Carcinoembryonic Antigen Market Size By Application (Gastrointestinal Cancer [Colon Cancer, Pancreatic Cancer, Rectal Cancer, Liver Cancer, Stomach Cancer, Esophageal Cancer, Gallbladder Cancer, Anal Cancer], Breast Cancer, Lung Cancer, Ovarian Cancer, Prostate Cancer, Thyroid Cancer), By Gender (Male, Female), By End-user (Hospitals, Diagnostic Centers, Cancer Centers, Research and Academic Institutes) Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024

Carcinoembryonic Antigen Market Size

Carcinoembryonic Antigen Market size was valued over USD 1.9 billion in 2017 and is expected to witness more than 6.7% CAGR from 2018 to 2024.
 

Increasing incidence rate for cancer disease, especially, colorectal cancer is one of the important factor contributing to the growth of the market size. Carcinoembryonic antigen is the recurrent indicator in asymptomatic patients and presently the most cost-effective assessment for preclinical detection of illness. The test is beneficial for the primary detection of liver metastasis in patients with diagnosed colorectal cancer. However, ineffective approach for cancer detection at initial stage and lack of awareness are restraining the carcinoembryonic antigen market growth.
 

Cancer has a major impact on the healthcare industry across the world. With increasing incidence of cancer, the number of cancer cases diagnosed around the world each year has risen tremendously in the past decade. This is majorly due to increasing life expectancy that will eventually result in millions of people being diagnosed in their lifetime, thereby driving the market growth.
 

Increasing consumption of alcohol, processed food, along with sedentary lifestyles are factors that have contributed to cancer prevalence, hence boosting the market growth. Furthermore, due to the growing geriatric population, prevalence rate of cancer is projected to increase, with thousands of new cancer cases each year. All these factors will fuel the market growth in the long run.
 

Carcinoembryonic Antigen Market Analysis

Gastrointestinal cancer market held the majority of the market share and was valued USD 652.4 million in the year 2017. Gastrointestinal cancer includes various types of cancer including colon cancer, pancreatic cancer, rectal cancer, liver cancer, stomach cancer, esophageal cancer, gallbladder cancer, and anal cancer. Gastrointestinal cancer is one of the most common cancers globally. More than 70% of gastrointestinal cancer cases occur in developing countries affecting a major chunk of the global population, hence driving the market growth.
 

Breast cancer market is estimated to grow at a robust CAGR of 7.3% during the forecast timeframe. Breast cancer is the most common cancer affecting the women population along with being the second most common cancer overall. According to the World Cancer Research Fund, breast cancer affected over 2 million people in 2018. Such factors will fuel the growth rate of market segment during the forecast period.
 

Carcinoembryonic antigen market for males held the majority of the market share and was valued USD 1,003.2 million in the year 2017. According to the American Cancer Society, about half of men get cancer at some point of their lives, as compared to one-third of women population, hence driving the market size. Additionally, based on a study published in the European Journal of Epidemiology in 2012, researchers concluded that cancer affects men more often than women owing to certain risk factors, such as smoking and drinking.
 

Carcinoembryonic antigen market for females is estimated to grow at a robust CAGR of 6.8% during the forecast timeframe. Majority of females globally are suffering from breast cancer, that is the most common cancer affecting the women population. Most American women are more likely to develop more aggressive breast cancer at a younger age, thereby driving the market segment to grow at a swift rate.
 

 Hospitals market had maximum market share and was valued over USD 626.8 million in the year 2017. Increasing incidence of cancer all across the world is responsible for the largest share of hospitals in global market. In addition, carcinoembryonic antigen tests in hospitals have certain benefits such as being connected to the health care system through the Internet of things, and improved diagnosis accuracy as all the necessary patient data are always at hand, hence boosting the market growth.
 

Research and academic institutes market is estimated to grow at CAGR of 7.3% over the forecast period. Such institutes are continuously striving hard to advance in the diagnosis of cancer in order to improve outcomes for many patients affected with cancer. Healthcare experts and patients highly depend on accurate information derived from effective diagnostic tools, such as carcinoembryonic antigen tests, hence propelling the market growth in the long run.
 

U.S. dominated the North America market and was valued at around USD 763.6 million in the year 2017 owing to huge prevalence of population suffering from cancer. According to the National Cancer Institute, an estimated 1,735,350 new cases of cancer will be diagnosed in the U.S. in 2018. Moreover, U.S. has the seventh highest cancer rate in the world with About 300 of every 100,000 Americans developing cancer each year.
 

India market is estimated to grow substantially at a CAGR of 9.5% during the projection period. Growing cancer prevalence, increased aging population, favorable infrastructure for hospitals and diagnostic centers, and increased awareness levels among the ageing population towards cancer treatment is likely to boost the industry demand in India.
 

Carcinoembryonic Antigen Market Share

Global carcinoembryonic antigen market share is competitive in nature and dominated by limited number of players. Companies operating in the market includes

• F. Hoffmann-La Roche Ltd.
• Quest Diagnostics
• GenWay Biotech Inc.
• Correlogic Systems, Inc.
• Creative Diagnostics
• Omega Diagnostics Group PLC
• RayBiotech, Inc.
• Boster Biological Technology

Companies operating in this industry are focusing on strategies such as mergers and acquisitions to maintain leadership position. Manufacturer face constant pressure to introduce new and technologically advanced products with more sensitivity in the market.

Carcinoembryonic Antigen Industry Background

The global carcinoembryonic antigen market size is driven globally by innovation and advancement in technology. Companies are investing enormously in R&D operations to offer differentiated solutions and gain maximum market share. The American Society of Clinical Oncology endorsed the usage of carcinoembryonic antigen testing for staging/diagnosis, detection of recurrence, monitoring treatment and screening for hepatic metastases in patients with colon cancer. However, the test is not recommended in the initial stages of neoplastic disorder for screening because of low sensitivity and specificity.