Liver Cancer Diagnostics Market Growth Report by 2031
The liver cancer diagnostics market size is projected to reach US$ 20.57 billion by 2031 from US$ 10.78 billion in 2023. The market is expected to register a CAGR of 8.4% during 2023–2031. The rising emergence of new technologies is likely to remain a key trend in the market.
Liver Cancer Diagnostics Market Analysis
As per the CDC, each year in the United States, approximately 24,500 men and 10,000 women develop liver cancer, out of which 18,600 men and 9,000 women die from the disease. The cases of Americans getting liver cancer are rising for several decades. Hepatocellular carcinoma (HCC) is the most common liver cancer in the US. Furthermore, according to the Canada Government, about 1 in 4 Canadian adults (26.6%) are currently living with obesity. Obesity cases are also increasing and with increasing csaes the risk of certain health conditions such as liver damage, diabetes, high blood pressure, and heart disease are also rising.
Liver Cancer Diagnostics Market Overview
In the year 2020, the World Health Organization (WHO) stated that in worldwide, over 10 million deaths happened, out of which one in every six deaths are due to cancer. Additionally, in 2020, liver cancer is one of the most common cancer types, accounting for around 4.7% of all new cancer cases and 8.3% of all cancer deaths. Out of all diagnosed liver cancer cases, 75% to 90% are Hepatocellular carcinoma (HCC) ), which has a more significant impact on cancer-related fatalities. According to the published article in CCO (Chinese Clinical Oncology), hepatocellular cancer (HCC) is a top cause of cancer death worldwide. The most often used procedures for HCC screening are the serum alpha-fetoprotein (AFP) test and liver ultrasound. However, by sensitivity, AFP test has a sensitivity of 25% to 65%, and ultrasound has a sensitivity of over 60%. Liver cancer is a more common cancer, and the cases are increasing. For instance, in the UK, mortality rates from HCC is expected to rise by 14% by 2025, representing the largest increase in any cancer.
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Liver Cancer Diagnostics Market: Strategic Insights
Market Size Value in US$ 9,323.14 Million in 2021 Market Size Value by US$ 15,951.77 Million by 2028 Growth rate CAGR of 8.0% from 2021 to 2028. Forecast Period 2021-2028 Base Year 2021
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Liver Cancer Diagnostics Market: Strategic Insights
![liver-cancer-diagnostics-market](https://www.theinsightpartners.com/assets/rdimages/liver-cancer-diagnostics-market-img1.png)
Market Size Value in | US$ 9,323.14 Million in 2021 |
Market Size Value by | US$ 15,951.77 Million by 2028 |
Growth rate | CAGR of 8.0% from 2021 to 2028. |
Forecast Period | 2021-2028 |
Base Year | 2021 |
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Liver Cancer Diagnostics Market Drivers and Opportunities
Increasing Diagnosis Due to Strategic Initiatives to Favor Market
In June 2020, NCI scientists developed new test for screening hepatocellular carcinoma (HCC), the most common form of liver cancer. This screening involves blood test for investigation of the patient’s previous exposure to certain viruses. Such screening leads to early detection and diagnosis, mainly because cancers in the late or advanced stages are detected, and by then, they are often incurable. Furthermore, NCI also launched the CCR Liver Cancer Program to develop new methods for early detection, diagnosis, and treatment, with the aim to improve HCC patients’ outcomes. Additionally, the National Institutes of Health (NIH) started its clinical trials network to evaluate possible aids and problems of promising new cancer screening technologies and to govern the efficient methods for integrating these innovations into standard care protocols.
Increasing Research And Development (R&D) Expenditure
In 2021, Elecsys GALAD research and development (R&D) expenditure was US$ 14.65 billion and in 2020 it was US$ 13.17 billion. It has increased by 14% on a core basis. Furthermore, F. Hoffmann-La Roche Ltd R&D have increased mainly for late-stage investments in oncology, ophthalmology, and personalized healthcare. Additionally, in June 2020, scientists from National Institutes of Health (NIH) launched blood tests to improve liver cancer screening which are managed by researchers at the National Cancer Institute (NCI). Therefore, the mounting R&D investments and development of diagnostic tests for liver cancer are driving the liver cancer diagnostics market.
Liver Cancer Diagnostics Market Report Segmentation Analysis
Key segments that contributed to the derivation of the liver cancer diagnostics market analysis are type and end-user.
- Based on type, the market is divided into laboratory tests, endoscopy, imaging, biopsy, and others. The laboratory tests segment held a larger market share in 2023.
- Based on the end user, the market is divided into hospitals and diagnostic laboratories, academic and research institutes, and CRO laboratories. The hospitals and diagnostic laboratories segment held a larger market share in 2023.
Liver Cancer Diagnostics Market Share Analysis by Geography
The geographic scope of the liver cancer diagnostics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market and Asia Pacific is anticipated to grow with the highest CAGR in the coming years. The growth of the Asia Pacific market is due to rising senior populations and expanding liver cancer treatment options. Due to the implementation of improved diagnostic procedures for liver cancer in countries such as India and China, the APAC region is expected to have the highest CAGR. As the cost-effectiveness of diagnostic solutions improves, demand for liver cancer diagnostics in independent diagnostic laboratories in APAC is predicted to rise. The above factors will propel the liver cancer diagnostics market.
Liver Cancer Diagnostics Market Report Scope
Liver Cancer Diagnostics Market News and Recent Developments
The liver cancer diagnostics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the liver cancer diagnostics market are listed below:
- Illumina, Inc. launched TruSight oncology test for assessing multiple tumor genes and biomarkers. The TruSight test will soon begin its global launch in Europe. It assesses the tumor genes and biomarkers to discover the specific molecular profile of a patient’s cancer, helping to inform precision medicine decisions. (Source: Illumina, Inc., Press Release, March 2022)
- Perspectum entered a partnership with HepQuant to provide delivery of HepQuant’s liver function evaluation technology via Perspectum’s Contract Research Organization (CRO) services. This collaboration enabled pharmaceutical companies backing clinical trials for liver disease, including liver cirrhosis, non-alcoholic steatohepatitis (NASH), autoimmune liver diseases, and liver cancer to receive imaging and function testing knowledge from Perspectum’s Pharma Solutions. (Source: Perspectum, Press Release, November 2021)
Liver Cancer Diagnostics Market Report Coverage and Deliverables
The “Liver Cancer Diagnostics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Liver cancer diagnostics market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Liver cancer diagnostics market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Liver cancer diagnostics market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments3
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the liver cancer diagnostics market
- Detailed company profiles
![Report Coverage](https://www.theinsightpartners.com/assets/rdimages/report_coverage.png)
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
![Segment Covered](https://www.theinsightpartners.com/assets/rdimages/segment_covered.png)
Segment Covered
Type, and End User
![Regional Scope](https://www.theinsightpartners.com/assets/rdimages/regional_scope.png)
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
![Country Scope](https://www.theinsightpartners.com/assets/rdimages/country_scope.png)
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America has dominated the Liver Cancer Diagnostics market.
Factors such as increasing diagnosis due to strategic initiatives and incasering liver cancer cases will boost the market growth.
The rising emergence of new technologies is likely to remain a key trend in the market.
The liver cancer diagnostics market size is projected to reach US$ 20.57 billion by 2031.
The market is expected to register a CAGR of 8.4% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.