Carcinoembryonic antigen (CEA) market size worth $2.78 Billion by 2023: Global Market Insights, Inc.
Carcinoembryonic antigen (CEA) market size is forecast to reach USD 2.78 billion by 2023; as reported in the latest study by Global Market Insights, Inc. Increasing incidences of cancer, especially colorectal cancer is expected to boost CEA usage rates in the coming years.
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A number of government initiatives aimed at curbing cancer, and commercialization of novel and combination biomarkers will drive the global carcinoembryonic antigen market size.
Colorectal cancer will be the most lucrative application segment in the CEA market, estimated to reach USD 1.2 billion by 2023. Annual global colorectal cancer incidence rates are more than 1 million, and steadily rising. Specificity and sensitivity in diseases depend mainly on the CEA level in the blood. According to NICE, the specificity in detecting diseases is almost between 30% and 80% during CEA test for the diagnosis of early colorectal cancer.
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The industry is also positively impacted by favorable regulatory initiatives that encourage early detection of cancer using CEA. Technological advancements in cancer biomarkers and untapped opportunities in the emerging markets of China, India, and Brazil are anticipated to enhance carcinoembryonic antigen market growth. There has been a steady rise in acceptability of combination biomarkers for screening, monitoring, and diagnostic purposes.
There has also been rising demand for minimally invasive diagnostic procedures and increasing usage of CEA, and combination biomarkers at various stages of cancer in the developed nations of North America, and Europe will drive demand.
Rapid growth in global geriatric population share, prone to chronic conditions such as cancer will also drive growth by widening target patient base. In North America, there were 315.62 estimated cases of cancer per 100,000 adults in 2012, and 1,786,369 estimated cases in total. Such large pool of patients suffering from cancer is one of key attributing factors for the growth of CEA tests throughout the forecast timeframe.
Key insights from the report include:
- Global carcinoembryonic antigen (CEA) market size was USD 1.67 billion in 2015, with 6.6% CAGR growth forecast from 2016 to 2023.
- North America, with U.S. carcinoembryonic antigen market size accounting for over 78% regional revenue in 2015, will be driven due to high incidence rates of cancers, presence of sophisticated healthcare infrastructure, and high patient awareness levels.
- Europe CEA market, with Germany, France & Spain occupying over 45% share, will see 6.9% CAGR from 2016 to 2023.
- Breast cancer carcinoembryonic antigen market share is forecast to exceed USD 460 million in revenue by 2023. Breast cancer market is stimulated by factors such as growing number of female population above 50 years, rising demand for Hormone Replacement Therapy (HRT), and cosmetic surgeries.
- Technological advancements in proteomics, such as protein labeling, mass spectrometry, protein array, protein bioinformatics, and novel immunological assays such as radioimmunoassay is responsible for significant rise in the demand for CEA test used in combination.
- Industry rivalry for the global carcinoembryonic antigen market share is expected to be moderately high, since the manufacturers need to deal with cut throat price competition in the market, and are required to incessantly launch new and technologically advanced products. Acquisitions and mergers are one of the major strategies adopted by industry participants.