Fact.MR – A Market Research and Competitive Intelligence Provider: The global liver cancer diagnostics market was worth US$ 10 Bn in 2020 and is expected to reach a valuation of US$ 22 Bn through 2031.
Two-Fold Growth Likely for Liver Cancer Diagnostics Market through 2031: Fact.MR
The liver cancer diagnostics market study published by Fact.MR offers a bird’s eye view on the major trends expected to shape future growth prospects. The report incorporates detailed analyses of the prominent drivers, trends and opportunities prevailing for the forthcoming decade across key geographies and segments.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global liver cancer diagnostics market was worth US$ 10 Bn in 2020 and is expected to reach a valuation of US$ 22 Bn through 2031. With increasing cases of liver cancer and consumption of tobacco will drive the demand for liver cancer diagnostics.
The market is expected to register growth at 8.2% CAGR during the forecast period of 2021 to 2031. Regionally, North America is expected to account for 35% of global market through the assessment period.
As per the report published by Fact.MR, the market is expected to expand by 2x by the end of 2031. As instances of cancer have seen a substantial rise over the last decade, liver cancer has seen a gradual increase as lifestyle of people have drastically changed over the years. Obesity due to poor eating habits is one of the major factor bolstering cases of liver cancer across the globe.
Liver carcinoma diagnostics and Hepatocellular carcinoma (HCC) diagnostics are the two major diagnostics methods demanded and are expected to rise in demand with growing cases of liver cancer over the coming years.
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Increasing research and development (R&D) activities to develop technologically advanced diagnostics methods are expected to boost the market. As MRI imaging tests are more accurate, efficient, and affordable, demand for advanced MRI imaging tests is expected to surge over the coming years.
Players in the market are constantly working towards more investments to conduct R&D activities and launch more novel innovations in the industry.
“The global liver cancer diagnostics market is highly driven by novel technological advancement and players are constantly investing in product development to gain an edge over their competitors. Growing focus on personalized medicine and increased investments to develop low cost-benefit biomarkers are expected to create lucrative opportunities for market players,” says the Fact.MR analyst.
Key Takeaways
- The U.S. is expected to lead the global liver cancer diagnostics market as the country has presence of leading players and early adoption of new technologies.
- Germany will emerge as a lucrative market for liver cancer diagnostics owing to the advanced healthcare infrastructure and favorable government reimbursements.
- China is expected to spearhead the growth across East Asia on the back of favorable funding initiatives from government to develop advanced diagnostics tests.
- Hospital associated labs are expected to account for largest revenue share owing to the availability of proper medical equipment and procedures.
Growth Drivers
- Growing cases of liver cancer and rise in the number of private diagnostic cancers will create growth opportunities for liver cancer diagnostics market.
- Rising consumption of alcohol and tobacco due to lifestyle influence is accelerating the rate of cancer diseases associated with lungs and liver, thus generating lucrative opportunities for players operating in the liver cancer diagnostics market.
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Competitive Landscape
Top manufacturers in the global liver cancer diagnosis are investing in research and development activities to provide effective and efficient diagnosis and treatment in the market. Some of the players are adopting other strategies such as mergers, acquisitions, partnerships, and collaborations.
For instance,
- India based BDR Pharma launched its generic cancer drug named as Cabozantinib. The drug is helpful in treating hepatocellular carcinoma and other forms of cancers in September 2021.
- Similarly, Genetech and Adaptimmune have announced their collaboration that will allow them to commercialize allogenic T-cell therapies for treating various types of cancer. The collaboration is expected to provide US$ 3 bn profit for companies involved.
Some of the key players operating in the global liver cancer diagnostics market as profiled by Fact.MR are:
- Illumina Inc.
- Foundation Medicine Inc.
- Danaher Corporation
- Sysmex Corporation
- Biocept Inc.
More Insights on the Liver Cancer Diagnostics Market
A recent study by Fact.MR on the liver cancer diagnostics market offers a 10-year forecast. The study analyzes crucial trends that are currently determining the growth of the liver cancer diagnostics market. In order to gain better understanding, the market is segmented on the basis of:
Test Type
- AFP Tests for Liver Cancer Diagnostics
- LFTs for Liver Cancer Diagnostics
- Biopsy for Liver Cancer Diagnostics
- Others
End User
- Hospital-associated Labs
- Independent Diagnostic Laboratories
- Cancer Research Institutes
- Others
Regions
- North America
- Latin America
- Europe
- Asia Pacific excluding Japan
- Middle East & Africa
Key questions Covered in the Liver Cancer Diagnostics Market Report
- The report offers detailed insights into liver cancer diagnostics demand outlook for 2021-2031.
- The market study also highlights projected sales growth for liver cancer diagnostics market between 2021 and 2031.
- Liver cancer diagnostics market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends, evaluation of current market size, and technological advancements within the industry.
- Liver cancer diagnostics market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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Source: Fact.MR