Liver Cancer Treatment Market to Grow Rapidly; Heavy Demand for Novel Therapeutics to Foster Growth
The increasing prevalence of liver cancer across the world is a key factor predicted spur opportunities for the market during the forecast period. The increasing development of novel treatment and therapies is likely to enable speedy expansion of the market in the forthcoming years.
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Rising Cases of Chronic liver Diseases to Support Market Growth
The increasing R&D activities for the development of novel treatments is expected to promote the growth of the market. For instance, in April 2017, Bayer HealthCare Pharmaceuticals Inc’s STIVARGA (Regorafenib) received approval from the U.S. Food and Drug Administration for the treatment of patients with hepatocellular carcinoma (HCC) who have been previously treated with sorafenib. The increased government funding for cancer treatment is likely to foster the healthy growth of the market.
According to World Cancer Research Fund International, liver cancer is the fifth most commonly occurring cancer in men and the ninth most commonly occurring cancer in women and there were about 840,000 new liver cancer cases in 2018, globally. In addition, the introduction of innovative therapies by leading market players is likely to create lucrative business opportunities for the market in the forthcoming years. For instance, in November 2018, Eisai China Inc., a Chinese subsidiary of Eisai Co., Ltd announced the launch of the kinase inhibitor LENVIMA which is the first new systemic therapy for the first-line treatment of hepatocellular carcinoma in China.
Nevertheless, the high cost associated with the development of novel therapies is likely to dwindle the growth of the market. Likewise, the stringent drug approval process and adverse side effects associated with cancer treatment medications is expected to restrict the liver cancer treatment market growth during the forecast period.
High Demand for Diagnostic Care to Favor Growth in North America
North America is expected to witness a high growth rate during the forecast period owing to the rising demand for diagnostics care and a large patient population. The growing technological advancement and well-established healthcare facilities are predicted to contribute to the growth of the market in the region. Moreover, the increasing adoption of novel therapeutics and diagnostics is likely to aid the growth of the market in North America. Asia Pacific is predicted to witness significant growth during the forecast period. The increasing cases of liver cancer in India and China. The developing healthcare infrastructure and rising patient population is expected to promote growth in Asia Pacific. In addition, the increasing healthcare spending by the government of India is expected to aid the expansion of the market in Asia Pacific. However, the limited hospital facilities and treatment plans are expected to dampen the growth of the market in Asia Pacific.
August 2019: immunology researchers at the Roswell Park Comprehensive Cancer Centre unveiled a biomarker that describes patients’ response to a common chemotherapy for liver cancer.
The Report Lists the Key Companies Operating in the Liver Cancer Treatment Market:
- Hoffmann-La Roche Ltd
- Sysmex Corporation
- Siemens Healthcare GmbH
- Thermo Fisher Scientific Inc.
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