May 05, 2020
As per the report titled ‘Carcinoembryonic Antigen Market Size By Application, By End-user Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2024’, available with Market Study Report LLC, global carcinoembryonic antigen market is projected to accrue USD 3 billion by the year 2024.
Surging demand for effective cancer screening services and application of carcinoembryonic antigen tests in diagnosis of various cancers such as gastrointestinal cancer, lung cancer, breast cancer, ovarian cancer, thyroid cancer, and prostate cancer are driving the growth of global carcinoembryonic antigen market.
According to Cancer Research UK, it is reckoned that there will be 27.5 million new cancer cases annually by 2040. Soaring cases of cancer as a result of increasing obesity and diabetes due to poor dietary habits coupled with government initiatives towards promoting awareness regarding early disease detection are fueling the demand for carcinoembryonic antigen tests across the globe.
Elaborating on the application scope, breast cancer segment is estimated to grow with 7.3% CAGR during the forecast period. The growth is attributable to increase in breast cancer deaths, which is bolstering the demand for early cancer diagnostics solutions.
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Based on the gender, males segment was valued at USD 1,003.2 million in 2017. High susceptibility to cancer in males is due to lifestyle related factors such as smoking, alcohol consumption, and excessive weight. As per NHS UK, males are 16% more likely to suffer from cancer and 40% more likely to die from cancer as compared to women.
Speaking of the end-use spectrum, carcinoembryonic antigen market size from hospitals segment is predicted to register 6.1% CAGR during the forecast timeframe, owing to increase in admission of rising geriatric population suffering from cancer. Inclination towards technologically advanced carcinoembryonic antigen tests for cancer diagnosis and management in hospitals is boosting the segment growth.
Considering the geographical landscape, carcinoembryonic antigen market in UK is projected to record a y-o-y growth rate of 6.7% through 2024. Ever-increasing elderly population, technological advancements, and rising healthcare expenditure are supporting the regional market expansion.
Major players in global carcinoembryonic antigen market are Quest Diagnostics, F. Hoffmann-La Roche Ltd., GenWay Biotech Inc., Creative Diagnostics, Correlogic Systems, Inc., Omega Diagnostics Group PLC, Boster Biological Technology, and RayBiotech, Inc.