The Global Carcinoembryonic Antigen Market generated revenue of around USD 1,753.7 million in 2020 and anticipated to grow at a CAGR of over 4.1% during the forecast period from 2021 to 2027 to reach around USD 2,328.5 million in 2027.
Global Carcinoembryonic Antigen Market, 2020 – 2027 (USD Million)
Carcinoembryonic antigen (CEA) is a group of glycoprotein present in the body fluids of the fetus and embryo which is associated with tumors and the developing fetus. This glycoprotein generally occurs in embryonic endodermal epithelium and also found in the mucosal cells of the colorectum. In healthy adults the concentration of carcinoembryonic antigen is very low. A carcinoembryonic antigen test is a blood test that calculates the amount of carcinoembryonic antigen protein in the blood. The test is also used to monitor and diagnose various types of cancers such as colorectal cancer, breast cancer, cancer of the gastrointestinal tract and others.
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Key Trends in Global Carcinoembryonic Antigen Market
Increasing prevalence of cancer across the globe
Global rise in incidences of cancer, rising geriatric population and rapid technological innovation in software for early diagnosis of the diseases are the key driving factors for the growth of carcinoembryonic antigen market. In addition, favorable government initiatives related to cancer treatments is positively enhancing the market growth. The development of novel biomarkers continues to propel the market growth owing to growing usage in combination with other biomarkers. Furthermore, introduction and constant development of novel immunological techniques by major key players such as the radioimmunoassay is anticipated to improve the demand for carcinoembryonic antigen over the forecast period.
Impact of COVID 19 on Carcinoembryonic Antigen Market
As the effect of sudden outbreak of coronavirus across the globe, it has majorly impacted the Carcinoembryonic Antigen market owing to disruptions in cancer care services. However, medicine supply chain challenges, limited hospital visits along with unavailability of medical members for the treatment affected the timely treatment on the patients. Further, the sudden imposition of regulation also delaying the screening and diagnosis of cancer also impact on further cancer treatments.
Application Insights for Global Carcinoembryonic Antigen Market
The carcinoembryonic antigen have wide range of applications areas such as colorectal cancer, pancreatic cancer, ovarian cancer, breast cancer, thyroid cancer and others. Among all the applications, colorectal and breast cancer accounts for major market share owing to rising number of cancer patients in both developed and developing countries.
U.S. reported around 6 lakhs deaths by cancer in the year 2019 as per centers for Disease control and Prevention. However, the total U.S. death rate went down by 28% and is expected to reduce in the near future. This is attributed to growing consumer awareness, rising preferences for early-stage screening and developing healthcare infrastructure in the developed countries.
Global Carcinoembryonic Antigen Market by End-user Insights
Global carcinoembryonic antigen market is segmented based on end-user as hospitals, laboratories and others. Hospitals end user segment accounted for the highest market share of the carcinoembryonic antigen in 2020, due to rising geriatric population and rising number of cancer patients. However, laboratories segment is expected to grow with moderate CAGR in the forecast period.
Regional Insights of Global Carcinoembryonic Antigen Market
North America region is accounts for highest market share to the global Carcinoembryonic Antigen market. This is attributed to significant rise in the incidences of cancer in the countries like the U.S., Canada. In 2019, the United States Cancer accounts for the second leading cause of death after heart disease. Further, increasing R&D activities for developing devising early cancer detection cost effective tools by leading players continues to boosts the market growth in this region. Asia Pacific region is expected to grow at a significant CAGR for the global Carcinoembryonic antigen market owing to growing overall population in emerging countries like China and India along with increasing geriatric population. Furthermore, the remaining emerging markets such as Middle East & Africa, Europe, and Latin America are expected to register significant growth rate during the forecast period.
Global Carcinoembryonic Antigen Market Competitive Landscape
Key market players that hold major share of the market include Creative Diagnostics, Abbott Diagnostics, F. Hoffmann-La Roche Ltd, GenWay Biotech Inc., Quest Diagnostics, Correlogic Systems, Inc., Omega Diagnostics Group PLC, RayBiotech, Inc., Boster Biological Technology and Qiagen N.V. The carcinoembryonic antigen market is highly concentrated with the presence of several established international as well as domestic players. Further, the key players in the market focusing on research and development offering multifunctional solution to reach customer requirement.
Market Segmentation
Global Carcinoembryonic Antigen Market by Application, 2015 – 2027
- Colorectal cancer
- Pancreatic cancer
- Ovarian cancer
- Breast cancer
- Thyroid cancer
- Others
Global Carcinoembryonic Antigen Market by End-user, 2015 – 2027
- Hospitals
- Laboratories
- Others
Global Carcinoembryonic Antigen Market by Region, 2015 – 2027
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Global Carcinoembryonic Antigen Market: Key Players
- Hoffmann-La Roche Ltd
- Abbott Diagnostics
- GenWay Biotech Inc.
- Quest Diagnostics
- Creative Diagnostics
- Correlogic Systems, Inc.
- Omega Diagnostics Group PLC
- RayBiotech, Inc.
- Boster Biological Technology
- Qiagen N.V.
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