Alpha Fetoprotein Testing Market to Grow at a CAGR of 5.5% During the Forecast Period 2020-2025

Alpha-fetoprotein (AFP) Testing Market size in 2019 is estimated to be $5,195million, growing at a CAGR of 5.5% during the forecast period 2020-2025. An alpha-fetoprotein (AFP) test is a blood test that measures the amount of AFP present in blood. It’s usually part of what’s called a triple screen or quad screen in the second trimester of pregnancy. The AFP protein found in humans is encoded by the AFP gene that is located on chromosome 4. AFP tests are commercially available and widely used for testing various cancer related test. Increasing cancer cases and technological advancement are the major factors driving the growth of the market. Moreover, rising disposable income and advancement of R&D activities further enhance the overall market demand for alpha-fetoprotein testing during the forecast period 2020-2025.

Alpha-Fetoprotein (AFP) Testing Market Cancer Segment Analysis – By Type

Based on the Cancer Type , Alpha-fetoprotein (AFP) Testing Market is segmented into Liver Cancer, Testes Cancer, Ovarian Cancer, Biliary Tract Cancer, Stomach Cancer, Pancreatic Cancer, Others. The liver cancer segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 4.8% during the forecast period 2020-2025. According to World Health Organization, about 8 million people are diagnosed with this cancer which is also a leading cause of cancer deaths are contributing to the growth of this segment.

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Alpha-Fetoprotein (AFP) Testing Market Cancer Segment Analysis – By End-Use Industry

Based on the End Use Industry, Alpha-fetoprotein (AFP) Testing Market is segmented into Hospitals, Clinics, Others. In 2019, hospitals held the largest share in the Alpha-fetoprotein (AFP) Treatment Market. This is mainly owing to availability of proper technology for treatment, skilled professional which are contributing to the growth of this segment.

Alpha-Fetoprotein (AFP) Testing Market Cancer Segment Analysis – By Geography

North America dominated the Market share accounting for 45% of the market in 2019. This is mainly owing to increasing incidence of chronic disease and increasing investment for cancer research. According to National Cancer Institute about 1 million cases of cancer are diagnosed in the U.S. which are contributing the growth of this segment.
However, the Asia Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to increasing disposable income and increasing healthcare expenditure.

Alpha-Fetoprotein (AFP) Testing Market Drivers

Increasing Cancer Cases

Increasing cancer cases and rising chronic disease are some factors driving the market growth of this segment. According to World Health Organization, about 18 million people are suffering from cancer which are increasing the market growth of alpha-fetoprotein testing.

Technological Advancement

Increasing technological advancement and rising research in medical are some factor driving the growth of the market. Moreover, increasing research and development activities helps to develop new treatments for multiple diseases are contributing to the growth of Alpha-fetoprotein (AFP) Testing Market.

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Alpha-Fetoprotein (AFP) Testing Market Challenges

Lack of skilled professional and false positive results or false negative results in testing are challenging the growth of the market. Moreover, lack of awareness among are further restraining its market growth during the forecast period 2020-2025.

Alpha-Fetoprotein (AFP) Testing Industry Outlook

Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Alpha-fetoprotein (AFP) Testing Market. Alpha-fetoprotein (AFP) Testing top 10 companies are Biomedical Diagnostics, Abbott Laboratories, Bio-Rad Laboratories, Kreatech Diagnostics, Beckman Coulter, and Roche Diagnostics, Thermo Fisher Scientific, Dickinson and Company, Geno Technology GeneCopoeia, Inc and Sartorius.

Acquisitions/Product Launches:

On 2 January 2017, Dickinson and Company has acquisition with Becton for the development in healthcare sector.
On 7 March 2019, Biomedical Diagnostics Inc. are developing women’s reproductive health issues.

Key Takeaways

In 2019, North America dominates the Alpha-fetoprotein (AFP) Testing Market owing to increasing incidence of chronic disease and increasing investment for cancer research.

Increasing cancer cases and technological advancement is driving the market growth of alpha-fetoprotein testing.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Alpha-fetoprotein (AFP) Testing Market report.

False positive results or false negative results in testing are challenging the growth of the market.

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