Diagnostics Market Segment Analysis:
The Industrial products segment is dominating the Test Type segment of the Liver Cancer Diagnostics Market:

The laboratory tests category dominated the market for liver cancer diagnostics in 2021, accounting for 39.5 percent of total revenue. During the forecast period, the segment is expected to increase at the fastest rate. The strong preference for laboratory tests due to their correctness and cost-efficiency can be linked to their big market and expansion. Laboratory tests are also used to assess high-risk patients, determine therapy options, determine disease stages, and determine how well the disease is responding to treatment.

The imaging testing segment had the second-largest revenue share, and it is expected to rise significantly over the research period. Imaging examinations can assist confirm the presence of a tumor in conjunction with laboratory and genetic tests. Computed Tomography (CT) scans, Magnetic Resonance Imaging (MRI) scans, X-rays, ultrasounds, and other radiographic examinations are examples of imaging testing. However, one of the drawbacks of imaging testing is that radiation exposure from the intake of fluorescent and radioactive elements employed in picture production can induce a variety of side effects.

The hospitals and diagnostic laboratories segment are leading the End-User segment of the Liver Cancer Diagnostics Market:

In 2021, the hospitals and diagnostic laboratories segment dominated the market for liver cancer diagnostics, accounting for 82.4 % of revenue. Hospitals are primary care sites for medical disorders such as hepatocellular carcinoma diagnosis and treatment. For disease diagnosis, management, and treatment, the bulk of the population relies on these long-term hospitals. In addition, diagnostic laboratories deliver quick, cost-effective, and highly sensitive results. As a result, they are highly preferred in both established and emerging nations.
Liver Cancer Diagnostics Market Regional Insights:
The Asia Pacific is estimated to dominate the growth of the Liver Cancer Diagnostics Market.

North America dominated the liver cancer diagnostics market in 2021, accounting for 40.6% of revenue, and is expected to continue to do so throughout the forecast period. This region's dominance is due to its well-established healthcare infrastructure, effective health-insurance policies, and widespread use of modern diagnostic technologies. Furthermore, the regional expansion is aided by the presence of major companies on the ground and their ongoing strategic activities. Since of the higher prevalence of hepatocellular carcinoma and strong knowledge about early detection, the United States controls the market share in North America. Further, the high disposable income of individuals and rise in health care investment is estimated to lift the growth of the market in near future.

The objective of the report is to present a comprehensive analysis of the Liver Cancer Diagnostics Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Liver Cancer Diagnostics Market dynamics, structure by analyzing the market segments and projecting the Liver Cancer Diagnostics Market size. Clear representation of competitive analysis of key players by Grade, price, financial position, Grade portfolio, growth strategies, and regional presence in the Liver Cancer Diagnostics Market make the report investor’s guide.
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Global Liver Cancer Diagnostics Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 1.47 Bn.


Forecast Period 2022 to 2029 CAGR:
8.42%
Market Size in 2029:
US $ 2.81 Bn.


 Segments Covered:
by Product
• Laboratory Tests
o Biomarkers
 Oncofetal and Glycoprotein Antigens
 Enzymes and Isoenzymes
 Growth Factors and Receptors
 Molecular Markers
 Pathological Biomarkers
• Imaging Tests
• Endoscopy
• Biopsy


by End User
• Hospitals & Diagnostic Laboratories
• Academic & Research Institutes
• Pharmaceutical & CRO Laboratories
• Poultry and Aquaculture



Liver Cancer Diagnostics Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Liver Cancer Diagnostics Market Key Player
• Abbott Laboratories
• F. Hoffmann-La Roche Ltd.
• Qiagen N.V.
• Thermo Fisher Scientific, Inc.
• Siemens Healthineers
• Becton Dickinson & Company
• Illumina, Inc.
• Koninklijke Philips N.V.
• Epigenomics AG
• Fujifilm Medical Systems U.S.A., Inc.
• Hologic, Inc.
• Thermo Fisher Scientific, Inc.
• Biocept, Inc.
• Danaher
• Foundation Medicine, Inc.,
FAQs:
1. What is the Liver Cancer Diagnostics Market value in 2021?
Ans: Liver Cancer Diagnostics Market value in 2021 was estimated as USD 1.47 Billion.

2. What is the Liver Cancer Diagnostics Market growth?
Ans: The Liver Cancer Diagnostics Market is anticipated to grow with a CAGR of 8.42% in the forecast period and is likely to reach USD 2.81 Billion by the end of 2029.

3. Which segment is expected to dominate the Liver Cancer Diagnostics Market during the forecast period?
Ans: Based on type, laboratory tests accounted for the largest share of 39.5% in 2021. The high market share can be attributed to increased demand for the effective diagnosis of hepatocellular carcinoma.

4. Who are the key players in the Liver Cancer Diagnostics Market?
Ans: Some key players operating in the liver cancer diagnostics market include Abbott Laboratories; F. Hoffmann-La Roche Ltd.; Qiagen N.V.; Thermo Fisher Scientific, Inc.; Siemens Healthineers; Becton Dickinson & Company; Illumina, Inc.; Koninklijke Philips N.V.; Epigenomics AG; and Fujifilm Medical Systems U.S.A., Inc.

5. What is the key driving factor for the growth of the Liver Cancer Diagnostics Market?
Ans: The major factors driving the liver cancer diagnostics market growth are the introduction of innovative diagnostic products and the rising prevalence of liver cancer.