Carcinoembryonic Antigen Market Highlights
Carcinoembryonic antigen (CEA) is a group of glycoproteins which are produced during the Fetal developmental stages by gastrointestinal tissues. CEA is responsible for cell adhesion. Healthy adults do not have CEA concentrations. However, smoking, and certain medical conditions such as colorectal cancer, breast cancer etc. can mark the presence of CEA in the body. Thus, carcinoembryonic antigen market based diagnostic assays are used for the detection of such cancers and to check the treatment efficiency during the therapeutic period by a physician.
Carcinoembryonic Antigen Market Size was valued at USD 1.1 Billion in 2022. The Carcinoembryonic Antigen market industry is projected to grow from USD 1.26 Billion in 2023 to USD 3.93 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.2% during the forecast period (2023 - 2032).
In 2017, studies of the NCBI suggested that the global burden of colorectal cancer will increase by 60%, leading to 2.2 million new cancer cases and 1.1 million deaths by 2030. This will increase the colorectal cancer diagnostic demands, thereby propelling the market growth.
Increasing prevalence of cancer, rising healthcare expenditures, and developing diagnostic technologies will boost the global market during the forecast period. However, risk of infection and hematoma, lack of awareness and medical services in the developing countries will restrain the market growth during the assessment period.
Carcinoembryonic antigen market players profiled in the report are Lee BioSolutions, F. Hoffmann-La Roche Ltd, Quest Diagnostics Incorporated., Correlogic Systems, Inc, Genway Biotech, Inc., Abbott., RayBiotech, Inc., Abcam plc., Biocare Medical, LLC, and Biocare Medical, LLC.
The global carcinoembryonic antigen market has been segmented based on application, sampling, and end user.
Based on application, the market has been segmented into colorectal, pancreatic, breast, lung cancer, and others.
Based on sampling, the market has been segmented into antecubital, peritoneal, pleural, cerebrospinal, and others.
Based on the end users, the market has been segmented into hospitals, diagnostic centres, research centres, and others.
The Americas account for the largest carcinoembryonic antigen market share. The Americas mainly include countries like the U.S. and Canada. Increasing prevalence of cancer and high healthcare expenditures within the region will boost the market growth over the assessment period.
Europe is the second highest revenue generating region in the global carcinoembryonic antigen market. Increasing prevalence of cancer, fast adoption of new technologies and presence of developed countries like Germany and U.K within the region will boost the market growth during the forecasted period.
On account of the developing medical infrastructure, rising healthcare expenditure, and increasing government initiatives, Asia Pacific region is expected to grow the fastest.
The Middle East & Africa is expected to grow slower than the global average. The Middle Eastern countries, for instance, UAE and Saudi Arabia dominates the market due to high income and the government support to improve public health.
Taste the market data and market information presented through more than 50 market data tables and figures spread over 80 pages of the project report. Avail the in-depth table of content (TOC) & market synopsis on Global Carcinoembryonic Antigen Market Research Report – Forecast till 2023.
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