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Hepatocellular carcinoma surveillance: a health economic evaluation

Clinical and Molecular Hepatology 2026;32(2):536-564.
Published online: January 9, 2026

1Department of Minimally Invasive Interventional Therapy, Liver Cancer Study and Service Group, State Key Laboratory of Oncology in South China, Guangdong Provincial Clinical Research Center for Cancer, Sun Yat-sen University Cancer Center, Guangzhou, China

2Department of Interventional Radiology, Sun Yat-sen Memorial Hospital, Sun Yat-sen University, Guangzhou, China

3Department of Interventional Radiology, the First Affiliated Hospital of Sun Yat-sen University, Guangzhou, China

Corresponding author : Ming Zhao Department of Minimally Invasive Interventional Therapy, Liver Cancer Study and Service Group, State Key Laboratory of Oncology in South China, Guangdong Provincial Clinical Research Center for Cancer, Sun Yat-sen University Cancer Center, 651 Dongfeng East Road, Guangzhou, Guangdong 510060, China Tel: +86-2087343272, Fax: +86-2087343392, E-mail: zhaoming@sysucc.org.cn

Joint first authors.


Editor: Ju Hyun Shim, University of Ulsan, Korea

• Received: September 19, 2025   • Revised: December 29, 2025   • Accepted: January 1, 2026

Copyright © 2026 by The Korean Association for the Study of the Liver

This is an Open Access article distributed under the terms of the Creative Commons Attribution Non-Commercial License (http://creativecommons.org/licenses/by-nc/3.0/) which permits unrestricted non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.

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    Liver International.2026;[Epub]     CrossRef

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Hepatocellular carcinoma surveillance: a health economic evaluation
Clin Mol Hepatol. 2026;32(2):536-564.   Published online January 9, 2026
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Hepatocellular carcinoma surveillance: a health economic evaluation
Clin Mol Hepatol. 2026;32(2):536-564.   Published online January 9, 2026
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Hepatocellular carcinoma surveillance: a health economic evaluation
Image Image Image Image Image Image Image Image
Figure 1. Health economics of hepatocellular carcinoma (HCC) surveillance. Without surveillance, high-risk patients often present with late-stage HCC, limiting treatment options and survival. Semi-annual monitoring improves early detection and survival, supporting cost-effectiveness. Key economic and clinical considerations include shifting etiologies (e.g., MASLD, ARLD), advances in emerging technologies such as artificial intelligence and novel biomarkers, and the importance of adherence, costs, and equity in implementation. Six key aspects related to HCC surveillance were emphasized. ARLD, alcohol-related liver disease; MASLD, metabolic-associated steatotic liver disease.
Figure 2. Global and socioeconomic burden of hepatocellular carcinoma (HCC). On the left, the epidemiology and disease burden of HCC are depicted through crude incidence and mortality rates (per 100,000 population) by region for 2022 on Globocan platform (gco. iarc.fr), highlighting the dominance of East Asia in both cases. It also identifies the rising burden in high body mass index elderly populations and the increasing incidence in low- and middle-income countries (LMICs), especially due to alcohol-related HCC. On the right, the socioeconomic burden is shown, including high medical costs driven by hospitalization and the significant productivity loss due to premature mortality (years of life lost). These factors emphasize the need for cost-effective prevention and surveillance strategies. DALYs, disability-adjusted life years.
Figure 3. Surveillance strategies and cost-effectiveness drivers for hepatocellular carcinoma (HCC). The time intervals for monitoring include a 6-month standard period and 12-month intervals for specific subgroups, with surveillance stopping between the ages of 60 and 70 years. Key surveillance methods include alpha-fetoprotein (AFP) testing and ultrasound (US), aimed at increasing early-stage detection of HCC, facilitating more curative treatments, and reducing mortality. Key cost-effectiveness drivers are highlighted, including the annual incidence rate of HCC (>0.7%), patient adherence (target >19.5%), the sensitivity of ultrasound, especially in cases of obesity or metabolic-associated steatotic liver disease (MASLD), and the potential harms of false positives leading to additional tests. The clinical guidelines foundation from the European Association for the Study of the Liver (EASL), the American Association for the Study of Liver Diseases (AASLD), Asian Pacific Association for the Study of the Liver (APASL) and others provide the basis for these surveillance strategies.
Figure 4. Advancements in hepatocellular carcinoma (HCC) surveillance technologies and their cost-effectiveness. Recent developments in HCC surveillance are emerging, concentrating on their diagnostic precision, cost-efficiency, and incorporation into clinical practice. On the left, various imaging technologies are shown, with magnetic resonance imaging (MRI)/computed tomography (CT) offering high sensitivity but high costs, abbreviated MRI (AMRI) providing a balanced approach of cost and accuracy, and contrast-enhanced US being a cost-effective method for lesion characterization. In the middle, novel biomarkers such as serum and molecular markers contribute to improved risk stratification, exemplified by multi-biomarker models (e.g., GAAD/GALAD). On the right, artificial intelligence (AI)-assisted detection is highlighted, demonstrating a cost-effective increase in diagnostic performance, with an incremental cost-effectiveness ratio of €9,888 per quality adjusted life year (QALY), suggesting significant potential for improving HCC diagnosis. GAAD, gender, age, AFP, and DCP; GALAD, gender, age, AFP, AFP-L3, and DCP.
Figure 5. Transition from universal to risk-stratified precision surveillance for hepatocellular carcinoma (HCC). The customary “one-size-fits-all” approach to universal surveillance (left) is contrasted with a more effective, risk-stratified precision surveillance methodology (right). In the universal model, individuals from a heterogeneous at-risk population, including viral hepatitis, metabolic-associated steatotic liver disease (MASLD)/non-alcoholic fatty liver disease (NAFLD), alcohol-related liver disease (ARLD), and other risk factors, undergo the same surveillance process. This approach results in suboptimal cost-effectiveness. In contrast, risk-stratified surveillance uses tools like FIB-4, APRI, and NFS to categorize individuals into high, standard, and low-risk groups. This tailored approach allows for more targeted utilization of surveillance resources, employing MRI for high-risk individuals, and utilizing less expensive methods such as ultrasound or biomarkers for standard surveillance, with no surveillance for low-risk groups. The risk-stratified strategy achieves the most cost-effective outcomes, with an incremental cost-effectiveness ratio (ICER) of $104,614 per quality-adjusted life year (QALY). APRI, aspartate aminotransferase to platelet ratio index; FIB-4, fibrosis-4 index; NFS, NAFLD fibrosis score.
Figure 6. Improving surveillance adherence through outreach and behavioral economics interventions. The strategies to improve adherence to HCC surveillance and their associated cost-effectiveness. The central problem is low surveillance adherence, with only about 20% of patients following recommended screening protocols. Outreach and navigation interventions, including mailed outreach with presigned orders and patient navigator programs, significantly improve adherence. Behavioral economics interventions, such as “opt-out” framing (where patients are automatically enrolled unless they actively decline) further enhance participation. However, the elimination of financial incentives does not necessarily lead to increased participation. These strategies together result in over 50% adherence, leading to increased early detection, a cost-saving surveillance model, and substantial gains in quality-adjusted life years (QALYs).
Figure 7. Socioeconomic barriers to equitable hepatocellular carcinoma (HCC) care. The key socioeconomic and geographic disparities that impede equitable access to hepatocellular carcinoma (HCC) care are illustrated. At the top, disparities in insurance status lead to later-stage tumor diagnoses in uninsured patients compared to those with insurance, who are more likely to be diagnosed at an earlier stage (~30% higher late-stage presentation in uninsured). Geographic barriers, such as the distance (>30 miles) between rural communities and medical centers, further exacerbate access to care, with urban residents having better access. The bottom section focuses on global disparities, particularly in low- and middle-income countries (LMICs), where challenges such as high burdens of hepatitis B virus (HBV) and hepatitis C virus (HCV), resource scarcity, and weak health systems hinder effective care. Solutions to these issues include international cooperation, price negotiations, and the implementation of cost-effective surveillance and public health programs, which are essential to improving care access in disadvantaged regions. At the bottom, a proposed framework for embedding equity considerations into health economic modeling of HCC surveillance is presented. The outputs can then be synthesized to assess how surveillance interventions perform in terms of both overall efficiency and equity across populations. ICER, incremental cost-effectiveness ratio.
Figure 8. HCC surveillance: summary and future outlook. (A) The current challenges and future strategies for hepatocellular carcinoma (HCC) surveillance are illustrated. On the left, the limitations of standard surveillance methods—such as low patient adherence and reduced sensitivity, especially in populations with metabolic-associated steatotic liver disease (MASLD)—are highlighted. The central section presents the three pillars of future strategy: (1) advanced imaging technologies, (2) novel biomarkers, and (3) AI-assisted detection, all aimed at improving diagnostic accuracy and early detection. Below, implementation strategies, including adherence strategies such as outreach and nudges, and a focus on health equity, are emphasized to address socio-economic and geographic disparities. The right section shows the integrated future solution, which aims to maximize early detection, improve survival, and achieve optimal cost-effectiveness while ensuring equitable access to HCC surveillance globally. (B) A cost-effective surveillance protocol for HCC based on annual risk assessment, incorporating current evidence. The left side depicts a decision pathway for surveillance, while the right side provides four supplementary points to enhance the understanding of the protocol. AFP, alpha-fetoprotein; AI, artificial intelligence; AMRI, abbreviated magnetic resonance imaging; CT, computed tomography; HBV, hepatitis B virus; HCV, hepatitis C virus; MRI, magnetic resonance imaging; NAFLD, non-alcoholic fatty liver disease; US, ultrasound.
Hepatocellular carcinoma surveillance: a health economic evaluation
Characteristic West
East
AASLD [6] EASL [7] APASL [8] KLCA [9] JSH [10] CNLC [11]
High-risk patients Child–Pugh A–B cirrhosis, any etiology Child-Pugh A–B cirrhosis, any etiology Cirrhotic hepatitis patients Chronic hepatitis B, chronic hepatitis C, or cirrhosis Cirrhosis, chronic hepatitis B, or chronic hepatitis C HBV and/or HCV infection, non-alcoholic steatohepatitis, cirrhosis from other causes, those who consume excessive amounts of alcohol, and/or those with a family history of liver cancer, especially males >40 years of age
 Hepatitis B Child–Pugh C cirrhosis, transplant candidate  HBV
 Hepatitis C (viremic or post-SVR)  HCV
 Alcohol associated cirrhosis Non-cirrhotic patients chronic HBV infection, at intermediate or high risk for HCC advanced fibrosis, regardless of the underlying etiology  NASH
 Nonalcoholic steatohepatitis  Genetic hemochromatosis
 Other etiologies  Primary biliary cirrhosis
Child–Pugh C cirrhosis, transplant candidate  A1AT deficiency
Non-cirrhotic chronic hepatitis B  Autoimmune hepatitis
 Man from endemic country* age >40 yr  Other etiologies
 Woman from endemic country* age >50 yr Chronic HBV carriers
 Person from Africa at earlier age  Noncirrhotic (HBsAg positive)
 Family history of HCC  Asian females >50 yr
 PAGE-B score >10  Asian males >40 yr
Insufficient risk and in need of risk stratification models/biomarkers  Africans aged >20 yr
 Hepatitis C and stage 3 fibrosis  History of HCC in the family
 Noncirrhotic NAFLD
Modality Ultrasound+AFP Ultrasound Ultrasound+AFP Ultrasound+AFP Ultrasound+tumor marker Ultrasound+AFP
Interval (mo) 6 6 6 6 3–6 6
Characteristic Description
Strength [59,60] NC-AMRI:
 1. Most time- and cost-saving;
 2. No contrast related risk.
AMRI with gadoxetic acid:
 1. Shorter scan time than full MR.
DCE-AMRI:
 1. Shorter scan time than full MRl;
 2. Evaluation of vascular thrombus;
 3. No requirement of a recall test.
Weakness [59,60] NC-AMRI:
 1. Heavily dependent on DWI (prone to artifacts);
 2. Limited evaluation for vascular thrombus;
 3. Additional recall tests needed.
AMRI with gadoxetic acid:
 1. Additional recall tests needed;
 2. Contrast related risk.
DCE-AMRI:
 1. Contrast related risk.
Meta-analyses of diagnostic performance Author Year Number of studies Pooled sensitivity (%)** Pooled specificity (%)**
Gupta et al. [61] 2021 15 86 (84–88) 94 (91–96)
Kim et al. [62] 2021 10 86 (80–90) 96 (93–98)
Lu et al. [63] 2021 15 84 (78–88) 94 (90–95)
Kim et al. [64] 2021 4 87 (80–94) 94 (90–98)
Chan et al. [65] 2022 22 86.8 (83.9–89.4) 90.3 (87.3–92.7)
Maung et al. [66] 2024 27 86 (83–88) 92 (90–94)
Wang et al. [67] 2025 19 85 (83–87) 93 (91–94)
Ongoing cost-effectiveness trial FASTRAK: ClinicaTrials.gov (NCT05095714)*,[68]
Health-Economic recommendations AMRI used in patients at high risk of HCC (>1.8% per year)§,[44,45,69-71]
Ultrasound visualization score-based approach with AMRI,[72]
Year First author Origin Patients Surveillance method Model Cost-effectiveness results Cost-effectiveness conclusion
2008 Nouso et al. [123] Japan 45-year-old patients with Child–Pugh class A cirrhosis Ultrasound every 6 months Markov model The ICER was $29,900/QALY in a base-case analysis (annual HCC incidence=4%). The cost-effectiveness of HCC surveillance varies between patient subgroups and depends critically on the rate of incidental detection, HCC incidence, and adoption of liver transplantation.
2008 Paul et al. [124] India 194 cirrhotic patients 6-monthly ultrasound and AFP, yearly triple-phase CT Yes, not specific Cost per HCC case detected: $280 (hospital perspective). Direct medical cost (EASL protocol): $1,510/case. The cost of the HCC surveillance program is exorbitant for India and possibly other low/middle-income countries.
2012 Tanaka et al. [125] Japan HCV-related liver cirrhosis patients No surveillance, ultrasound, and contrast-enhanced ultrasound Markov model Compared to ultrasound surveillance, contrast-enhanced ultrasound had an ICER of $24,250/QALY. Both were cost-effective vs. no surveillance. Contrast-enhanced ultrasound surveillance is a cost-effective strategy for liver cirrhosis patients, even compared to standard ultrasound surveillance.
2014 Sangmala et al. [126] Thailand Thai chronic HBV patients Semi-annual ultrasound vs. semi-annual ultrasound+AFP Markov model ICERs vs. no program: ultrasound 118,796 Thai Baht/QALY; ultrasound+AFP 123,451 Thai Baht/QALY. Both ultrasound and ultrasound+AFP are cost-effective. Semi-annual ultrasound is recommended due to lower budget impact.
2016 Kuo et al. [127] Taiwan General population based cohorts in an area with high HCC incidence No surveillance, two-stage biomarker-ultrasound, and mass screening with ultrasound Markov model ICERs vs. no screening: Mass screening with ultrasound $39,825 per life-year gained; two-stage biomarker-ultrasound $49,733 per life-year gained. Mass screening using ultrasound is more cost-effective than two-stage biomarker ultrasound screening. Optimal strategy is biennial screening starting at age 50.
2019 Kim et al. [45] South Korea Patients with compensated cirrhosis (mainly HBV-associated) Semiannual surveillance using MRI with liver-specific contrast vs. ultrasound Markov model At 3% annual HCC incidence, MRI had an ICER of $25,202/QALY compared to ultrasound. ICER was 1.81%. Semiannual MRI surveillance may be more cost-effective than ultrasound in patients with compensated cirrhosis at sufficiently high HCC risk.
2021 Zhang et al. [128] China Simulated cohort of 40-year-old patients with chronic hepatitis B cirrhosis anti-tumor associated antigen autoantibody (TAAb)+AFP vs. ultrasound+AFP Markov model Compared with ultrasound+AFP, TAAb+AFP had an ICER of 127,635 yuan/QALY. It is cost-effective to use TAAb+AFP for early screening in the Chinese population with chronic hepatitis B cirrhosis.
2024 Tan et al. [57] Singapore Simulated 40-year-old at-risk patient cohort No surveillance, ultrasound, and non-contrast-enhanced MRI Markov model The ICER for non-contrast-enhanced MRI compared to ultrasound was SGD 9,479/QALY. Despite superior diagnostic accuracy, non-contrast-enhanced MRI is a less cost-effective strategy than ultrasound for HCC surveillance in the general at-risk population.
2024 Decharatanachart et al. [69] Thailand Cirrhotic patients in Thailand and the United States Non-contrast abbreviated MRI vs. ultrasound+AFP Markov model ICER for abbreviated MRI vs. ultrasound+AFP: $3,667/QALY in Thailand and $37,062/QALY in the United States. Non-contrast abbreviated MRI is a cost-effective strategy for HCC surveillance, especially in those with high HCC risks.
2024 Fang et al. [41] China Chronic hepatitis B patients with virological remission (cirrhosis or advanced fibrosis) Biannual vs. annual surveillance with ultrasound+AFP Markov model Annual surveillance was cost-effective for cirrhosis patients aged 55–70 (ICER $28,076/QALY) and for advanced fibrosis patients aged 40–75 (ICER $4,984/QALY). Annual surveillance was a more cost-effective option than biannual surveillance, providing substantial economic benefits for a slight reduction in effectiveness.
2024 Kowada [95] Japan 50-year-old diabetic patients with MASLD, risk-stratified Various methods including ultrasound, CT, and MRI Markov model In obese diabetic patients with MASH, gadoxetic acid-enhanced MRI was more cost-effective than no screening (ICER, $49,160 per QALY gained). For diabetic patients with MASH cirrhosis, gadoxetic acid-enhanced MRI yields the greatest cost-saving with the highest QALYs and averts the most HCC-related deaths.
2025 Decharatanachart et al. [129] Thailand MASLD patients in Thailand and the United States Using non-invasive tests (FIB-4, VCTE) to initiate HCC surveillance Markov model The FIB-4/VCTE strategy (ICER was $21,113/QALY) was the most cost-effective approach across all patient groups. Using FIB-4/VCTE to initiate HCC surveillance is cost-effective for MASLD patients. FIB-4 alone is a cost-effective alternative if VCTE is unavailable.
2025 Saeoui et al. [130] Thailand Patients with chronic hepatitis B Ultrasound+AFP vs. biomarker strategies (GAAD, GALAD, ASAP) Markov model ASAP every 6 months was the most cost-effective strategy, with an ICER of 76,447 Thai Baht/QALY vs. no surveillance. ASAP every 6 months is the most cost-effective HCC surveillance strategy for patients with chronic hepatitis B, especially for resource-limited settings.
2025 Chen et al. [131] China Chronic hepatitis B cohorts in China, risk-stratified Various active surveillance strategies vs. no surveillance Markov model All surveillance strategies, except quinquennial, were cost-effective for high-risk groups (ICER $28,448–$36,073/QALY). No strategy was cost-effective for the low-risk group. The cost-effectiveness of HCC surveillance in chronic hepatitis B patients varies by risk. A risk-stratified approach could optimize resource allocation.
Table 1. Surveillance modalities as per Western and Eastern guidelines

A1AT, alpha-1 antitrypsin; AASLD, American Association for the Study of Liver Diseases; AFP, alpha-fetoprotein; APASL, Asian Pacific Association for the Study of the Liver; CNLC, China Liver Cancer Staging; EASL, European Association for the Study of the Liver; HBsAg, hepatitis B surface antigen; HBV, hepatitis B virus; HCC, hepatocellular carcinoma; HCV, hepatitis C virus; JSH, Japan Society of Hepatology; KLCA, Korean Liver Cancer Association; NAFLD, nonalcoholic fatty liver disease; NASH, nonalcoholic steatohepatitis; PAGE-B, platelet, age, gender–hepatitis B score; SVR, sustained virologic response.

Endemic country as defined by AASLD hepatitis B virus guidance.

Surveillance can be initiated as early as third decade of life given median age 46 years at HCC diagnosis.

Other risk calculators can be considered, although PAGE-B has been validated in Western populations on antiviral therapy.

Table 2. Summary of AMRI for HCC surveillance

AMRI, abbreviated magnetic resonance imaging; DCE-AMRI, dynamic contrast-enhanced AMRI; DWI, diffusion-weighted imaging; HCC, hepatocellular carcinoma; NC-AMRI, non-contrast AMRI; T2DM, type 2 diabetes mellitus.

The hypothesis posits that employing AMRI as a screening examination for patients with a high risk of HCC (greater than 3% per annum)could enhance the detection rates of tumors at an early stage, amenable to curative treatment, and further demonstrate its costeffectiveness within this demographic.

Risk stratification shall be established and validated through future research, encompassing models that integrate clinical and laboratory assessments.

An investigation was conducted utilizing a Markov model to simulate the outcomes for adults diagnosed with compensated non-alcoholic fatty liver disease (NAFLD) cirrhosis in the United States who are subjected to HCC screening. The study compared various screening strategies, including the combination of ultrasound and visualization score, ultrasound alone, and the absence of surveillance. The analysis revealed that among patients with NAFLD cirrhosis, the strategy incorporating an ultrasound visualization score in conjunction with aMRI was the most cost-effective. This approach yielded an incremental cost-effectiveness ratio (ICER) of $59,005 in comparison to the strategy of no surveillance.

95% confidence intervals.

Table 3. Selected studies on the health economics of HCC screening in Asia

Origins outside Asia are listed in Supplementary Table 2.

AFP, alpha-fetoprotein; ASAP, age, sex, AFP, and PIVKA-II; CT, computed tomography; EASL, European Association for the Study of the Liver; FIB-4, fibrosis-4 index; GAAD, gender, age, AFP, and DCP; GALAD, gender, age, AFP, AFP-L3, and DCP; HBV, hepatitis B virus; HCC, hepatocellular carcinoma; HCV, hepatitis C virus; ICER, incremental costeffectiveness ratio; MASH, metabolic dysfunction–associated steatohepatitis; MASLD, metabolic-dysfunction associated steatotic liver disease; MRI, magnetic resonance imaging; PIVKA-II, protein induced by vitamin K absence or antagonist-II; QALY, quality-adjusted life year; TAAb, tumor-associated antigen autoantibody; VCTE, vibration-controlled transient elastography.