Carcinoembryonic Antigen Testing Market: Rise in global cancer patient population is expected to drive the market
Carcinoembryonic antigen (CEA) test used to help to diagnose and management of colon and rectal cancers preferably. CEA is a glycoprotein normally found in embryonic endodermal epithelium. The best use of CEA is as a tumour marker, especially for gastrointestinal tract related cancers. Tumor markers are the biomarker or molecule produced by body in response to cancer and found in the body fluids and body tissue. A rising CEA level is significance of reoccurrence of the cancer. Increased knowledge about specific cancer biomarker is providing great market opportunity to treat cancer patients through improvement in the detection. The technological advancements in the field of biotechnology have enabled the identification of potential cancer biomarkers and some of these biomarkers have been commercialized. Moreover, with this paradigm shift in the drug discovery and development process, several pharmaceutical companies are shifting their focus towards the development of novel targeted tests like CEA test. According to American Cancer Society, Colorectal cancer (CRC) is the third most commonly diagnosed cancer in both men and women. According to a study conducted by National Cancer Institute, in 2014, there were an estimated 1,317,247 people living with colon and rectum cancer in the United States.
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Global CEA test market is anticipated to witness lucrative growth during the forecast period attributed to rise in global cancer patient population, development of novel biomarkers, presence of favourable government initiatives regarding cancer awareness and control by the organizations such as National Cancer Institute, Cancer Prevention and Control Research Network (CPCRN). Moreover, growing demand for cancer diagnostic and testing, increased accuracy of diagnostic procedures and rigours research and development initiatives taken by government further fuel the market growth. The market is also witnessing restraints in its path such as high cost of procedure and stringent regulatory approval criteria.
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The market of global carcinoembryonic antigen testing can be segmented on the basis of application, distribution channel and geography. Based on application, global carcinoembryonic antigen testing market is segmented into colorectal cancer, thyroid cancer, pancreatic cancer, ovarian cancer, breast cancer and others. Among these segments, colorectal cancer is anticipated to be one of the largest revenue generating segment during the projected period. Increasing prevalence of colorectal cancer and use of CEA test at each stage of colorectal cancer are the significant factors contributing to rising adoption of CEA test for colorectal cancer indication. Moreover, breast cancer is anticipated be the fastest growing application segment in the global carcinoembryonic antigen testing market. According to World Health Organization’s survey, breast cancer is the second most common cancer in the world and, by far, the most frequent cancer among women with an estimated 1.67 million new cancer cases diagnosed in 2012 which is equal to 25% of all cancers.
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Geographically, global carcinoembryonic antigen testing market is classified into five regional markets, includes North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. North America is one of the leading regions in CEA testing market in terms of revenues and acceptance of products among diagnostic labs and technicians. Increasing incidence and prevalence of various types of Cancers among middle aged and elder population are prominent drivers to the growth of market in North America. Increasing investments of the largest market players in this region towards biomarker discovery followed by development of novel companion diagnostics tests. Furthermore, increasing collaboration between the major market players has effectively contributed in uplifting CEA testing market in North America, especially in the United States. Asia pacific being home to more than a billion people of the world represents a large pool of patients suffering from life threatening diseases such as cardiovascular and cancer offering lucrative opportunity to the player operating in the market.
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Various key players contributing to the global carcinoembryonic antigen testing market comprises Abbott Laboratories, F. Hoffmann- La Roche Ltd, Quest Diagnostics Incorporated, Genway Biotech Inc., Amgen Inc., and others.
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