A three-pronged approach was followed for deducing the liver cancer diagnostics market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for liver cancer diagnostics market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of liver cancer diagnostics market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The liver cancer diagnostics market was categorized into three segments, namely test type (Laboratory Tests, Imaging, Endoscopy, Biopsy), end-use (Hospitals & Diagnostic Laboratories, Academic & Research Institutes, Pharmaceutical & CRO Laboratories), region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
The liver cancer diagnostics market was segmented into test type, end-use, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The liver cancer diagnostics market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Denmark; Sweden; Norway; Japan; China; India; South Korea; Australia; Thailand; Brazil; Mexico; Argentina; South Africa; UAE; Kuwait; Saudi Arabia.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The liver cancer diagnostics market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Roche -F. Hoffmann-La Roche AG is a multinational healthcare company that operates in two segments: diagnostics and pharmaceuticals. The company is engaged in R&D & production of molecular diagnostic reagents, test kits, and test systems. In addition, it provides automated instruments, software, IT solutions, and consumables, which are extensively used in in vitro research & diagnostics. The company caters to hospitals, private medical laboratories, research laboratories, patients, and practicing physicians.
Qiagen N.V. -Qiagen N.V. is a life science and biotechnology company that delivers sample-to-insight solutions for generating molecular insights. The company’s products help generate valuable insights from complex biological materials, serving hospitals and laboratories across the globe. Its four major customer classes are molecular diagnostics, applied testing, pharmaceutical & biotechnology companies, and academia. The company offers products under two categories: consumables and instrumentation. Qiagen’s products are marketed in more than 130 countries.
Abbott - Abbott is a healthcare company with five core business segments: Pharmaceuticals, Medical Devices, Nutrition, Vascular Care, And Diagnostics. The company is present in more than 150 countries. In September 2017, Abbott completed the acquisition of Alere, Inc. to expand its diagnostics business.
Thermo Fisher Scientific, Inc.- Thermo Fisher Scientific, Inc. is a developer and supplier of analytical equipment, instruments, consumables, reagents, software, & services for various applications, including diagnostics, research, manufacturing, & drug discovery. The company operates across four business segments: Analytical Instruments, Life Sciences Solutions, Specialty Diagnostics, and Laboratory Products & Services. Through the Life Sciences Solutions segment, it provides reagents, consumables, and instruments used in drug discovery, as well as biological & medical research. Through the Analytical Instruments segment, it provides consumables, instruments, software, and services used for a range of applications in the laboratory, on the production line, & in the field. Its Specialty Diagnostics segment offers diagnostic reagents, test kits, instruments, culture media, and associated products to serve customers in healthcare, clinical, pharmaceutical, industrial, & food safety laboratories. Its Laboratory Products and Services segment offers a wide array of laboratory equipment.
Illumina, Inc.- Illumina, Inc.’s primary business includes the development, manufacturing, and distribution of integrated platforms & systems for sequencing. The company is also involved in the analysis and investigation of genomic & proteomic information, determination of biological function, and expression of a gene sequence. It provides NGS platforms for genotyping, sequencing, and gene expression analysis. It has a major presence in North America’s and Europe’s NGS markets. The company is involved in the development of novel sequencing technologies, which are aimed at reducing the cost of sequencing whole genomes. It offers genomic and molecular diagnostic products & services to cater to players in the fields of oncology, microbial genomics, drug development, agrigenomics, forensic genomics, infectious disease surveillance, molecular epidemiology, and translational research involving HLA sequencing & associated applications.
Siemens Healthineers - Siemens Healthineers is a global company that provides healthcare solutions and services. It operates as a subsidiary of Siemens Group of Companies. The company’s business is segmented into laboratory diagnostics, diagnostic imaging, POC diagnostics, ultrasound, advanced therapies, and services. Its R&D activities in healthcare are focused on developing therapies, molecular diagnostics, and genetic services. It is focused on utilizing the potential of imaging solutions in therapy for bridging the gap between diagnostics & therapy in interventional clinical disciplines, cardiology, radiation oncology, and surgery. Its products & solutions include healthcare IT, medical imaging, services, laboratory diagnostics, POC testing, and clinical specialties & diseases. The company is present across Europe, Africa, the Middle East, the Americas, Asia, and Australia.
Becton, Dickinson and Company (BD) - Becton, Dickinson and Company (BD) is actively involved in the development, manufacturing, and distribution of devices, diagnostic products, & laboratory equipment across the globe. The company operates through two subsidiaries: BD Life Sciences and BD Medical. BD Life Sciences provides a range of products for collecting and transporting biospecimens for diagnostic purposes & diagnostic instruments & reagents for detection of infectious & chronic diseases. BD Medical is engaged in the manufacture of medical devices and consumables that are useful in hospital & clinical applications. The company also develops and commercializes clinical & research tools, such as FACS, analyzers, monoclonal antibodies, & cell culture media, for biopharmaceutical companies.
Koninklijke Philips N.V. (Royal Philips) - Koninklijke Philips N.V. (Royal Philips) is a global health technology company. It operates through four reportable segments: diagnosis & treatment, personal health, connected care, and other businesses. The company provides diagnostic imaging solutions, patient monitoring solutions, image-guided therapies, and health informatics solutions. It also focuses on home care and consumer health sectors. The company operates in more than 100 countries globally.
Epigenomics AG - Epigenomics AG develops and commercializes tests for cancer diagnostics using its proprietary DNA methylation biomarker technology. The company offers blood-based testing products for the diagnosis of liver, colorectal, and lung cancer. Epigenomics is conducting R&D to develop diagnostic tests for ovarian, breast, bladder, and prostate cancers. Its business development activities are mostly focused on expediting and supporting pending reimbursement decisions. In addition, its product development business aims to conduct sample and clinical acquisition studies.
Fujifilm Medical Systems U.S.A., Inc. - Fujifilm Medical Systems U.S.A., Inc. provides medical informatics solutions and diagnostic imaging products catering to various needs of healthcare facilities. In August 2020, FUJIFILM Wako Diagnostics U.S.A. Corporation became a part of the FUJIFILM Medical Systems U.S.A., Inc. to enhance its healthcare portfolio with the addition of various in vitro diagnostics solutions. The company offers HCC risk biomarkers, diagnostic reagents, and research reagents.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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