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Oct 5, 2020 11:00 AM ET

Global Carcinoembryonic Antigen Market Is Set For Moderate Growth, To Reach Around USD 3.23 Billion by 2025

iCrowd Newswire - Oct 5, 2020

Zion Market Research has published a new report titled “Carcinoembryonic Antigen Market by Application (Thyroid Cancer, Prostate Cancer, Ovarian Cancer, Lung Cancer, Breast Cancer, Gastrointestinal Cancer and Other Applications); by End User (Research and Academic Institutes, Diagnostic Centers, Hospitals and Other End Users): Global Industry Perspective, Comprehensive Analysis and Forecast, 2018 – 2025”. According to the report, global demand for carcinoembryonic antigen market was valued at approximately USD 2.11 billion in 2018, and is expected to generate revenue of around USD 3.23 billion by end of 2025, growing at a CAGR of around 6.3% between 2019 and 2025.

Carcinoembryonic antigens (CEA) are proteins that are found circulating in the blood at very low amounts in adults. In benign non-cancerous conditions and various cancer types the blood levels of CEA may be seen increased. Thus carcinoembryonic antigen may be used as biological marker for diagnosis of cancer. CEA test is mostly preferred for colorectal cancer diagnosis. It is also being used for diagnosis of other cancers such as pancreatic, lung, ovarian, breast, stomach, liver etc. Carcinoembryonic antigen test is also used for identification of large number of non-cancerous conditions like benign breast disease, pancreatitis, emphysema, inflammation of the gallbladder or cholecystitis, peptic ulcer, ulcerative colitis, rectal polyps, etc.

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The global carcinoembryonic antigen market growth is driven by various factors such as growing cancer prevalence across the globe and growth in R&D spending for developing cost effective, early cancer detection tools. At present, carcinoembryonic antigen is one of preclinical cost effective detection tool for primary detection of liver metastasis and cancer diagnosis. However, poor results at initial stages of cancer and lack of awareness may impede the market growth during the forecast period. Untapped market opportunities in emerging nations are projected to bring new growth opportunities for key players in the global carcinoembryonic antigen.

The carcinoembryonic antigen market is segmented based on end user, application and region. Based on application, market is split into prostate cancer, thyroid cancer, lung cancer, ovarian cancer, gastrointestinal (GI) cancer, breast cancer, and other applications. In 2018, gastrointestinal cancer segment dominated the market with largest revenue share. This is due to high incidence rate of gastrointestinal cancer. Gastrointestinal cancer comprises of different types of cancers like colon, pancreatic, liver, rectal, esophageal, gallbladder, stomach and anal cancer. Rapid growth is expected for breast cancer application segment in the coming years.

Diagnostic centers, hospitals, research and academic institutes, and others are end users of the market. Hospitals end user segment held major market share in 2018 owing to growing number of patients and easy accessibility. Fastest growth is expected for diagnostic centers for carcinoembryonic antigen market over the forecast period.

At regional level, North America held largest revenue share in 2018 for the global carcinoembryonic antigen market. Increasing cancer prevalence and rising awareness are major factors fueling the market growth in this region. Europe was second largest regional market. Growing cancer awareness, Availability of advanced infrastructure and increasing cancer prevalence are major growth attributing factors that propel market growth in Europe. Moderate growth is projected in Latin America over the forecast period. Asia Pacific region is projected to witness fastest growth for carcinoembryonic antigen market over the forecast period. Increasing cancer incidence rate, increasing need for cost effective and early cancer diagnosis tests, and rising elderly population are factors that boost carcinoembryonic antigen market growth in Asia Pacific. Considerable growth will be seen in Middle East and Africa during projected timeframe.

Major players included in the report are RayBiotech, Inc., Boster Biological Technology, Creative Diagnostics, Omega Diagnostics Group PLC, GenWay Biotech Inc., Correlogic Systems, Inc., F. Hoffmann-La Roche Ltd. and Quest Diagnostics among others.

The report segment of global carcinoembryonic antigen market as follows:

Global Carcinoembryonic Antigen Market: By Application

Global Carcinoembryonic Antigen MarketBy End User

Global Carcinoembryonic Antigen Market: By Region

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Keywords:    Carcinoembryonic Antigen Market

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