Carcinoembryonic Antigen (CEA) Market, By Application (Ovarian Cancer, Colorectal Cancer, Pancreatic Cancer, Lung Cancer, Breast Cancer, Thyroid Cancer and Other Cancers) : Growth, Future Prospects, and Competitive Analysis, 2015 - 2027

Carcinoembryonic Antigen Market Insights:

Carcinoembryonic antigen is a tumor marker, especially for cancers of the gastrointestinal tract. carcinoembryonic antigens are glycoproteins that are frequently tested in blood and play a major role in cell adhesion. The majority of colorectal, gastric, and pancreatic cancers, as well as some breast cancer, express carcinoembryonic antigen. Normal carcinoembryonic antigen levels in a healthy adult may increase due to benign disease or smoking. Carcinoembryonic antigen test measures the amount of carcinoembryonic antigen protein in the blood. Also, it is used to diagnose and manage particular types of cancers for instance, cancer of the gastrointestinal tract, colon cancer, breast cancer, and others.

The carcinoembryonic antigen market is expected to cross-market value of USD 2,328.5 million in 2027 from USD 1,753.7 million in 2020. It is expected to grow at a CAGR of over 4.1% during the forecast period.

Key Market Drivers and Restraints      

The global rise in the number of cancer patients especially colorectal cancer is the key driving factor for the growth of the carcinoembryonic antigen market. Increasing demand for preclinical testing for the detection of illness, however carcinoembryonic antigen is the most cost-effective valuation which continues to boosts the demand for testing in the market. The rising disposable income of consumers along with growing life expectancy will eventually result in market growth. Furthermore, the presence of favorable government policies relating to cancer awareness and control by organizations such as the National Cancer Institute and (CPCRN), are expected to positively emphasize market growth.

However, a less productive approach for cancer detection at the initial stage of treatment and less awareness about Carcinoembryonic antigen restraining the carcinoembryonic antigen market growth. Further, ineffective test results of the Carcinoembryonic antigen test for hidden cancers at an early stage may hamper the market growth.

Impact of COVID 19

The COVID-19 pandemic has created a major disruption medical industry. Pharmaceutical companies and hospitals working together with the government to reduce the infection of coronavirus. However, this sudden outbreak of COVID-19 has impacted critically to the field of cancer care. This is attributed to sudden imposition of social distancing, delaying in diagnoses and treatment along halting clinical trials. While healthcare organizations are focusing timely treatment on cancer considering it as essential care along with taking care with minimal coronavirus exposure.

How North America region dominates the global Carcinoembryonic Antigen Market?

The global Carcinoembryonic Antigen Market covers Asia Pacific, Europe, North America, Middle East, and Africa, Latin America regions. North America region dominates the market and accounts for the highest revenue share in the global market. This is attributed to the rising prevalence of cancer and constantly improving healthcare infrastructure. Increasing patient awareness along with relatively higher healthcare expenditure of people in this region boosts the market growth. Growing key player investment in the research and development for technological innovation in the treatment of cancer is expected to continue the dominance in the North America carcinoembryonic antigen market.

The Asia Pacific region is expected to register healthy revenue share in the carcinoembryonic antigen market, one of the critical success factors spurring the growth of the market is promising government initiatives to control cancer diseases. Further, increasing patients awareness about the availability of cost-effective treatments for colorectal cancer is expected to boosts the demand in the forecast period.

Key application areas of the global carcinoembryonic antigen market led by the colorectal cancer

The global carcinoembryonic antigen has a wide range of application areas as Colorectal cancer, Pancreatic cancer, Ovarian cancer, Breast cancer, Thyroid Cancer, and Others. In 2020, the Colorectal cancer segment is accounted for the highest market share of Carcinoembryonic Antigen. However, the Breast cancer segment is expected to grow at the lucrative CAGR during the forecast period owing to the growing number of female populations in an emerging market.

The global carcinoembryonic antigen market is dominated by Hospitals owing to the rise in demand

Rapid growth in a number of cancer patients and cancer incidences continue to rise in developed and developing countries due to which cancer has become the leading cause of death in many parts of the world. According to WHO, nearly 10 million dealths happen every year due to cancer out of which 1.93 million cases were of colon and rectum in the year 2020. Healthcare services are improving and focusing on diagnosing and treating the disease earlier. The primary factor driving the overall increase in incidence are population growth and lengthening life expectancy. Further, growing public awareness of cancer has increased the number of patients who undergo screening. Consumer awareness about the availability of early diagnosis methods making processes more sophisticated which in turn increases the market. This is attributed to the prevention of cancers 30 to 50%.

Frequently asked questions about global industry

Carcinoembryonic Antigen offer wide application areas such as Colorectal cancer, Pancreatic cancer, Ovarian cancer, Breast cancer, Thyroid cancer and Others. Among all the applications, Colorectal cancer segment accounts for the largest market share and continue its dominance in the forecast period.

Some of the leading players operating in carcinoembryonic antigen industry include, F. Hoffmann-La Roche Ltd, Abbott Diagnostics, GenWay Biotech Inc., Quest Diagnostics, Creative Diagnostics, Correlogic Systems, Inc., Omega Diagnostics Group PLC and RayBiotech, Inc. The prominent players in the market focusing on technological innovation and research & development which is expected to boosts the market growth.

The end user industry of carcinoembryonic antigen are hospitals, laboratories and others. Among end user industries, hospitals segment accounts for the major market share in 2020.

North America hold the major revenue share owing to rise in number of cancer patients and rapidly growing healthcare infrastructure.

The market is anticipated to grow at a CAGR of 4.1% throughout the forecast period, in terms of revenue

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Published Date:  Oct 2021
Category:  Pharmaceuticals
Report ID:   58091
Report Format:   PDF
Pages:   120
Rating:    4.3 (60)
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