FELTON, California, August 28, 2017 /PRNewswire/ --
The global Carcinoembryonic Antigen (CEA) market is expected to reach USD 2.56 Billion by 2022, which is anticipated to grow at a CAGR of more than 6.6% during the forecast period. The market is expected to witness significant growth in the coming few years owing to various key attributes such as growing incidence of cancer and technological advancement regarding the development of novel biomarkers. According to WHO estimates in 2015, globally cancer is the second leading cause of death with over 8.8 million deaths. On the basis of the Age-Standardized rate of incidence, there are approximately 205 new cases of cancer for every 100,000 men and nearly 165 new cases of cancer for every 100,000 females in the world. Carcinoembryonic antigens are the most cost effective technique for the preclinical detection of illness.
Technological advancements pertaining to proteomics, which include protein bioinformatics, mass spectroscopy, protein labelling, imaging, and array based approaches, is one of the crucial factors expected to fuel up the market growth. Development of new biomarkers and various immunological techniques such as radioimmunoassay that can be used with carcinoembryonic antigen (CEA) for detection of various types of cancers, and thus also propel the market growth. For instance, the development of tumor markers, which is used in combination with CEA for detection of colorectal cancer. Favorable government initiatives to introduce new diagnostic tools/technologies is anticipated to boost the market growth. Moreover, rising demand for minimally invasive diagnostic procedures to avoid the various post procedure adverse effects impel the growth of this market.
This segment include key application, namely colorectal, ovarian, pancreatic, breast, thyroid and other cancer applications. In 2016, colorectal cancer dominated the market in terms of revenue share. Rising incidence of colorectal cancer and increase sensitivity to detect the antigen are the factors driving the growth of this segment. According to the American Cancer Society, in the U.S colorectal cancer is the third leading cause of death in women and second in men with nearly 95,520 new cases of colon cancer. Furthermore, increased consumption of alcohol, less physical activity, unhealthy diet, and rapidly changing lifestyle also contribute in the growth of colorectal cancer in the recent years.
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Regional segments of CEA market include North America, Europe, Asia Pacific, Latin America and MEA. In 2016, North America dominate the regional market pertaining to various key attributes such as increasing patient awareness, rising incidences of cancer, favorable reimbursement policies, and presence of advanced healthcare infrastructure. According to American Cancer Society in 2017, approximately 1,688,780 new cases of cancer were estimated in the U.S.
The global carcinoembryonic antigen market is consolidated in nature with extensive mergers and acquisitions. In 2017, Aviva Systems Corporation (ASB), a protein solutions and application provider is offering products for both research and diagnostic market acquired GenWay Biotech, Inc. Some of the key players in this market include F. Hoffmann-La Roche Ltd; GenWay Biotech, Inc.; Abbott; Correlogic Systems, Inc.; Quest Diagnostics, Inc.; Lee BioSolutions; RayBiotech, Inc; Biocare Medical, LLC; and Abcam plc. Industry competition level is expected to remain at moderately high level in the recent years Manufacturers are continuously introducing technologically advanced products that will raise the competition in the market.
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Carcinoembryonic Antigen Application Outlook (Revenue, USD Million, 2012 - 2022)
• Colorectal cancer
• Pancreatic cancer
• Ovarian cancer
• Breast cancer
• Thyroid cancer
Carcinoembryonic Antigen Regional Outlook (Revenue, USD Million, 2012 - 2022)
• North America
• Asia Pacific
• South Africa
• Latin America
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