Liver Cancer Diagnostics Industry To Expand At A Healthy CAGR Of 8.2% Over The Next Ten Years
In its recent study, Fact.MR projects the global market for liver cancer diagnostics to exhibit a steady rise at 5.5% CAGR throughout the forecast period 2017 to 2022.
The fifth most prevalent cancer, liver cancer, caused 9.1% deaths among the overall population affected with cancer across the globe in 2012. Extreme aggressiveness and poor survival rate related to liver cancer has pushed this disease in becoming a crucial health issue worldwide. A slew of risk factors are associated with liver cancer including infection pertaining to hepatitis C virus (HCV), diabetes, obesity, diabetes, obesity, exposure to dietary aflatoxin, alcohol-induced cirrhosis, hepatitis B virus (HBV). With the capability of modification of these risk factors, strong prospects have been offered to lower its prevalence and mortality, by utilizing preventive strategies such as lifestyle modification, and hepatitis immunization. These factors are expected to fuel demand for liver cancer diagnostics across the globe.
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Hepatocellular carcinoma (HCC), or, liver cancer is predicted to cause numerous deaths annually. With an aim of preventing liver cancer in reaching its final stage, the scientists across the world are developing a number of improved treatments as well as vaccines. Newer techniques developed for therapeutics of liver cancer render both liver transplant as well as partial hepatectomy more effective and safer. Leading medical research institutes worldwide are concentrating on development of advanced tests for complete diagnosis of liver cancer. The aforementioned factors are further estimated to drive growth of the global liver cancer diagnostics market over the forecast period.
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Takeaways from the Global Liver Cancer Diagnostics Market
- In terms of revenues, North America will remain the most lucrative region in the global market for liver cancer diagnostics. In addition, liver cancer diagnostics markets in North America and Europe will exhibit expansion at similar CAGRs through 2022.
- Liver cancer diagnostics markets in Japan and MEA will exhibit a sluggish growth during the forecast period.
- Biopsy tests will continue to exhibit the highest CAGR through 2022, among test type in the global market, followed by LFTs.
- AFP test is projected to remain sought-after for liver cancer diagnostics over the forecast period. Revenues from AFP tests are estimated to hold more than half market share in 2017, and are expected to attain 52 BPS in their market share by 2022-end.
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- Hospital-associated labs are expected to remain sought-after in the market for liver cancer diagnostics. Liver cancer diagnostics in the hospital-associated labs are expected to account for largest revenues during the forecast period.
- Independent diagnostic laboratories will continue to be the second most lucrative segment among end-users in the global market for liver cancer diagnostics.
- Diagnosis of liver cancer in cancer research institutes will continue to register the highest CAGR over the forecast period.
The report has also profiled companies that will remain active in expansion of global liver cancer diagnostics market through 2022. These include Illumina, Inc.
Sysmex Corporation, Danaher Corporation, Biocept, Inc., and Foundation Medicine, Inc.
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