Liver Cancer Diagnostics Market Size, Share & Trends Analysis Report By Type (Laboratory Tests, Imaging Tests, Endoscopy, Biopsy), By End-use, By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global liver cancer diagnostics market size was estimated at USD 9.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.5% from 2021 to 2028. Liver cancer is one of the leading causes of cancer-related deaths around the world. According to the American Cancer Society, in the past few decades, the incidence rates of liver cancer have more than tripled and the death rates have more than doubled during this time. As per the same source, in 2021, around 42,230 new cases of liver cancer are expected to be diagnosed in the U.S., which will lead to around 30,230 deaths. The major risk factors for this disease include chronic viral hepatitis, Cirrhosis, heavy alcohol consumption, tobacco consumption, and obesity. Early screening and diagnosis of liver cancer is the core stone for the control of related mortality, thus, creating a high demand for innovative diagnostics tests.

Accurate detection of the progression of liver cancer is very important for the selection of appropriate treatment. Catering to the increased demand extensive initiatives have been undertaken by various companies and institutions to develop and launch innovative solutions for the early detection of this disease. In March 2020, Roche received the FDA’s Breakthrough Device Designation for its new Elecsys GALAD score. Elecsys GALAD score is designed to support clinicians by providing them with a timely and accurate diagnosis of hepatocellular carcinoma. Similarly, in November 2019, EXACT Sciences Corporation received the FDA’s breakthrough designation for its blood-based test for early detection of liver cancer. Also, in June 2019, CancerSEEK a liquid biopsy test was designed by the researchers at Johns Hopkins University. The test was designed to diagnose multiple cancers including stomach, liver, ovarian, and esophageal among others an early stage, facilitating early treatment.

Moreover, a rise in the number of programs to raise awareness about the early diagnosis of liver cancer is also expected to be a key factor responsible for increasing the demand for its diagnostic products worldwide. In 2018, the National Cancer Institute (NCI) funded a research program at Michigan Medicine to alter the existing liver cancer surveillance and facilitate early detection of liver cancer in the U.S. Also, collaborations and partnerships undertaken by the National Cervical Cancer Coalition, WHO, CDC, the U.S. Preventive Services Task Force, and others for increasing liver cancer screening are among the major factors expected to boost market growth during the forecast period.

However, the high cost of technologically advanced liver cancer diagnostic solutions is anticipated to be a major factor impeding the growth of the market for liver cancer diagnostics. Expensive diagnostics solutions are not easily affordable in developing countries such as Brazil, India, and South Africa. In addition, insurance and reimbursement policies for diagnostic tests are not well-defined in these developing economies. Thus, the patients belonging to the middle-income population, which are generally not covered under any insurance scheme, cannot afford these tests easily.

Test Type Insights

In 2020, the laboratory tests segment dominated the market for liver cancer diagnostics and accounted for the largest revenue share of 39.5%. The segment is projected to grow at the fastest rate during the forecast period. This large share and growth can be attributed to the high preference for laboratory tests due to their accuracy and cost-efficiency. Laboratory tests are also used to screen high-risk patients, identify various treatment options, pinpoint disease stages, and evaluate if the disease is responding to treatment.

The imaging tests segment accounted for the second-largest revenue share and is anticipated to show significant growth throughout the study period. Imaging tests can be supportive tests for laboratory and genetic tests that help confirm the presence of a tumor. Imaging tests include Computed Tomography (CT) scan, Magnetic Resonance Imaging (MRI) scan, X-ray, ultrasound, and other radiographic tests. However, one of the limitations of imaging tests is that radiation exposure can cause various adverse effects due to the ingestion of fluorescent and radioactive materials that are used for image formation.

End-use Insights

The hospitals and diagnostic laboratories segment dominated the market for liver cancer diagnostics in 2020 and accounted for the largest revenue share of 82.4%. Hospitals are primary care settings for the diagnosis and treatment of medical conditions including hepatocellular carcinoma. The majority of the population relies on these long-term facilities for diagnosis, management, and treatment of diseases. Furthermore, diagnostic laboratories provide cost-effective and highly sensitive results in a short time. Thus, are highly preferable in developed as well as emerging economies.

The pharmaceutical and CRO laboratories segment is anticipated to witness the fastest CAGR during the forecast period. This high growth can be attributed to the high demand for liver diagnostics solutions by leading pharmaceutical companies for research purposes. In addition, the growing demand for cost-effective CRO services in the field of hepatocellular carcinoma research is further expected to support the segmental growth.

Regional Insights

North America dominated the liver cancer diagnostics market and accounted for the largest revenue share of 40.1% in 2020 and is projected to remain dominant throughout the forecast period. The dominance of this region is attributed to its well-established healthcare infrastructure, excellent healthcare insurance policies, and high adoption of innovative diagnostic tests. In addition, the local presence of leading players and continuous strategic initiatives by them further supports the regional growth. The U.S. dominates the market share in North America due to the higher prevalence of hepatocellular carcinoma and high awareness of its early detection.

In the Asia Pacific, the market for liver cancer diagnostics is expected to exhibit the highest growth throughout the study period. This high growth can be attributed to the high prevalence of Hepatitis in emerging countries including India and China. Other factors influencing the market growth are increasing government initiatives to increase awareness regarding early detection of liver cancer and rising alcohol and tobacco consumption in the region.

Key Companies & Market Share Insights

Key players are undertaking inorganic growth strategies such as mergers and acquisitions to expand their market share. For instance, in July 2019, Exact Sciences acquired Genomic Health for USD 2.8 Bn. With this acquisition, Exact Sciences enhanced its presence in the oncology diagnostics industry. Some of the prominent players 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

• Fujifilm Medical Systems U.S.A., Inc.

Liver Cancer Diagnostics Market Report Scope 

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global liver cancer diagnostics market report based on test type, end use, and region:

• Test Type Outlook (Revenue, USD Million, 2016 - 2028)

  • Laboratory Tests

    • Biomarkers

      • Oncofetal and Glycoprotein Antigens

      • Enzymes and Isoenzymes

      • Growth Factors and Receptors

      • Molecular Markers

      • Pathological Biomarkers

    • Blood Tests

  • Imaging Tests

  • Endoscopy

  • Biopsy

  • Others 

• End-use Outlook (Revenue, USD Million, 2016 - 2028)

  • Hospitals & Diagnostic Laboratories

  • Academic & Research Institutes

  • Pharmaceutical & CRO Laboratories

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Russia

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

    • Singapore

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia

    • UAE