Carcinoembryonic Antigen (CEA) Market worth over $2.7bn by 2023
Published Date: February 6, 2017 Author: Global Market Insights, Inc.
(CEA) Carcinoembryonic Antigen Market size is expected to exceed USD 2.7 billion by 2023; according to a new research report by Global Market Insights, Inc.
Continuous advancement in technology in the development of new biomarkers which is used in combination with other biomarkers is anticipated to accelerate carcinoembryonic antigen market demand over the forecast period. Moreover, the growing prevalence of cancer, presence of favorable government initiatives is expected to increase the need for effective diagnostic tools. The benefits associated with minimally invasive diagnostics practice include higher patient satisfaction as they need minor incision injuries. Furthermore, these procedures comprise less hospital stay and hence, are economically feasible and involve fewer post procedure difficulties.
According to WHO, the diagnosed number of new cancer cases is expected to grow by 70% over two decades. The development of new immunological procedure such as radioimmunoassay is expected to increase the demand for the CEA market over the forecast timeframe.
Colorectal cancer application segment generated major revenue share of over 40% in the carcinoembryonic antigen market, and is estimated to exceed USD 1 billion by 2023. The colorectal cancer occurrence rates are over 1 million globally, and steadily growing every year. According to National Institute for Health and Care Excellence (NICE), the specificity in detecting illness is nearly in the range of 30% and 80% through CEA test for the early diagnosis of colorectal cancer.
Breast cancer is rapidly growing application segment and it is anticipated to grow at a CAGR of 7.4% by 2023. Owing to the factors such as growing prevalence of breast cancer, favorable government initiatives such as breast screening programs, less stringent regulatory guidelines and increased patient pool. Latin America, led by Mexico and Brazil carcinoembryonic antigen market will witness significant share. Latin America accounted for over 5.01% of the global industry share in 2015. Changing lifestyle, excessive smoking and alcohol consumption are driving the industry growth in the region.
Browse key industry insights spread across 72 pages with 33 market data tables & 7 figures & charts from the report, “Carcinoembryonic Antigen (CEA) Market Size By Application (Colorectal, Pancreatic, Ovarian, Breast, Thyroid Cancer), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, Spain, Japan, China, India, Mexico, Brazil, South Africa), Application Potential, Competitive Market Share & Forecast, 2016 - 2023” in detail along with the table of contents:
North America led by U.S. carcinoembryonic antigen market accounted for over 75% revenue share in 2015, due to high patient awareness levels, high incidence rates of cancer and existence of sophisticated healthcare infrastructure in the region. Europe CEA market, was dominated by Germany with over USD 100 million revenue.
Asia Pacific carcinoembryonic antigen market share will witness significant gain growing at 7.5% CAGR. Owing to the supportive policies released by Chinese government. In 2013, The State Council allotted the Implementation Opinion on Financial Support for Small and Micro Enterprises Development (IOFSSM), that set development goals for small business in China.
Breast cancer is forecast to exceed USD 466 million by 2023. Due to the rising number of female population, growing need for Hormone Replacement Therapy (HRT) and cosmetic surgeries. Colorectal cancer is the second leading cause of cancer death among men and women in the U.S. According to the American Cancer Society in 2013, it is estimated that 142,820 Americans were diagnosed with colorectal cancer and 50,830 died with the disease.
Industry participants in the CEA market include Abbott Diagnostics, Roche Diagnostics, Quest Diagnostics and GenWay Biotech.
Carcinoembryonic antigen (CEA) market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2012 to 2023, for the following segments:
CEA market by application
- CEA based colorectal cancer
- CEA based pancreatic cancer
- CEA based ovarian cancer
- CEA based breast cancer
- CEA based thyroid cancer
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Latin America (LATAM)
- Middle East
- South Africa