Liver Cancer Therapeutics Market Size Growth Rate:
According to the DataM market research report, the global liver cancer therapeutics market size was valued at USD billion in 2021, it is projected to reach USD billion by 2029, with growth at a CAGR of % over the forecast period 2022-2029.
Liver cancer is a type of malignant hepatic tumor in or on the liver, which may cause due to excessive alcohol intake, diabetes, certain inherited liver diseases, and hepatitis. Symptoms of this cancer appear only when it is in the advanced stage. The most common type of liver cancer is hepatocellular carcinoma, which begins in the main type of liver cell.
The global liver cancer therapeutics market is anticipated to rise at a solid pace in the next couple of years with the availability of novel drugs, the presence of a strong pipeline, and raising public awareness are among the key trends escalating market growth. Besides this, the growing incidence of liver cancer due to the increasing geriatric population and unorganized lifestyle is estimated to provide a fillip to the market.
Market Drivers:
The increasing incidence of liver cancer is expected to expedite the market’s growth during the forecast period. Alcohol & tobacco consumption, smoking, and environmental factors in developed nations are some of the reasons for the prevalence of cancer. The increasing urbanization is expected to bolster the market’s healthy growth in the forecast period. As per the GLOBOCAN data, globally, in 2020, there were around 905,677 (4.7%) new liver cancer cases and 830,180 (8.3%) deaths due to liver cancer. In addition, the high demand for therapeutic drugs for liver cancer will create vast opportunities for the market players to produce more drugs, and thereby, the market is expected to witness significant growth over the forecast period.
Market Restraints:
Stringent regulatory approvals to ensure the safety of drugs and the cost of these drugs may hamper the growth of the liver cancer therapeutics market during the forecast period. For instance, in March 2017, ArQule, Inc’s product- tivantinib, did not clear the phase 3 clinical trial for hepatocellular carcinoma (HCC) in Japan as it did not meet its primary endpoint of progression-free survival (PFS).
Market Opportunities:
Cancer research and development to provide advanced patient care is accelerating year by year. Innovative experiments leading to combination therapy with new or existing drug molecules have shown to rise in the pipeline candidates for liver cancer treatment. Also, strong backing from government and international healthcare organizations for R&D funding is likely to contribute to the liver cancer therapeutics market opportunities. This coupled with the growing preference for biosimilars entering the market, is projected to augment the market growth.
COVID-19 Impact Analysis:
Globally, the COVID-19 pandemic has diverted resources from healthcare services for patients with diseases such as cancer. COVID-19 also causes organ dysfunction, complicating cancer treatment. With an outbreak of COVID-19 in most countries worldwide, cancer management modifications have been adopted to accommodate the crisis and minimize the exposure of cancer patients to the infection. According to a research article by Chan S.L. et al., published in Liver Cancer Journal 2020, in patients with hepatocellular carcinoma (HCC), COVID-19 exacerbates existing chronic liver disease and complicates the management of cancer. Cancer patients have a higher risk of infection and worse outcomes, especially those who recently underwent cancer treatment. Furthermore, the study found that the COVID-19 pandemic became a major public health challenge to the integrity of healthcare systems in many countries worldwide, and its negative impact on medical care for cancer patients is a concern. During the COVID-19 pandemic, adjustment of clinical management is necessary to minimize the patient’s risk of the infection and divert resources to handle the outbreak.
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Recent Developments in the Industry:
Market Segmentation:
As per the research analysis, the global liver cancer therapeutics market is segmented by type hepatocellular carcinoma, cholangio carcinoma, hepatoblastoma, other. By therapy into targeted therapy, radiation therapy, immunotherapy, chemotherapy. By equipment the market is further segmented into computed radiography, MRI, sonography, others. By end user into hospitals, clinics, ambulatory surgical centers.
Geographical Classification:
The global liver cancer therapeutics market is segmented into major regions including North America, Europe, South America, Asia Pacific, and Middle East and Africa.
North America Liver Cancer Therapeutics Market:
The rising incidence of liver cancer in the region, the presence of key market players, and the launch of novel products, all of which will influence market growth in the region, are expected to drive the market growth in North America. According to the American Society of Clinical Oncology, approximately 42,220 adults in the United States were diagnosed with liver cancer in 2018. (of which there are 30,610 men and 11,610 women). In the United States, in 2020, there were approximately 42,810 new cases of liver cancer. As the number of cases of liver cancer in the United States rises, so will the demand for liver cancer therapeutics in the treatment of the disease.
Increased research and development activities in the development of novel therapeutics for the liver are expected to drive market growth in the United States. For instance, on May 29th, 2020, the FDA approved atezolizumab (Tecentriq) and bevacizumab (Avastin) as first-line treatments for people with liver cancer that has spread or cannot be treated with surgery.
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Competitive Analysis:
These key market players are adopting various strategies such as mergers and acquisitions, product approvals, and agreements to increase product reach and strengthen their product portfolios, in order to enter or expand their business offerings and competitiveness in the liver cancer therapeutics market. For instance, On January 14, 2019, Exelixis, Inc. announced that the U.S. Food and Drug Administration (FDA) approved CABOMETYX (cabozantinib) tablets for patients with hepatocellular carcinoma (HCC) who have been previously treated with sorafenib. HCC is the most common form of liver cancer and the fastest-rising cause of cancer-related death in the U.S.
Major Companies:
Some of the key players which are contributing to the growth of the market include Amgen, Pfizer Inc., Bristol‑Myers Squibb Company, Eisai Co., Ltd., Exelixis Inc, Merck & Co. Inc., Bayer AG, F. Hoffmann-La Roche Ltd, and Celgene Corporation among others.
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