Liver Cancer Diagnostics Market Size to be Worth USD 15.4 Billion by 2025

The global liver cancer diagnostics market size is expected to reach USD 15.4 billion by 2025. The market is projected to expand at a CAGR of 8.1 percent over the estimated time period. Rise in disease incidence coupled with growing demand for novel diagnosis products are thrusting the growth of the market. Hepatocellular Carcinoma (HCC) is the most common type of primary liver cancer in adults. It is among the common causes of death in people with liver cirrhosis and the third-leading cause of cancer deaths across the globe. Poor survival rate and lack of therapies has made this disease a crucial health issue worldwide. Government and some global health organizations are undertaking initiatives to raise awareness regarding liver cancer through various campaigns. These programs aim to create awareness about signs, symptoms, and complications associated with carcinomas.

High costs associated with cancer treatments compared to other diseases have led to increasingly rigid treatment guidelines for expensive drugs and diagnostic tests across various markets. For instance, the Affordable Care Act, designed to improve quality of healthcare and reduce the cost associated with it. This act covers reimbursement for cancer diagnosis and treatment up to a certain extent. Governments in other countries are also taking efforts to overcome challenges, such as cost and access to cancer care. Such efforts and insurance policies that cover cost of diagnosis and treatment of carcinomas are supporting market growth. Newer techniques developed for hepatocellular carcinoma render both liver transplant, as well as surgical resection, more effective and safer. Several etiological factors of HCC such as hepatitis infection and cirrhosis are modifiable and thus present a strong prospect to reduce disease mortality by preventive strategies. Key players and medical institutions are focusing on the development of advanced tests for HCC diagnosis. These factors along with high unmet needs are expected to propel the growth of liver cancer diagnostics market.

Further key findings:

• Increasing awareness about liver cancer across the globe is expected to be the major factor driving the market growth.
• Laboratory tests emerged as the largest segment owing to increased demand for effective diagnostic tests for HCC.
• Oncofetal and Glucoprotein antigens accounted for the largest share in biomarkers segment.
• North America led the global liver cancer diagnostic market in 2017 and will maintain the dominance in future on account of rising awareness about early diagnosis and demand for novel diagnostic tests in the region.
• Illumina, Inc.; Qiagen; F. Hoffmann-La Roche Ltd.; Siemens Healthcare GmbH; and Thermo Fisher Scientific are some of the leading industry participants. – Grand View Research