Liver Cancer Diagnostics Market Size & Growth Report, 2021, 28

Liver Cancer Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Laboratory Tests, Endoscopy, Imaging, Biopsy, and Others) and End User (Hospitals and Diagnostic Laboratories, Academic and Research Institutes, and CRO Laboratories)

Publication Month : Apr 2022

  • Report Code : TIPRE00003017
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 181
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The liver cancer diagnostics market is projected to reach US$ 15,951.77 million by 2028 from US$ 9,323.14 million in 2021. The market is estimated to grow at a CAGR of 8.0% during 2021 to 2028.

Liver cancer begins in the cells of the liver. Multiple kinds of cancer can form in the liver. Hepatocellular carcinoma is considered the most common liver cancer and starts in the hepatocyte. According to the American Society of Clinical Oncology (ASCO), around 80% of adult primary liver cancers are hepatocellular carcinomas. Other types of liver cancer include hepatoblastoma and intrahepatic cholangiocarcinoma. These are considered to be less common. Liver cancer diagnostics comprises techniques used for liver cancer identification and confirmation.

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Liver Cancer Diagnostics Market: Strategic Insights

Market Size Value inUS$ 9,323.14 Million in 2021
Market Size Value byUS$ 15,951.77 Million by 2028
Growth rateCAGR of 8.0% from 2021 to 2028.
Forecast Period2021-2028
Base Year2021
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The liver cancer diagnostics market growth is attributed to the rising prevalence of liver cancer and increasing R&D investments in the development of novel diagnostic testing. On the other hand, the high cost of technologically advanced liver cancer diagnostic solutions hinders the growth of the market.

Lucrative Regions in Liver Cancer Diagnostics Market

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Market Insights
Rising R&D Investments in Development of Novel Diagnostic Testing

The ability to accurately diagnose liver cancer progression is critical for selecting the appropriate treatment option. Further, various companies and organizations have taken enormous initiatives to develop and implement innovative solutions for the early identification of this disease in response to the rising demand. For instance, in March 2020, Roche Holding AG's Elecsys GALAD score received the US Food and Drug Administration's breakthrough device status for the early detection of an advanced form of liver cancer. The Swiss drugmaker's calculator combines factors including age, gender, and biomarker results to detect early-stage hepatocellular carcinoma, which is the most common form of liver cancer. Further, Elecsys GALAD score is designed to support clinicians by providing them with a timely and accurate diagnosis of hepatocellular carcinoma. The research and development (R&D) expenditure in 2021 was US$ 14.65 billion and in 2020, it was US$ 13.17 billion. The R&D expenditure grew by 14% on a core basis, in F. Hoffmann-La Roche Ltd, mostly driven by late-stage investments in oncology, ophthalmology, and personalized healthcare. In 2021, the R&D investment in the diagnostic division was US$ 1,878.92 million. Similarly, In November 2019, EXACT Sciences Corporation received the Food and Drug Administration’s (FDA) breakthrough designation for its blood-based test for early detection of liver cancer. Additionally, in June 2020, National Institutes of Health (NIH) scientists developed blood tests to help improve liver cancer screening, led by researchers at the National Cancer Institute (NCI). In addition, in June 2019, CancerSEEK, a liquid biopsy test, was designed by researchers at Johns Hopkins University. The test was designed to diagnose multiple cancers, including stomach, liver, ovarian, and esophageal, at an early stage, facilitating early treatment. Therefore, the increasing R&D investments and development of diagnostic tests for the detection of liver cancer are driving the liver cancer diagnostics market.

Type-Based Insights

The global liver cancer diagnostics market, based on type, is segmented into laboratory tests, endoscopy, imaging, biopsy, and others. The market for the laboratory tests segment is further segmented into blood tests and biomarkers. The laboratory tests segment held the largest share of the market in 2021. However, the imaging segment is anticipated to register the CAGR of 8.5% in the market during the forecast period.  

Liver Cancer Diagnostics Market, by Type – 2021 and 2028

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End User-Based Insights

Based on end user, the global liver cancer diagnostics market is segmented into hospitals and diagnostic laboratories, academic and research institutes, and CRO laboratories. The hospitals and diagnostic laboratories segment held the largest share of the market in 2021 as the hospitals provide healthcare facilities through specialized scientific equipment. A team of trained staff is assigned to deal, investigate, and restore the problems associated with modern medical science in the hospital. Various medical research teams are constantly working on introducing innovative technologies related to the diagnostics methods and other activities in the medical field. The patients generally prefer the hospital to take liver cancer treatment due to the availability of advanced treatment options. The hospitals are the point of care for the patients. Moreover, the same segment is anticipated to register a CAGR of 8.5% in the market during the forecast period.

Product launches and approvals are commonly adopted strategies by companies to expand their global footprints and product portfolios to dominate the liver cancer diagnostics market share. Moreover, the market players focus on the partnership strategy to enlarge their clientele, which, in turn, permits them to maintain their brand name globally. The liver cancer diagnostics market share is anticipated to flourish with the development of new innovative products by market players.

Company Profiles

  • Abbott
  • BioMerieux SA
  • Illumina, Inc.
  • Koninklijke Philips N.V
  • Siemens Healthineers AG
  • GE Healthcare
  • Perspectum
  • Helio, Inc.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, and End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

What are liver cancer diagnostics?

The abnormal proliferation of cells in the body is referred to as cancer. Cancer of the liver starts in the cells of the liver. The liver can develop a variety of cancers. Hepatocellular carcinoma is the most prevalent type of liver cancer, and it starts in the hepatocyte. Some liver cancers can be detected through screening in persons who are at high risk but do not have symptoms, but most liver cancers are discovered when they produce symptoms. To detect liver disease, a series of blood tests known as liver function tests and imaging studies are employed.

What are the driving factors for the liver cancer diagnostics market across the globe?

Key factors that are driving the growth of this market are the rising prevalence of liver cancer and rising R&D investments for the development of novel diagnostic testing are expected to boost the market growth for liver cancer diagnostics over the years.

What is the market CAGR value of the liver cancer diagnostics market during the forecast period?

The CAGR value of the liver cancer diagnostics market during the forecasted period of 2021-2028 is 8.0%.

Which type led the liver cancer diagnostics market?

The laboratory tests segment held the largest share of the market in the global liver cancer diagnostics market and held the largest market share of 39.61% in 2021.

Which end user held the largest share in the liver cancer diagnostics market?

The hospitals and diagnostic laboratories segment dominated the global liver cancer diagnostics market and accounted for the largest market share of 48.56% in 2021.

Who are the key players in the Liver Cancer Diagnostics market?

The liver cancer diagnostics market majorly consists of players such as Abbott; bioMerieux SA; F. HOFFMANN-LA ROCHE LTD.; Illumina, Inc.; Koninklijke Philips N.V.; QIAGEN; Siemens Healthineers AG; THERMO FISHER SCIENTIFIC INC.; GE Healthcare; Perspectum; Helio, Inc amongst others.

Which are the top companies that hold the market share in liver cancer diagnostics market?

Koninklijke Philips N.V. and Siemens Healthineers AG are the top two companies that hold huge market shares in the liver cancer diagnostics market.

Which region is expected to witness significant demand for the liver cancer diagnostics market in the coming years?

The North America region secures a substantial share of the global liver cancer diagnostics market. The growth of the market in the region is attributed by the rising prevalence of liver cancer. In North America, the US is the largest market for liver cancer diagnostics. The growth of this market is primarily driven by the growing prevalence of liver cancer diseases, technological advancements and developments in the US are going to accelerate the growth of this market in this country.

What is the COVID 19 impact on the Liver Cancer Diagnostics market in the coming years?

The coronavirus disease 2019 (COVID-19) pandemic has caused unprecedented problems to healthcare systems, and patients with liver cancer (LC) may have been particularly affected. COVID-19 may aggravate pre-existing chronic liver damage in HCC patients, complicating cancer treatment. Cancer patients, especially those who have just completed treatment, are at a higher risk of infection and have a poorer prognosis. The first wave of the COVID-19 epidemic had a huge influence on liver cancer patients' normal care. Patients' outcomes may have been considerably harmed as a result of changes to screening, diagnostic, and treatment algorithms. The benefits and drawbacks of the tactics used will be reported through ongoing data collecting and future analysis, assisting future decision-making. However, in the long run, as the vaccination schedule is established and the transmission rate decreases, healthcare systems will return to normal and is expected to experience increased demand for liver cancer diagnostics.

The List of Companies - Liver Cancer Diagnostic Market

  1. Abbott
  2. BioMerieux SA
  4. Illumina, Inc.
  5. Koninklijke Philips N.V
  7. Siemens Healthineers AG
  9. GE Healthcare
  10. Perspectum
  11. Helio, Inc.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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