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.
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.
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.
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 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.
Report Attribute |
Details |
Market size value in 2021 |
USD 10.5 billion |
Revenue forecast in 2028 |
USD 17.4 billion |
Growth Rate |
CAGR of 7.5% from 2021 to 2028 |
Base year for estimation |
2020 |
Historical data |
2016 - 2019 |
Forecast period |
2021 - 2028 |
Quantitative units |
Revenue in USD million and CAGR from 2021 to 2028 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Test type, end-use, region |
Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
Country scope |
U.S.; Canada; U.K.; Germany; Spain; France; Italy; Russia; China; India; Japan; South Korea; Australia; Singapore; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE |
Key companies profiled |
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. |
Customization scope |
Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
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
b. Based on type, laboratory tests accounted for the largest share of 39.5% in 2020. The high market share can be attributed to increased demand for the effective diagnosis of hepatocellular carcinoma.
b. 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.
b. The global liver cancer diagnostics market size was estimated at USD 9.7 billion in 2020 and is expected to reach USD 10.5 billion in 2021.
b. The global liver cancer diagnostics market is expected to witness a compound annual growth rate of 7.5% from 2021 to 2028 to reach USD 17.4 billion in 2028.
b. The major factors driving the liver cancer diagnostics market growth are the introduction of innovative diagnostic products and the rising prevalence of liver cancer.
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With COVID-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for COVID-19 as a key market contributor.
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