Hospital associated labs segment is predicted to hold the largest market share over the forecast period. This is attributed to the increasing number of people visiting hospitals for tests. Cancer research institutes are likely to gain traction among healthcare facilities and patients. This is attributed to continuous research on the development of effective therapeutic methods aimed to reduce mortality rates across the globe.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. North America is anticipated to hold largest market share over the forecast period. This is attributed to advanced healthcare infrastructure and early adoption of novel therapeutic approaches among medical facilities in the region. In addition, a growing base of the target population and continuous research on the development of effective therapeutic methods will drive regional growth.
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The Asia Pacific, on the other hand, is also expected to exhibit significant CAGR owing to the increasing number of patients suffering from the liver problems. Improving healthcare infrastructure in developing economies including India and China and reducing treatment costs is likely to augment regional growth. In addition, supportive initiatives being taken by governments to support manufacturers of medical devices will boost regional growth. According to world cancer research fund, Magnolia witnessed the highest rate of liver cancer in 2018.
Some of the key players of the liver cancer diagnostic industry are Thermo Fisher Scientific, Siemens Healthcare GmbH, Roche Holding AG, Danaher Corporation, and Sysmex Corporation. Companies are adopting business strategies such as acquisitions and mergers to develop advanced screening techniques.
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