Global Liver Cancer Therapeutics Market Highlights Over 2022 – 2031
The global liver cancer therapeutics market is estimated to garner significant revenue by growing at a CAGR of 20.2% over the forecast period, i.e., 2022 – 2031. The growth of the market is attributed to growing prevalence of liver cancer over high alcohol consumption, non-alcoholic fatty liver disease, and rise in incidence of hepatitis B infection in developing countries. According to the World Health Organisation, liver cancer was ranked third in the most common causes of cancer death in the world in 2020, causing nearly 830,000 deaths, while in 2019, hepatitis B resulted in an estimated 820,000 deaths globally.
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Moreover, increasing R&D activities and advancement in cancer therapeutics with emergence of targeted therapies, and increasing public awareness leading to higher demand for treatment are further expected to foster the growth of the market.
However, high cost and side effects related to certain liver cancer therapies, such as gastrointestinal diseases, hair loss, fatigue, skin diseases, etc. are one of the key factors restraining the growth of the market. Moreover, limitations in treatment options with several therapies in clinical trial stage are further expected to hinder the market growth.
The market is segmented by type into hepatocellular carcinoma, cholangiocarcinoma, hepatoblastoma, and others, out of which, the hepatocellular carcinoma segment is anticipated to hold the largest market share owing to being the most common type of liver cancer and is caused mainly due to alcohol abuse.
On the basis of therapy, the market is segmented into targeted therapy, radiation therapy, immunotherapy, chemotherapy, and others. Targeted therapy eliminates the side effects associated with other cancer therapies and targeted therapy drugs are largely recommended by healthcare providers. Owing to these factors, the targeted therapy segment is estimated to grow at the highest rate over the forecast period. Furthermore, there are various targeted therapy clinical trials that are ongoing, while several are getting approved as treatment methods rapidly. These factors are further expected to drive the growth of the segment.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Liver Cancer Therapeutics Market Regional Synopsis
Geographically, the global liver cancer therapeutics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is expected to hold the largest market share owing to high awareness about liver cancer, presence of well-established healthcare infrastructure, and easy drug availability. According to the U.S. Centers for Disease Control & Prevention (CDC), around 24,500 men and 10,000 women get affected from liver cancer every year in the U.S., while about 18,600 men and 9,000 women die from the disease.
Asia-Pacific region is projected to witness growth at the highest rate over the forecast period on the back of rapid increase in the liver cancer patients in the region, mainly in highly populated countries, such as India & China, and advancing healthcare. According to the World Cancer Research Fund (WCRF), Mongolia had the highest rate of liver cancer in the world in 2018, while Thailand, China, and South Korea ranked at 8th, 9th, and 10th respectively.
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The global liver cancer therapeutics market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global liver cancer therapeutics market includes the following segments:
- Hepatocellular Carcinoma
- Targeted Therapy
- Radiation Therapy
- Growing prevalence of liver cancer
- Rise in incidence of hepatitis B infection in developing countries
- Increasing R&D activities and advancement in cancer therapeutics
- High cost and side effects related to certain liver cancer therapies
- Limitations in treatment options with several therapies in clinical trial stage
Top Featured Companies Dominating the Market
- Bristol-Myers Squibb Company
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Eisai Co., Ltd.
- Exelixis, Inc.
- Merck Sharp & Dohme Corp. (Merck & Co., Inc.)
- Bayer AG
- Zymeworks Inc.
- F. Hoffmann-La Roche Ltd.
- Celsion Corporation
- Eli Lilly and Company