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.
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.
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.
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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.