Carcinoembryonic Antigen Market Is Projected To Reach $2.56 Billion By 2022: Grand View Research, Inc.
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.
Carcinoembryonic antigen market, by application, 2012 -
2022 (USD Million)
Browse full research report on Carcinoembryonic
Antigen Market Analysis:
Further key findings from the report 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.
For more information: http://www.grandviewresearch.com
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