Hepatocellular Carcinoma Market Size, Share, By Treatment Type (Chemotherapy, Targeted Therapy, Immunotherapy, Radiotherapy, and Others), By Drug Class (Tyrosine Kinase Inhibitors (TKIs), Multikinase Inhibitors, Monoclonal Antibodies, Immunomodulators, and Others), By Distribution Channel ((Hospital Pharmacies, Retail Pharmacies and Online Pharmacies), and By Region - Trends, Analysis and Forecast till 2034

Hepatocellular carcinoma market size was valued at USD 2.72 Billion in 2024 and is expected to reach USD 10.03 Billion by 2034, growing at a CAGR of 15.4%.

Hepatocellular carcinoma represents the most frequent form of primary liver cancer, amounting to up to 90% of cases. It most often develops in the setting of chronic liver disease and, more commonly, in cirrhosis. Major risk factors for the development of HCC include chronic viral hepatitis-hepatitis B and C-alcohol-related liver disease, NAFLD, and toxins related to aflatoxins. HCC is more common in men than women, and it is particularly prevalent in regions with high infective rates of hepatitis B, such as Southeast Asia and sub-Saharan Africa. Genetic and environmental variables interact very complexly in the pathogenesis of HCC. Indeed, chronic inflammation and destruction of liver cells are associated with repetitive cycles of cell death and regeneration that may finally result in an accumulation of genetic changes. This could activate oncogenes or inactivate tumor suppressor genes to promote malignant transformation of hepatocytes. Indeed, in its advanced course, tumors of HCC may be presented as single masses, multiple nodules, or maybe diffusely distributed through the liver.

Strategies for prevention generally target the major underlying risk factors for HCC and include vaccination against hepatitis B, antiviral treatment of chronic viral hepatitis, reduction of alcohol consumption, and control of metabolic risk factors contributing to NAFLD. In some populations, interventions to reduce aflatoxin exposure from food may decrease the risk of HCC. However, these new targeted prevention strategies and personalized treatment approaches bring hope for improved management against this stubborn foe as knowledge of the biology of HCC evolves.

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Key Drivers of Target Market:

Rising Incidence of Liver Diseases and Cancer

• The rise in liver diseases such as hepatitis B and C, cirrhosis, and non-alcoholic fatty liver disease has increased substantially across the world cases of hepatocellular carcinoma. Liver cancer is among the highest causes of death by cancers; hence, it increases the demand for different radical modes of treatment and options for early diagnosis, which fuels the growth of the market.

Advancements in Targeted and Immunotherapy Treatments

• Technological advances in targeted therapies, such as TKIs and immunotherapies, have revolutionized the treatment paradigm of HCC. These therapies offer superior efficacy and survival rates than conventional chemotherapy; thus, more physicians are adopting these therapeutic options. Innovations in new drugs and personalized medicine approaches further strengthen this market segment.

Increasing Government and Private Sector Investments in Cancer Research

• Increasing government funding, in addition to investments from the private sector in cancer research and treatment development, has resulted in more sophisticated and effective treatment options for HCC. This significantly improves patient outcomes and further expands access to cutting-edge therapies, thereby enhancing the market's growth potential.

Restrains:

High Cost of Advanced Therapies

• The high cost of targeted therapies and immunotherapies remains a major barrier to their wide adoption. This is particularly pertinent in developing regions where healthcare resources can be very rudimentary. Most of these treatments are out of reach for a large portion of the population because of the steep costs associated with their use, which has, therefore, hampered expansion into specific geographies.

Opportunities:

Growing Focus on Early Diagnosis and Screening Programs:

• Early detection of HCC leads to improved survival rates. Increased awareness and the implementation of screening programs, especially in high-risk Hospital Pharmacies, provide solid opportunities for growth in this market. Thus, increasing access to early diagnosis technologies, including imaging and biomarker testing, will also favor the market.

Emerging Markets and Healthcare Infrastructure Development:

• Although the incidence of liver cancer remains relatively high in emerging economies in the Asia Pacific and Latin America, the growth potential for the HCC market is still untapped. Improvement in the healthcare infrastructure of these regions, along with better access to advanced treatments, will open enormous avenues for market players to expand their presence.

The market is segmented based on Treatment Type, Drug Class, Distribution Channel, and Region.

Treatment Type Insights:

• Chemotherapy: This form of treatment uses drugs to try to kill cancerous cells or at least slow down their growth. The only problem is that HCC has become relatively resistant to conventional chemotherapy drugs. Chemotherapy may also be considered for cases in which surgery isn't an option; it might also be administered together with other forms of treatment, including radiation therapy or targeted therapies, to make it more effective.
• Targeted Therapy: It is a treatment that uses drugs that attack only those specific molecules that take part in cancer tumor growth. The TKIs generally used for the treatment of HCC are sorafenib and lenvatinib. These drugs help slow down the disease by interfering with the specific signaling pathways in the cancerous cells.
• Immunotherapy: It allows the body's immune system to recognize and destroy cancer cells. So far, immunotherapies using immune checkpoint inhibitors have had favorable responses in HCC, using drugs like nivolumab and pembrolizumab. This approach often finds its indication in advanced stages of malignancy or when other treatments have failed, offering a new path toward treatment.
• Radiotherapy: It uses high-energy radiation to kill tumorous cells. For HCC, these are usually employed in palliating pain or symptomatic management. More recently, techniques such as SBRT and SIRT have been used to enhance precision and effectiveness.
• Other interventions include ablation techniques like radiofrequency and microwave and embolization techniques such as TACE and TARE. These are minimally invasive and used in cases where surgery or other systemic treatments are impossible.

Drug Class Insights:

• Tyrosine Kinase Inhibitors (TKIs): Tyrosine kinase inhibitors are oral medications that impede tyrosine kinases, enzymes that allow the growth of malignant cells. TKIs that can be used in treating HCC include sorafenib and lenvatinib. These are especially used in advanced stages of the disease. These medicines delay the growth of a tumor and, up to a certain point, lower the mortality rate but can also have adverse effects such as fatigue, diarrhea, and skin reactions.
• Multikinase Inhibitors: Multikinase inhibitors target several kinases in tumor growth, angiogenesis, and metastasis. Regorafenib is the representative multikinase inhibitor tried after first-line treatments, such as sorafenib, which failed. They have wider applications but exhibit adverse effects because of their nonspecific inhibition.
• Monoclonal Antibodies: The immune system fights cancer with monoclonal antibodies artificially prepared in the laboratory. Bevacizumab-atezolizumab inhibits specific proteins like VEGF, or vascular endothelial growth factor, required for tumor growth inhibition. Because of their targeted nature, such therapies are gaining immense popularity in the case of HCC.
• Immunomodulators: Immunomodulators are drugs that enhance the immune response against tumor cells. Examples of immunomodulators that may be used in HCC are checkpoint inhibitors such as nivolumab and pembrolizumab. Such drugs promote overcoming the immune evasion mechanisms of tumor cells, improving the survival of some Hospital Pharmacies.
• Others: This category includes new drug classes such as CAR-T cell therapies, oncolytic virus therapies, and other experimental approaches tested in clinical trials. These drugs represent some of the frontlines of HCC treatment and may, in time, provide future breakthroughs in personalized cancer therapy.

Distribution Channel Insights:

• Hospital Pharmacies: The segment of the hospital pharmacy is considered a major distribution channel in the treatment of HCC, particularly for the care of inpatients, surgeries, and the initiation of treatment with intravenous drugs such as chemotherapy and immunotherapies. This segment is expected to dominate the market owing to the specialty administration of many treatments concerning HCC and the multidisciplinary treatment team in hospitals.
• Retail Pharmacies: Retail pharmacies dispense oral medications like TKIs and other pharmaceuticals, which are taken by the patient and can be administered at home. This channel is quite relevant in outpatient care, especially for stable patients who need further therapy. The importance of retail pharmacies will increase further with the newer oral therapies coming on board.
• Online Pharmacies: The online pharmacy segment represents a growing business, particularly with the growth of telemedicine and direct-to-consumer drug delivery. Convenience, cost savings, and access to more medications are luring patients to online pharmacies in more significant numbers. This trend has accelerated post-pandemic and is expected to continue growing as more HCC treatments become available in oral form.

Regional Insights

• North America: Due to the established healthcare infrastructure, increasing incidence of liver cancer, and high presence of key pharmaceutical players, North America has captured the leading position in the HCC market. High research and development activities and favorable reimbursement policies further increase market demand. The U.S. captures the largest market in this region.
• Asia Pacific: The HCC market in the Asia-Pacific is growing at the fastest rate, owing to the high incidence of liver cancer, especially in countries like China and Japan, due to a higher prevalence of hepatitis infections. Government initiatives for cancer prevention and better access to healthcare have raised the demand for advanced treatments.
• Europe: The European market for HCC is also noteworthy since the increase in the prevalence of cancer, access to new treatments, and prevention of liver diseases raise awareness in this continent. The key contributors to this market include Germany, the U.K., and France due to the continuous clinical research and new drug approvals boosting the growth.
• Latin America: Improvement in diagnostic rates, better awareness regarding the treatment options available for liver cancer, and increased investments in healthcare contribute to the growth of the HCC market in Latin America. Other key markets in this region are Brazil and Mexico due to the gradual introduction of modern therapies within these countries.
• Middle East and Africa: The market for HCC is at a nascent stage, more precisely in the Middle East and Africa. This is majorly driven by the increase in the disease burden due to liver diseases and improvement in healthcare infrastructure. Most parts of the world have not yet been able to receive better therapies; however, continuous efforts to improve cancer care will lead to future growth.

Hepatocellular Carcinoma Market Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study segmented the target market report based on Treatment Type, Drug Class, Distribution Channel, and Region.

Segmentation:

By Treatment Type:

• Chemotherapy
• Targeted Therapy
• Immunotherapy
• Radiotherapy
• Others

By Drug Class:

• Tyrosine Kinase Inhibitors (TKIs)
• Multikinase Inhibitors
• Monoclonal Antibodies
• Immunomodulators
• Others

By Distribution Channel:

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating the Hepatocellular Carcinoma Market include Bristol-Myers Squibb Company, Merck & Co., Inc., Bayer AG, Eli Lilly and Company, F. Hoffmann-La Roche Ltd., Novartis AG, Pfizer Inc., Eisai Co., Ltd., AstraZeneca plc, Johnson & Johnson, Exelixis, Inc., Ipsen Pharma, Amgen Inc., Gilead Sciences, Inc., Sanofi S.A.

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• In July 2024, researchers unveiled a novel biomarker for early detection of hepatocellular carcinoma. The biomarker, derived from a blood-based test, was shown to accurately identify early-stage HCC in high-risk Hospital Pharmacies, particularly those with chronic liver diseases such as hepatitis and cirrhosis. This development has significant implications for improving early diagnosis, as HCC is often detected late when treatment options are limited. This breakthrough is expected to enhance screening programs and drive earlier interventions.
• In May 2024, a new oral tyrosine kinase inhibitor (TKI), lenvatinib, was launched in Europe to treat unresectable hepatocellular carcinoma. This drug, which has shown superior efficacy in clinical trials, offers a new alternative for Hospital Pharmacies not candidates for surgery. Lenvatinib's approval was driven by its ability to extend progression-free survival and improve quality of life. Its launch reflects growing momentum in targeted therapies for HCC, addressing an unmet need in the European market.
• In March 2024, FDA Approval of Combination Therapy for Advanced HCC, the U.S. Food and Drug Administration (FDA) approved a new combination therapy of atezolizumab and bevacizumab for treating advanced hepatocellular carcinoma. This combination leverages immunotherapy and anti-angiogenesis mechanisms to target cancer cells more effectively. The approval was based on promising results from a Phase III clinical trial, which demonstrated improved survival rates and delayed disease progression compared to previous standard therapies. This development represents a significant step forward in first-line treatment options for advanced HCC.

• Bristol-Myers Squibb Company*
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Merck & Co., Inc.
• Bayer AG
• Eli Lilly and Company
• F. Hoffmann-La Roche Ltd.
• Novartis AG
• Pfizer Inc.
• Eisai Co., Ltd.
• AstraZeneca plc
• Johnson & Johnson
• Exelixis, Inc.
• Ipsen Pharma
• Amgen Inc.
• Gilead Sciences, Inc.
• Sanofi S.A.

“*” marked represents similar segmentation in other categories in the respective section.

Research Objective and Assumption

• Research Objectives
• Assumptions
• Abbreviations

Market Preview

• Report Description
  • Market Definition and Scope
• Executive Summary
  • Market Snippet, By Treatment Type
  • Market Snippet, By Drug Class
  • Market Snippet, By Distribution Channel
  • Market Snippet, By Region
• Opportunity Map Analysis

Market Dynamics, Regulations, and Trends Analysis

• Market Dynamics
  • Drivers
  • Restraints
  • Market Opportunities
• Market Trends
• Product Launch
• Merger and Acquisitions
• Impact Analysis
• PEST Analysis
• Porter’s Analysis

Market Segmentation, By Treatment Type, Forecast Period up to 10 Years, (USD Bn)

• Overview
  • Market Value and Forecast (USD Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Chemotherapy
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Targeted Therapy
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Immunotherapy
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Radiotherapy
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Others
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Drug Class, Forecast Period up to 10 Years, (USD Bn)

• Overview
  • Market Value and Forecast (USD Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Tyrosine Kinase Inhibitors (TKIs)
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Multikinase Inhibitors
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Monoclonal Antibodies
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Immunomodulators
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Others
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Distribution Channel, Forecast Period up to 10 Years, (USD Bn)

• Overview
  • Market Value and Forecast (USD Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Segment Trends
• Hospital Pharmacies
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Retail Pharmacies
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
• Online Pharmacies
  • Overview
  • Market Size and Forecast (USD Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Region, Forecast Period up to 10 Years, (USD Bn)

• Overview
  • Market Value and Forecast (USD Bn), and Share Analysis (%), Forecast Period up to 10 Years
  • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
  • Regional Trends
• North America
  • Market Size and Forecast (USD Bn), By Treatment Type, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Drug Class, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Distribution Channel, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • U.S
    • Canada
• Asia Pacific
  • Market Size and Forecast (USD Bn), By Treatment Type, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Drug Class, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Distribution Channel, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • India
    • Japan
    • South Korea
    • China
    • Rest of Asia Pacific
• Europe
  • Market Size and Forecast (USD Bn), By Treatment Type, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Drug Class, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Distribution Channel, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • UK
    • Germany
    • France
    • Russia
    • Italy
    • Rest of Europe
• Latin America
  • Market Size and Forecast (USD Bn), By Treatment Type, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Drug Class, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Distribution Channel, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • Brazil
    • Mexico
    • Rest of Latin America
• Middle East and Africa
  • Market Size and Forecast (USD Bn), By Treatment Type, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Drug Class, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Distribution Channel, Forecast Period up to 10 Years
  • Market Size and Forecast (USD Bn), By Country, Forecast Period up to 10 Years
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East and Africa

Competitive Landscape

• Heat Map Analysis
• Company Profiles

• Bristol-Myers Squibb Company
• Merck & Co., Inc.
• Bayer AG
• Eli Lilly and Company
• F. Hoffmann-La Roche Ltd.
• Novartis AG
• Pfizer Inc.
• Eisai Co., Ltd.
• AstraZeneca plc
• Johnson & Johnson
• Exelixis, Inc.
• Ipsen Pharma
• Amgen Inc.
• Gilead Sciences, Inc.
• Sanofi S.A.

The Last Word

• Future Impact
• About Us
• Contact