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DUBLIN--(BUSINESS WIRE)--Oct 28, 2022--
The "Global Liver Cancer Treatment Market Research and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The global liver cancer treatment market is anticipated to grow at a CAGR of 10.2% during 2022-2028
The rising prevalence of liver cancer due to poor lifestyles such as consumption of alcohol, diseases such as hepatitis C and B, lack of physical activity, and tobacco consumption has been the major factor driving the market growth.
Additionally, the supporting government initiatives, drug development with regards to cancer and increasing health expenditure is another factor driving the market growth. Moreover, the high prevalence of alcohol consumers who are most prone to this cancer has been boosting the market. For instance, as per the National Survey on Drug Use and Health (NSDUH), in 2019, around 85.6% of people ages 18 or older have reported that they drank alcohol at some point in their lifetime.
The complex clinical trials process, high cost of screening tests and treatment along low awareness of the availability of treatments for this cancer act as major restraints for the market growth. However, ongoing improvements in healthcare expenditure, new research and development, technological advancement for cancer treatment, and rising demand for liver cancer treatment are expected to drive the market in developing countries.
Impact of COVID-19 Pandemic on Global Liver Cancer Treatment Market
During the COVID-19 pandemic, the global liver cancer treatment market is hit since December 2019. It has a sudden and dramatic impact on healthcare. Initially, screening for liver cancer was forcefully suspended. The number of cancer surgeries has significantly declined during the pandemic, due to the strict guidelines by the regulatory authorities to avoid all non-emergent surgeries.
Strict guidelines were imposed for the management of hepatocellular carcinoma patients and also declared that HCC patients at a high risk of contracting the infection. Rising government and company funding could aid in the battle against this highly contagious disease. Some businesses are failing, while others are booming.
The pandemic is expected to affect almost every industry. As doctors frontline warriors fighting against COVID-19, all other treatment procedures were postponed except emergency cases. The COVID-19 pandemic shows severe symptoms in people, who are already suffering from chronic disease.
This has impacted that people did not visit the hospital not to get exposed to the virus. The market will witness "V" shape recovery in near future owing to the restart of key industries in major economies.
Segmental Outlook
The global liver cancer treatment market is segmented based on treatment and end-user. Based on the treatment, the market is segmented into liver cancer surgery, tumor ablation, embolization therapy, radiation therapy, targeted therapy, immunotherapy, and chemotherapy. Apart from this, by end-users, the market is segmented into hospitals & clinics, and research centers.
Targeted Therapy Segment projected to hold the significant share in the Global Liver Cancer Treatment Market
Among the treatment for liver cancer, the targeted therapy segment held the highest share in 2020 and is also anticipated to grow during the forecast period. This therapy is primarily focused on killing the targeting tumor cells, and eliminating side effects of the normal cells due to this more recommendation of the targeted drug by hospital and physicians done through prescription.
As per the American cancer society, the targeted drugs include bevacizumab (Avastin), regorafenib (Stivarga), cabozantinib (Cabometyx), or ramucirumab (Cyramza) are possible options for liver cancer treatment.
Regional Outlooks
The global liver cancer treatment market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, and Others), and the Rest of the World (the Middle East and Africa, and Latin America). North America has been predicted to dominate the global liver cancer treatment market owing to the increasing prevalence of liver cancer along with increased risk factors such as Hepatitis C virus infection and alcoholic liver disease in the region.
For instance, as per the American Cancer Society, around 42,230 new cases of liver cancer diagnosis and around 30,230 people death are expected in the US in 2021. Additionally, high adoption of innovative technology, established health infrastructure for research and development and the presence of key pharmaceutical companies are the major factors for the growth of the liver cancer market in the region.
Asia-Pacific is projected to have a considerable growth in the global Liver Cancer Treatment market
The Asia-Pacific is anticipated to grow significantly in the global liver cancer treatment market during the forecast period. The rising geriatric population, increasing healthcare expenditure, increasing incidence and prevalence rate of liver cancer are the factors that are growing the market demand in the region.
As per the report of WHO, in 2020, in the Asia-pacific region, around 656,992 incidences of liver cancer were recorded, which is 72.5% of total cases across the globe. The reason for more new cases of cancers and mortalities is having a huge population base in the region. Besides, around 608,898 mortalities were recorded due to liver cancer in 2020, which was around 73.3%.
Market Players Outlook
The key players of the global liver cancer treatment market include 4SC AG, Alnylam Pharmaceuticals, Inc., Aveo Pharmaceuticals, Inc., Bayer AG, Bristol-Myers Squibb Co., Eli Lilly, and Co., among others.
The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, partnerships, funding, and new product launches, to stay competitive in the market.
For instance, in December 2019, Merck and Co. have acquired ArQule, Inc, for around $2.7 billion. This acquisition was done the strengthened Merck's pipeline in the treatment of patients with cancer.
The Report Covers
Market Segmentation
Global Liver Cancer Treatment Market by Treatment
Global Liver Cancer Treatment Market by End-User
Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/1n12x9
View source version on businesswire.com:https://www.businesswire.com/news/home/20221028005300/en/
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KEYWORD:
INDUSTRY KEYWORD: HOSPITALS HEALTH ONCOLOGY
SOURCE: Research and Markets
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PUB: 10/28/2022 08:55 AM/DISC: 10/28/2022 08:56 AM
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