Carcinoembryonic Antigen Market will reach USD 3.0 billion by 2024; as per a new research report.
Growing cancer prevalence in most of the developing region will be one of the major factors for the carcinoembryonic antigen market growth. According to the Cancer Research UK, it is estimated that globally, there will be 27.5 million new cancer cases each year by 2040. Increasing adoption of unhealthy dietary habits leading to obesity and diabetes has escalated the number of people suffering from cancer. Moreover, government initiatives to increase awareness regarding early detection of cancer will fuel the demand for carcinoembryonic antigen tests, thereby augmenting the industry growth.
Growing demand for effective cancer screening services is one of the major market drivers for carcinoembryonic antigen market growth. Carcinoembryonic antigen tests find its application in diagnosis of various cancers including gastrointestinal cancer, breast cancer, lung cancer, ovarian cancer, prostate cancer, and thyroid cancer, thereby driving the global market growth.
Breast cancer market is estimated to grow at a substantial CAGR of 7.3% during the forecast period owing to increasing number of cancer deaths among women suffering from breast cancer leading to increasing demand for early cancer diagnosis. According to GLOBOCAN, there were 14.1 million new cancer cases and 8.2 million deaths worldwide in 2013. The percentage of breast cancer attributes to 11.9% of all forms of cancer that form 1.7 million cases throughout the world.
Males in carcinoembryonic antigen market valued around USD 1,003.2 million in the year 2017, due to lifestyle-related factors such as smoking, drinking alcohol, and excessive weight issues are responsible for the largest share of males in carcinoembryonic antigen market. Also, according to NHS UK, males are 16% more likely to develop cancer and 40% more likely to die from cancer than women, hence driving the market.
Hospitals in carcinoembryonic antigen market is estimated to grow substantially at a CAGR of 6.1% during the forecast timeframe, due to increased geriatric population affected with cancer. Moreover, hospitals have high adoption rates for technologically advanced carcinoembryonic antigen tests that are utilized for cancer diagnosis and management, thereby fueling the growth of market segment.
UK carcinoembryonic antigen market is projected to grow at significant CAGR of 6.7% over the forecast time period. Rapidly increasing geriatric population, technological advancements, and growing healthcare expenditure in the country will promote the market growth.
Some of the leading players in the carcinoembryonic antigen market include F. Hoffmann-La Roche Ltd., Quest Diagnostics, GenWay Biotech Inc., Correlogic Systems, Inc., Creative Diagnostics, Omega Diagnostics Group PLC, RayBiotech, Inc., and Boster Biological Technology. Companies operating in this industry are focusing on strategies such as partnerships, collaborations and new product development to maintain leadership position and expand their product portfolio.