Worldwide carcinoembryonic antigen market is expected to amass US $3 billion by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
Rising cancer prevalence across several emerging nations will be one of the main factors propelling the growth of carcinoembryonic antigen industry. Cancer Research UK estimated that every year 27.5 million new cancer cases will be detected globally by the year 2040. Growing consumption of unhealthy food causing diabetes and obesity has escalated the number of people suffering from cancer. Furthermore, government initiatives to promote early detection of cancer will drive the demand for carcinoembryonic antigen tests, thus augmenting market growth.
Increasing demand for effective cancer screening facilities is another parameter aiding the carcinoembryonic antigen market growth. These tests are applicable in diagnosis of several cancers including breast cancer, gastrointestinal cancer, ovarian cancer, lung cancer, thyroid cancer, and prostate cancer.
According to the research report, carcinoembryonic antigen market from breast cancer application is predicted to grow with a CAGR of 7.3% over the forecast period.This growth can be attributed to surging demand for early cancer diagnosis in order to reduce the death toll. In 2013, GLOBOCAN reported 14.1 million new cancer cases and 8.2 million cancer related deaths around the globe. Breast cancer attributes to 11.9% of all types of cancer which accounts for 1.7 million cases in the world.
Based on gender bifurcation, males segment in carcinoembryonic antigen market was worth over US $1,003 million in 2017, owing to increase in lifestyle-related aspects such as drinking alcohol, smoking, and weight gain issues. Furthermore, according to a study by National Health Service UK, males are 16% more likely to develop cancer and 40% more likely to die from cancer than females, hence fueling the market growth.
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Considering the end-user spectrum, hospital setting end-use segment in carcinoembryonic antigen market is predicted to register a growth of 6.1% CAGR over the analysis period, pertaining to growing ratio of geriatric population suffering from cancer. Furthermore, hospitals have higher adoption rate for advanced carcinoembryonic antigen tests that are applied for cancer diagnosis & management, thereby driving the segmental growth, claims the study.
Based on the regional landscape, UK carcinoembryonic antigen market is presumed to grow at a CAGR of 6.7% over the projected timeline. The factors accounting for regional growth include technological advancements, increasing healthcare expenditure, and surging geriatric population.
Some of the prominent companies functioning in the carcinoembryonic antigen market include Quest Diagnostics, F. Hoffmann-La Roche Ltd., GenWay Biotech Inc., Boster Biological Technology, Correlogic Systems, Inc., RayBiotech, Inc., Omega Diagnostics Group PLC, and Creative Diagnostics among others. These market players are focusing on expanding their product portfolio and establishing leadership by undertaking strategic collaborations with other companies.