Liver Cancer Therapeutics Market Size

Liver Cancer Therapeutics Market Analysis

The Liver Cancer Therapeutics Market size is estimated at USD 3.66 billion in 2024, and is expected to reach USD 8.67 billion by 2029, growing at a CAGR of 18.76% during the forecast period (2024-2029).

• The emergence of COVID-19 had a major impact on patients other than COVID-19 due to the high burden on healthcare resources owing to the high infection rate of the SARS-CoV-2 virus. People with liver cancer were also impacted by the pandemic, as due to COVID-19, there was a delay or rescheduling of the diagnostics and treatment procedures. Also, people with comorbidity were at higher risk of contracting COVID-19, which led to a decline in the patient pool in hospitals for treatment and diagnostics of new cases.
• For instance, according to a research study published in February 2021 in PubMed, the normal treatment of patients with liver cancer was significantly impacted by the first wave of the COVID-19 epidemic, and changes to the algorithms for screening, diagnosing, and treating patients may have materially harmed their prognosis during the pandemic. However, as the number of COVID-19 cases decreases, the liver cancer therapeutics market is expected to gain its full growth potential in the coming years due to the increase in research and development for cancer therapeutics and intense competition between the key players to introduce various pipeline assets for liver cancer therapies.
• The major factors driving the market growth include the rising burden of liver cancer, increasing research and development investments for the development of novel therapies, and government initiatives to increase cancer awareness.
• According to the Cancer Australia 2022 statistics, 2,905 new cases of liver cancer were diagnosed in Australia (2,113 males and 792 females) in 2022. Also, a person had a 1 in 103 (or 0.97%) risk of being diagnosed with liver cancer by the age of 85 (1 in 70 or 1.4% for males and 1 in 195 or 0.51% for females) in 2022 in Australia. Hence, the demand for effective and advanced liver cancer therapeutics is expected to increase over the years, fuelling market growth. The change in the current lifestyle led to the exposure of a large population to certain risk factors that contribute to liver cancer. The risk factors include type 2 diabetes, hepatitis, metabolic disorders, excess body weight, alcohol consumption, and smoking, which are further expected to augment the liver cancer therapeutics market's growth over the forecast period.
• Moreover, the increasing research activities and funding in the area are further expected to boost the market's growth as a positive outcome from these studies may pave the way for a novel treatment for liver cancer. For instance, in March 2023, New Castle University Scientists received nearly GBP 6 million (USD 7.4 million) from Cancer Research UK to fund their fight against the disease in adults and children. Patients with liver cancer are estimated to benefit from nearly GBP 2 million (USD 2.4 million).
• Furthermore, various liver cancer awareness campaigns are being conducted, which further paves the path for patient education and the importance of liver cancer therapies, which is expected to fuel the market growth over the forecast period. For instance, in July 2022, Qatar Cancer Society (QCS), in cooperation with Qatar Red Crescent, launched the 'Protect Yourself' campaign to raise awareness of liver cancer. Also, the campaign contained several workshops and speeches aimed at promoting awareness, particularly in workers' centers.
• Therefore, the high burden of liver cancer and its risk factors, coupled with ongoing research and development activities, is expected to boost the market's growth over the forecast period. However, factors such as side effects associated with certain medications, the high cost of cancer therapies, and stringent regulatory scenarios are expected to impede market growth over the forecast period.