Carcinoembryonic Antigen Market Size

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.

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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.