New Delhi, December 13 (IANS). The oncology test market (cancer diagnostic test market) in India is expected to grow at a compound annual growth rate (CAGR) of about 2 percent until 2033, according to a report on Friday.
According to a report by data and analytics company GlobalData, the increase in cancer cases in the country is being seen mainly due to changes in lifestyle, environmental factors and aging population.
Cancer is a major social and healthcare burden in India, increasing the demand for advanced oncology diagnostic and treatment services. More than 1 million new cases are diagnosed each year and approximately 9,00,000 deaths are recorded each year.
Research shows that in 2024, India will account for more than 3 percent of the Asia-Pacific (APAC) oncology tests market.
But, by accelerating efforts to develop innovative solutions and support cutting-edge research, the country aspires to rapidly address the healthcare needs of both its population and global communities.
“Oncology tests in India face several challenges related to access, affordability and technology adoption,” said Shreya Jain, medical device analyst at GlobalData. “Oncology tests in India face several challenges related to access, affordability and technology adoption. Due to inadequate infrastructure and expertise, adoption and integration of new approaches such as AI-assisted diagnostics has been difficult. There remains a problem regarding treatment, accurate treatment and therapy.”
Jain said, “Adapted diagnostics such as genomic tests calibrated for different groups of Indian generations can increase early detection accuracy and improve risk stratification.
With this, it can be ensured that the treatment is linked to the unique genetic profile of Indian patients. This not only helps improve survival rates in India, but also contributes to the global understanding of cancer biology.”
A recent report by market research firm ‘ResearchandMarkets.com’ revealed that the future of the cancer diagnostic test market in India remains promising for companies looking to enter.
This positive outlook is due to government initiatives like the National Cancer Control Program and Ayushman Bharat Yojana, which are focusing more on cancer prevention, early detection and treatment.
–IANS
SKT/KR
