Carcinoembryonic Antigen Global Market Analysis, Trends, Growth, Research And Forecast 2033

The Business Research Company recently released a comprehensive report on the Global Carcinoembryonic Antigen Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 growth in the historic period can be attributed to cancer prevalence globally, aging population, awareness campaigns, healthcare infrastructure development, and reimbursement policies.

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%. The growth in the forecast period can be attributed to focus on early detection and prevention, expansion of cancer screening programs, patient demand for personalized medicine, growing demand for minimally invasive diagnostic procedures. Major trends in the forecast period include increased adoption of personalized medicine, technological advancements in diagnostic platforms, integration with artificial intelligence and big data, collaborations and partnerships, and regulatory approvals and reimbursement policies.

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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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

Carcinoembryonic Antigen Market 2024 Key Insights:

• 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%.
• Increasing Incidence Of Cancer Drives Carcinoembryonic Antigen Market Growth
• Innovative Solutions For Meeting Growing Demand With Enhanced Efficiency
• North America was the largest region in the carcinoembryonic antigen market in 2023

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