Liver Cancer Diagnostics Market- Insights & Market Analysis

Global Liver Cancer Diagnostics Market Overview

Global Liver Cancer Diagnostics Market was valued at USD 35.3 Million in 2023 and is expected to reach USD 56.62 Million by the year 2032, at a CAGR of 5.39%.

The liver is the largest organ in the human body. It plays a vital role in removing toxins from the body’s blood supply, maintaining healthy blood sugar levels, and regulating blood clots. The liver regulates most chemical levels in the blood and excretes bile juice which helps in the digestion of fats. The liver processes all of the blood that leaves the stomach and intestines. It breaks down complex substances into simpler substances, and releases nutrients from the blood. The liver also metabolizes drugs into simpler forms that can be absorbed by the rest of the body parts. Moreover, more than 500 vital functions have been identified to be associated with the liver. Several types of cancer can form in the liver but the most predominant type of liver cancer is hepatocellular carcinoma, which originates in the main type of liver cell (hepatocyte). Other types of liver cancer, such as intrahepatic cholangiocarcinoma and hepatoblastoma, are rarely reported. Liver cancer is a result of mutations in the cells of the liver. When these cells begin to grow out of control a tumor is formed which may result in abdominal swelling, white, chalky stools, and localized pain in the upper abdominal. Thus, to detect liver cancer in its early stage and prevent it from spreading to other parts of the body, diagnosis of liver cancer is very important thereby, supporting the growth of the market over the forecast period.

Market Dynamics and Key Factors of Liver Cancer Diagnostics Market

Drivers:

Hepatocellular carcinoma (HCC) is the sixth most diagnosed cancer in the world, which accounts for approximately 6% of all cancer incidences. Approximately 1.5 billion people worldwide have chronic liver disease, mainly due to viral hepatitis and alcoholic, non-alcoholic fatty liver disease. The growing consumption of alcohol and tobacco and sedentary lifestyle are the main factors responsible for the prognosis of liver cancer in many individuals. The accurate detection of liver cancer type and its progression are very essential for the determination of appropriate treatment. Moreover, the rise in the number of programs to spread awareness among individuals about the early detection of liver cancer and the supportive government initiatives to provide affordable healthcare services to individuals are the prime factors consolidating the expansion of liver cancer diagnostics over the forecast period.

Hepatocellular carcinoma (HCC) diagnostics and liver carcinoma diagnostics are the two main diagnostics procedures that are currently in demand and are expected to have high demand in the analysis period. According to Statista, the per capita worldwide alcohol consumption is projected to reach 8.1 liters by 2025. In addition, the annual report of WHO states that 830,000 cancer deaths in 2020 were from liver cancer. Furthermore, Hepatitis B is a type of human papillomavirus (HPV) that increases the risk of liver cancer. All these factors are pointing towards the upcoming rise in the number of individuals getting diagnosed with liver cancer thus, the demand for liver cancer diagnostic is going to increase in the forecast period, thereby strengthening the expansion of the market.

Restraints:

The high cost of various diagnostic tests is the key impediment to the growth of the liver cancer diagnostic market during the forecast period. Certain diagnostics options are expensive in developing countries such as Brazil, Africa, Bangladesh, Pakistan, and India. Furthermore, many insurance companies do not fund the diagnostic tests that are used to diagnose cancer. As a result, patients from the middle class cannot easily afford these tests, thus stifling the growth of the liver cancer diagnostic market in these regions. The lack of public awareness about the benefits of liver cancer diagnostic procedures, as well as certain people's refusal to undergo diagnostic tests, would negatively impact the market growth over the analyzed period.

Opportunities:

The rising frequency of liver cancer and increased awareness of diagnostic tests in developed nations is generating a profitable opportunity for liver cancer diagnostics market participants. There has been an upsurge in funding for research and development activities focused on developing innovative diagnostic methods for the early detection of liver cancer. For instance, technologies such as fluorescent in situ hybridization (FISH), comparative genomic hybridization (CGH), and immunohistochemical (IHC) have modified the way liver cancer is detected. Furthermore, numerous governments have collaborated with service providers to provide affordable diagnostic tests for people with low-income, thus creating a profitable opportunity for market participants.

Market Segmentation

Segmentation Analysis of Liver Cancer Diagnostics Market:

Depending on diagnosis technique, the imaging segment is forecasted to have the highest share of the liver cancer diagnostics market. This segment is projected to reach US$ 14 million by the end of the forecast period. The imaging techniques utilized in liver cancer diagnostics are ultrasonography (US), computed tomography (CT), magnetic resonance imaging (MRI), and positron emission tomography (PET). Hepatocellular carcinoma (HCC) is unique cancer that is mostly diagnosed radiographically without histological confirmation when demonstrating distinctive qualities such as arterial phase hyperenhancement and delayed phase washout. HCC can be detected in its early stage with the help of imaging techniques where pathological evidence can give a fake negative test. This characteristic of imaging technique can help healthcare professionals to detect and eliminate liver cancer in its early stage thus, supporting the development of the imaging segment during the analysis period.

Depending on end-users, the hospital segment is anticipated to lead the liver cancer diagnostics market in the projected period. Hospitals are the primary healthcare services in each economy. Moreover, in several countries these hospitals are backed by governments thus, helping every individual to avail healthcare facilities in affordable prices. For instance, the Central Government of India has launched a plan to support the efforts of State Government programs like the National Programme for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases, and Stroke (NPCDCS) under the commission of the National Health Mission (NHM). The main focus of this program will be infrastructure development, health promotion and awareness generation, early diagnosis, management, and referral to an appropriate level institution/hospital for treatment. The Indian Government has also planned to set up 19 State Cancer Institutes (SCIs) and 20 Tertiary Care Cancer Centers (TCCCs). Similar initiatives are taken by other economies in this region, thus consolidating the expansion of the hospital segment. 

Regional Analysis of Liver Cancer Diagnostics Market:

The European region is anticipated to have the highest share of the liver cancer diagnostics market in the projected period, attributed to the rise in the alcohol-consuming population. According to WHO, the European region accounts for the highest proportion of total ill health and premature death due to alcohol consumption globally. Additionally, the European region is the heaviest-drinking region across the globe, with over one-fifth of the European population aged 15 years and above reporting heavy episodic drinking at least once a week. Heavy episodic drinking is widespread across all of Europe and in almost all age groups, thus these populations are at higher risk of developing liver cancer in their lifetime thereby, supporting the expansion of the liver cancer diagnostics market over the forecast period.

The North American region is expected to have the second-highest share of the liver cancer diagnostics market during the analysis period attributed to the increasing prevalence of liver cancer among individuals. According to CDC, in the United States, approximately 24,500 men and 10,000 women are diagnosed with liver cancer every year, and about 18,600 men and 9,000 women die from it every year. Moreover, to develop diagnostics tests that can detect the presence of liver cancer in its early stage, there has been a rise in government fundings to promote the research and development activities. The rise in alcohol consumption in countries such as the US, Canada, and Mexico are increasing the chances of liver cancer among individuals thus, strengthening the expansion of the liver cancer diagnostic market in this region.

The Asia-Pacific region is forecasted to develop at the highest CAGR in the timespan of the forecast. The growing technological advancement and the ready adoption of these technologies by healthcare sectors of several economies are stimulating the growth of the liver cancer diagnostics market in this region. In China, more than 410,000 individuals are diagnosed with liver cancer every year and approximately 391,000 individuals die from it. Additionally, China experiences almost half of all new liver cancer cases diagnosed globally. Furthermore, the increasing prevalence of liver cancer in India, and Japan is promoting the development of the liver cancer market in this region.

Players Covered in Liver Cancer Diagnostics Market are:

• Abbott Laboratories (US)
• Becton Dickinson and Company (US)
• F. Hoffmann-La Roche Ltd (Switzerland)
• FUJIFILM Wako Diagnostics U.S.A. Corporation (US)
• Hologic (US)
• Illumina Inc. (US)
• Koninklijke Philips (Netherlands)
• Oncimmune Holdings Plc (UK)
• Qiagen (Germany)
• Siemens Healthineers (Germany)
• Sirtex Medical Ltd. (US)
• Thermo Fischer Scientific Inc. (US)
• BDR Pharmaceuticals Internationals Pvt. Ltd. (India) and others major players.

Key Industry Developments in Liver Cancer Diagnostics Market

• In June 2023, Royal Philips awarded a USD 25.76 million Innovative Health Initiative (IHI) grant to the IMAGIO consortium of clinical partners, consisting of approximately 30 partners. The funding will be used to improve clinical outcomes with interventional oncology innovations focused on lung cancer, liver cancer, and soft tissue sarcomas, aiming to develop less invasive cancer treatments.

• In December 2022, Fujifilm Corporation agreed to acquire Inspirata's digital pathology technology assets, integrating their offerings, customers, and employees. The acquisition aims to strengthen Fujifilm's healthcare partnership by bridging the technological gap between pathology, radiology, and oncology, facilitating a more collaborative approach to care delivery across the enterprise.