Liver Cancer Therapeutics Market - Growth, Trends, and Forecasts (2020 - 2025)
The major factors for the growth of the liver cancer therapeutics market include the rising prevalence of liver cancer, increasing R&D investments for the development of novel therapies, and government initiatives to increase cancer awareness. The change in the current lifestyle has led to the exposure of a large amount of population to certain risk factors that contribute to liver cancer. The risk factors include hepatitis (caused by either the hepatitis B or hepatitis C virus), type 2 diabetes, metabolic disorders and excess body weight, alcohol consumption, and tobacco smoking. Liver cancer risk increases substantially with the increase in one’s body mass index (BMI). More than half of the adult population in the United States falls under the category referred to as overweight. According to American Cancer Society estimates, there would be around 42,810 new liver cancer cases in the United States in 2020. Moreover, the high demand for therapeutic drugs for liver cancer will create wide opportunities for the manufacturers to produce more drugs and thereby, the market is expected to witness a high CAGR over the forecast period.
Key Market Trends
Hepatocellular Carcinoma is the Segment by Type is expected to be the Fastest Growing Segment
Hepatocellular carcinoma (HCC) is the most common form of liver cancer, which mostly occurs in people suffering from chronic liver diseases, like cirrhosis. Hepatocellular carcinoma is one of the major causes leading to cancer-related deaths worldwide. It is observed that the Asian and African countries have higher incidence rates of hepatocellular carcinoma than the developed world, due to the disparity in the major risk factors causing hepatocellular carcinoma, such as hepatitis C virus (HCV) and hepatitis B virus (HBV) infection in those regions. As per the data published by the National Organization for Rare Diseases (NORD), there are approximately six new cases of HCC per every 100,000 people in the general population of the United States. With the increase in the incidence of hepatocellular carcinoma, there is expected to be a huge demand for the liver cancer therapeutics. Hence, the rising incidence of cancer and high unmet medical needs are the major factors that drive the market in the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
North America is expected to dominate the market, due to the presence of better healthcare infrastructure and rising geriatric population. According to the estimates of the American Society of Clinical Oncology, there are 42,220 adults who are diagnosed with liver cancer in the United States in 2018, (of which there are 30,610 men and 11,610 women). Hence, the incidence of liver cancer in the United States is increasing This is leading to an increasing demand for liver cancer treatment, which, in turn, is driving the market in the forecast period.
The market studied is a consolidated market, owing to the presence of a few major market players. Market players are focusing on R&D to bring innovative treatments for the treatment of liver cancer. Some of the market players are F. Hoffmann-La Roche Ltd, Bayer AG, Bristol‑Myers Squibb Company, Celsion Corporation, Eisai Inc., Exelixis Inc, F. Hoffmann-La Roche Ltd, Merck & Co Inc. and Eli Lilly and Company.
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