Carcinoembryonic Antigen Market is expected to boost usage rates over the forecast period

Global Carcinoembryonic Antigen Market is expected to reach USD 2.56 Billion by 2022, according to a new study by Grand View Research, Inc. Constant technological advancements pertaining to the development of novel biomarkers which can be used in combination with other biomarkers is expected to boost usage rates over the forecast period. Furthermore, the increasing prevalence of cancer is expected to heighten the demand for effective diagnostic tools. According to the WHO estimates in 2012, global cancer incidences were nearly 14.1 million, which include 6.7 million female patients and 7.4 million male patients. Increasing demand for minimally invasive diagnostics procedures is also expected to play a vital role in determining market growth. Key advantages associated with minimally invasive diagnostics procedures include elevated patient satisfaction levels as they entail minor incision wounds. In addition, these procedures involve relatively lesser hospital stays and therefore, are economically viable and involve fewer post procedure complications.

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Further key findings from the study suggest:

• Colorectal cancer was one of the largest revenue generating application segment of the carcinoembryonic antigen market and was estimated at USD 639.65 million in 2014. Increasing prevalence of colorectal cancer and usage of carcinoembryonic antigen tests at various stages is one of the critical factors accounting for its large share. For instance, in 2012, new cases of colorectal cancer were estimated to be over 93,000 and death due to colorectal cancer is expected to be over 49,700 in the U.S alone.
• Carcinoembryonic antigen based breast cancer diagnosis is identified as the most lucrative application segment of the market. The market is driven by factors such as growing number of female population above 50 years, growing demand for Hormone Replacement Therapy (HRT) and cosmetic surgeries. Moreover, growing patient awareness levels and the presence of favorable government initiatives are expected to improve treatment rates over the forecast period.
• North America was the largest regional market in 2014 owing to, the presence of high incidence rates, presence of favorable reimbursement framework, and high consumer awareness levels coupled with relatively higher healthcare expenditure levels.
• Asia Pacific is anticipated to witness the most lucrative growth over the forecast period. The presence of untapped opportunities, constantly improving healthcare infrastructure, economic development, and improving patient awareness levels are some factors accounting for this rapid growth.
• Key players operating in carcinoembryonic antigen market include Abbott Diagnostics, Quest Diagnostics, Roche Diagnostics, GenWay Biotech Inc. and Correlogic Systems, Inc.