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Carcinoembryonic Antigen Market Analysis, Growth Forecast 2024-2033
Carcinoembryonic Antigen Market Analysis
As per the report, the carcinoembryonic antigen market size has grown rapidly in recent years. It will grow from $1.07 billion in 2023 to $1.22 billion in 2024 at a compound annual growth rate (CAGR) of 13.3%. The carcinoembryonic antigen market size is expected to see rapid growth in the next few years. It will grow to $2.02 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%.
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Increasing Incidence Of Cancer Drives Carcinoembryonic Antigen Market Growth
The increase in cancer incidence is expected to propel the growth of the carcinoembryonic antigen market going forward. Cancer is a disease characterized by the uncontrolled growth and spread of abnormal cells. There is a growing incidence of cancer due to factors such as lifestyle choices, environmental pollution, genetic predisposition, and an aging population. Carcinoembryonic antigen (CEA) is a tumor marker used in cancer to monitor disease progression and treatment effectiveness. For instance, in February 2024, according to the World Health Organization (WHO), a US-based intergovernmental organization, approximately 35 million new cancer cases are predicted in 2050, a 77% increase from the estimated 20 million cases in 2022. Therefore, the rise in cancer incidence is driving the growth of the carcinoembryonic antigen market.
Innovative Solutions For Meeting Growing Demand With Enhanced Efficiency
Major companies operating in the carcinoembryonic antigen market are increasing their focus on developing tumor marker tests to advance the testing process and enhance diagnostic offerings. Tumor marker tests are diagnostic procedures used to detect the presence of specific substances in the body that may indicate the presence of cancer. For instance, in October 2021, Boditech Med, a South Korea-based company that develops and manufactures products for in-vitro diagnostics and diagnostic reagents, launched the ichroma Tumor triple-M diagnostic kit. It is a tumor marker tests kit approved by the Ministry of Food and Drug Safety, capable of measuring three tumor markers prostate-specific antigen (PSA), alpha-fetoprotein (AFP), and carcinoembryonic antigen (CEA) simultaneously. The kit aids in early diagnosis of common cancers like prostate, liver, and colon cancer. The product's ability to provide rapid results within 15 minutes using whole blood offers cost and time-saving advantages.
The carcinoembryonic antigen market covered in this report is segmented -
1) By Test Type: Molecular Tests, Serology Tests
2) By Gender: Male, Female
3) By Application: Gastrointestinal Cancer, Colorectal Cancer, Pancreatic Cancer, Breast Cancer, Lung Cancer, Thyroid Cancer, Ovarian Cancer, Other Applications
4) By End User: Hospitals, Diagnostic Centers, Cancer Centers, Research And Academic Institutes
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Major companies operating in the carcinoembryonic antigen market are F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Abbott Laboratories, Merck KGaA, Siemens Healthineers, Laboratory Corporation of America Holdings, Quest Diagnostics, Agilient Technologies, Inc., Beckman Coulter Inc., bioMérieux SA, Quidel Corporation, Ortho Clinical Diagnostics, Abcam plc, RayBiotech Inc., Creative Diagnostics, Lee Biosolutions Inc., Hytest Ltd., Prospec-Tany Technogene Ltd, Boster Biological Technology, Metropolis Healthcare
Contents of the report:
1. Executive Summary
2. Carcinoembryonic Antigen Market Report Structure
3. Carcinoembryonic Antigen Market Trends And Strategies
4. Carcinoembryonic Antigen Market - Macro Economic Scenario
5. Carcinoembryonic Antigen Market Size And Growth
…..
27. Carcinoembryonic Antigen Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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