Carcinoembryonic Antigen (CEA) Market Is Increasing Tremendously Due To Rising Incidence of Cancer And Growing Demand For Preclinical Detection of Illness Till 2022 | Million Insights

Carcinoembryonic Antigen (CEA) Market Is Increasing Tremendously Due To Rising Incidence of Cancer And Growing Demand For Preclinical Detection of Illness Till 2022 | Million Insights

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According to new report available with Million Insights, the carcinoembryonic antigen industry is estimated to grow at a CAGR of more than 6.6% over the forecast period as the scope and its applications are rising enormously across the globe.

The global Carcinoembryonic Antigen (CEA) Market is expected to reach USD 2.56 Billion by 2022, which is anticipated to grow at a CAGR of more than 6.6% during the forecast period. The market is expected to witness significant growth in the coming few years owing to various key attributes such as growing incidence of cancer and technological advancement regarding the development of novel biomarkers. According to WHO estimates in 2015, globally cancer is the second leading cause of death with over 8.8 million deaths. On the basis of the Age-Standardized rate of incidence, there are approximately 205 new cases of cancer for every 100,000 men and nearly 165 new cases of cancer for every 100,000 femalesin the world. Carcinoembryonic antigens are the most cost effective technique for the preclinical detection of illness.

Technological advancements pertaining to proteomics, which include protein bioinformatics, mass spectroscopy, protein labelling, imaging, and array based approaches, is one of the crucial factors expected to fuel up the market growth. Development of new biomarkers and various immunological techniques such as radioimmunoassay that can be used with carcinoembryonic antigen (CEA) for detection of various types of cancers, and thus also propel the market growth. For instance, the development of tumor markers, which is used in combination with CEA for detection of colorectal cancer. Favorable government initiatives to introduce new diagnostic tools/technologies is anticipated to boost the market growth. Moreover, rising demand for minimally invasive diagnostic procedures to avoid the various post procedure adverse effects impel the growth of this market.

Full Research Report On Global Carcinoembryonic Antigen (CEA) Market Analysis available at: https://www.millioninsights.com/industry-reports/carcinoembryonic-antigen-cea-market

Application Insights

This segment include key application, namely colorectal, ovarian, pancreatic, breast, thyroid and other cancer applications. In 2016, colorectal cancer dominated the market in terms of revenue share. Rising incidence of colorectal cancer and increase sensitivity to detect the antigen are the factors driving the growth of this segment. According to the American Cancer Society, in the U.S colorectal cancer is the third leading cause of death in women and second in men with nearly 95,520 new cases of colon cancer. Furthermore, increased consumption of alcohol, less physical activity, unhealthy diet, and rapidly changing lifestyle also contribute in the growth of colorectal cancer in the recent years.

Breast cancer is another segment experiencing significant growth owing to the factors such as rising female population above 50 years, advancements in biomarkers and increase in number of patients undertaking hormone replacement therapy (HRT), and breast augmentation & reconstruction surgery. Increasing government initiative coupled with rising consumer awareness for different treatment procedures is also driving the growth of the market. Moreover, other breast related diseases such as infections, lesions, and fibrocysts are also expected to contribute towards the growth in early diagnosis.

Regional Insight

Regional segments of CEA market include North America, Europe, Asia Pacific, Latin America and MEA. In 2016, North America dominate the regional market pertaining to various key attributes such as increasing patient awareness, rising incidences of cancer, favorable reimbursement policies, and presence of advanced healthcare infrastructure. According to American Cancer Society in 2017, approximately 1,688,780 new cases of cancer were estimated in the U.S.

Asia Pacific region is expected to grow at lucrative rates during the forecast period owing to the factors such as increasing prevalence of cancer in emerging economies such as Brazil, Russia, India, and China, favorable government initiatives, and significant presence of local players will drive the growth of the market in this region. Asia Pacific has the highest mortality rate accompanied by North America. It has influenced the market in terms of cancer incidence rate affecting large population in 2012 at a changeable rate. Mexico and Brazil in Latin America will witness significant growth in the market owning to the factors such as increase alcohol consumption, excessive smoking, and changing lifestyles.

Competitive Insights

The global carcinoembryonic antigen market is consolidated in nature with extensive mergers and acquisitions. In 2017, Aviva Systems Corporation (ASB), a protein solutions and application provider is offering products for both research and diagnostic market acquired GenWay Biotech, Inc. Some of the key players in this market include F. Hoffmann-La Roche Ltd; GenWay Biotech, Inc.; Abbott; Correlogic Systems, Inc.; Quest Diagnostics, Inc.; Lee BioSolutions; RayBiotech, Inc; Biocare Medical, LLC; and Abcam plc. Industry competition level is expected to remain at moderately high level in the recent years Manufacturers are continuously introducing technologically advanced products that will raise the competition in the market.

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Market Segment:

Carcinoembryonic Antigen Application Outlook (Revenue, USD Million, 2012 – 2022)

        • Colorectal cancer

        • Pancreatic cancer

        • Ovarian cancer

        • Breast cancer

        • Thyroid cancer

        • Others

Carcinoembryonic Antigen Regional Outlook (Revenue, USD Million, 2012 – 2022)

        • North America

                • U.S.

                • Canada

        • Europe

                • Germany

                • France

                • Spain

        • Asia Pacific

                • China

                • Japan

                • India

        • MEA

                • South Africa

        • Latin America

                • Brazil

                • Mexico

Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/biotechnology

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