Carcinoembryonic Antigen Market to grow at 6% CAGR from 2016 to 2023: Global Market Insights Inc. The global industry report "Carcinoembryonic Antigen (CEA) Market Size By Application (Colorectal, Pancreatic, Ovarian, Breast, Thyroid Cancer), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, Spain, Japan, China, India, Mexico, Brazil, South Africa), Application Potential, Competitive Market Share & Forecast, 2016 - 2023" by Global Market Insights, Inc. says (CEA) Carcinoembryonic Antigen Market size is expected to exceed USD 2.7 billion by 2023; according to a new research report by Global Market Insights, Inc.. Continuous advancement in technology in the development of new biomarkers which is used in combination with other biomarkers is anticipated to accelerate carcinoembryonic antigen market demand over the forecast period. Moreover, the growing prevalence of cancer, presence of favorable government initiatives is expected to increase the need for effective diagnostic tools. The benefits associated with minimally invasive diagnostics practice include higher patient satisfaction as they need minor incision injuries. Furthermore, these procedures comprise less hospital stay and hence, are economically feasible and involve fewer post procedure difficulties.
According to WHO, the diagnosed number of new cancer cases is expected to grow by 70% over two decades. The development of new immunological procedure such as radioimmunoassay is expected to increase the demand for the CEA market over the forecast timeframe. Colorectal cancer application segment generated major revenue share of over 40% in the carcinoembryonic antigen market, and is estimated to exceed USD 1 billion by 2023. The colorectal cancer occurrence rates are over 1 million globally, and steadily growing every year. According to National Institute for Health and Care Excellence (NICE), the specificity in detecting illness is nearly in the range of 30% and 80% through CEA test for the early diagnosis of colorectal cancer. Breast cancer is rapidly growing application segment and it is anticipated to grow at a CAGR of 7.4% by 2023. Owing to the factors such as growing prevalence of breast cancer, favorable government initiatives such as breast screening programs, less stringent regulatory guidelines and increased patient pool. Latin America, led by Mexico and Brazil carcinoembryonic antigen market will witness significant share. Latin America accounted for over 5.01% of the global industry share in 2015. 1|Page