India Cancer Diagnostics Market to Grow with a CAGR of 7.36% through 2029
Increase in the trend toward personalized medicine and targeted
therapies and increase in the aging population is expected to drive the India Cancer
Diagnostics Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Cancer
Diagnostics Market – India Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the India Cancer Diagnostics Market
stood at USD 571.03 billion in 2022 and is anticipated to grow with a CAGR of 7.36%
in the forecast period, 2024-2028. The awareness among individuals regarding Cancer
Diagnostics has led to favorable market conditions for the India Cancer
Diagnostics market. Several factors contribute to the growth of various Cancer
Diagnostics products.
The rising cancer incidence in India is a multifaceted
issue driven by demographic changes, lifestyle factors, environmental
influences, and awareness levels. This surge in cancer cases has not only posed
significant challenges for the healthcare system but has also fueled the growth
of the India Cancer Diagnostics market. As the nation continues to address this
health crisis, the diagnostic industry plays a pivotal role in early detection,
accurate diagnosis, and ultimately improving patient outcomes.
The concerted efforts to raise awareness about cancer
and promote early detection have had a profound impact on the India Cancer
Diagnostics market. The shift in societal attitudes, coupled with increased
accessibility to screening services and the development of advanced diagnostic
tests, has positioned the market for substantial growth. As more individuals
proactively engage in early detection measures, the market for cancer
diagnostics is poised to expand, ultimately contributing to improved cancer outcomes
and overall public health, which will further fuel market growth.
In August 2023: Bristol-Myers Squibb India announced
that it has received regulatory approval from the Drugs Controller General of
India (DCGI) for the launch of Zeposia® (ozanimod), a drug for the treatment of
relapsing-remitting multiple sclerosis (RRMS). Zeposia® is the first oral,
sphingosine 1-phosphate (S1P) receptor modulator to be approved in India for
the treatment of RRMS.
Awareness campaigns have not only educated the public
but have also paved the way for improved access to cancer screening services.
Mobile cancer screening units, diagnostic clinics, and specialized cancer
centers have become more prevalent. This increased accessibility ensures that
individuals can undergo necessary screenings conveniently and affordably.
In today's
fast-paced world, Cancer diagnostics enable the early detection of cancer,
often before symptoms become apparent. This early detection is instrumental in
improving treatment outcomes and increasing the chances of a full recovery. Where
individuals often have busy lifestyles and limited time for healthcare
appointments, early cancer diagnosis allows for more efficient and less
time-consuming treatments. It reduces the need for prolonged hospital stays,
allowing patients to resume their daily routines more quickly. Cancer
diagnostics, including genetic profiling and biomarker analysis, enable
precision medicine approaches. These techniques help oncologists tailor
treatment plans to the specific genetic characteristics of a patient's tumor. In
a fast-paced world, precision medicine minimizes the trial-and-error approach
to cancer treatment. Patients receive treatments that are more likely to be
effective, reducing the time and resources spent on unsuccessful therapies.
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Telemedicine platforms allow patients to consult with
oncologists and diagnostic specialists remotely, without the need for in-person
appointments. In a fast-paced urban environment like many parts of India, where
traffic congestion and time constraints are common, telemedicine enhances
accessibility to cancer diagnostic consultations. It saves travel time and
reduces waiting periods for appointments. Advanced diagnostic technologies,
such as molecular tests and imaging, often provide quicker results compared to
traditional methods. In a fast-paced world, where quick decision-making is
essential, faster diagnostic results enable prompt treatment planning. Patients
and healthcare providers can make informed decisions without unnecessary
delays. Cancer diagnostics improve the efficiency of healthcare systems by
ensuring that patients receive the right tests and treatments at the right
time. In a fast-paced healthcare environment, streamlined processes reduce
waiting times, optimize resource allocation, and enhance the overall efficiency
of cancer care.
The growing advancements in point-of-care testing have
enabled rapid and accurate cancer diagnosis at the patient's bedside or in
smaller healthcare facilities. These portable devices can detect cancer
biomarkers quickly, reducing the time required for diagnosis and enabling
immediate treatment decisions.
In recent times, Cancer diagnostics, including
screening tests like mammograms, Pap smears, colonoscopies, and blood tests for
tumor markers, facilitate the early detection of cancer or precancerous
conditions. Early detection allows for the identification of cancer at its
initial stages, often before symptoms manifest. This enables prompt treatment
when cancer is most treatable and may prevent it from advancing to a more
severe and challenging-to-treat stage. Genetic tests can identify individuals
at a higher risk of developing certain types of cancer due to inherited gene
mutations. With genetic information, individuals at increased risk can take
proactive measures to reduce their risk. This may include more frequent
screenings, lifestyle modifications, or preventive surgeries like prophylactic
mastectomy for those with a high breast cancer risk (e.g., BRCA gene
mutations). Advanced diagnostic techniques, such as imaging (MRI, CT scans) and
pathology, help precisely diagnose cancer, determine its stage, and identify
potential metastases. Precise diagnosis and staging are essential for tailoring
treatment plans. Knowing the extent of cancer helps oncologists recommend the
most effective treatment options, reducing the risk of under or over-treatment.
However, the Limited Healthcare Infrastructure may hinder market growth.
Moreover, challenges related to High Cost of Diagnostic Procedures and Lack of
Awareness and Stigma may pose obstacles to the Cancer Diagnostics market in the
near future.
The India Cancer Diagnostics Market is segmented into product,
type, application, test-type, End-user, regional distribution, and company.
Based on its product, the consumables segment has
emerged as the predominant market leader, Cancer diagnostic reagents are used
in a variety of cancer diagnostic tests, such as immunohistochemistry, in situ
hybridization, and molecular diagnostics tests. The increasing prevalence of
cancer in India is driving the demand for cancer diagnostic reagents. Growing
awareness of the importance of early diagnosis of cancer: Early diagnosis of
cancer is essential for improving patient outcomes. The growing awareness of
the importance of early diagnosis of cancer is driving the demand for cancer
diagnostic tests and reagents. The Indian government and private sector are
investing heavily in cancer diagnostics. This investment is leading to the
development of new cancer diagnostic tests and reagents and the expansion of
cancer diagnostic facilities. These factors are expected to drive the growth of
this segment.
Based on region, North India segment is expected to
grow during the forecast period. North India, particularly the
National Capital Region (NCR) and major cities like Delhi, has historically had
a more advanced healthcare infrastructure compared to other regions. The
presence of top-tier hospitals, cancer centers, and diagnostic laboratories in
these areas has contributed to the dominance of North India in the cancer
diagnostics market. Patients from neighboring states often travel to North
India for specialized diagnostic services. North India hosts a significant
concentration of leading healthcare institutions, research centers, and medical
colleges. These institutions often serve as hubs for cancer diagnosis,
research, and treatment. Their expertise and state-of-the-art diagnostic
facilities attract patients from across the country. North India, including the
NCR, has a relatively higher population density compared to many other regions.
The larger population base translates to a higher number of potential patients
seeking cancer diagnostic services. This factor contributes to the dominance of
North India in terms of market size..
The South India segment is poised to be the
fastest-growing market, offering lucrative growth opportunities for Cancer
Diagnostics players during the forecast period. Factors such as South India,
particularly states like Karnataka, Tamil Nadu, and Kerala, has made
substantial investments in healthcare infrastructure. The region is home to
some of India's premier healthcare institutions, including hospitals, research
centers, and cancer treatment facilities. The presence of well-established
healthcare infrastructure is a significant driver of market growth. South India
boasts renowned medical colleges, universities, and research institutions.
These institutions actively engage in cancer research, diagnostic innovation,
and medical education. The research environment fosters the development and
adoption of cutting-edge diagnostic technologies. The literacy rate in South
India is generally higher than the national average. This region has a more
educated and health-conscious population, which translates to increased
awareness about cancer and the importance of early detection.
Major companies operating in India Cancer
Diagnostics Market are:
- Baxter Pharmaceuticals India Private
Limited.
- Bristol-Myers Squibb India Private Limited.
- Cipla Ltd.
- Roche Products (India) Private
Limited.
- Glenmark Pharmaceuticals Ltd.
- Lupin Ltd
- Abbott India Laboratories
- BIO-RAD LABORATORIES (INDIA) PRIVATE
LIMITED.
- Siemens Healthcare Private Limited.
- Thermo Fisher Scientific India Private
Limited.
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“The Advancements in Technology and increasing Public
awareness campaigns and education are key drivers of the Cancer Diagnostics
market. In recent years, the growing trend toward personalized medicine and targeted therapies
fuels the demand for diagnostic tests that identify specific biomarkers and
genetic mutations. Moreover, the growing consumer emphasis on
preventative healthcare products has enhanced production and marketing efforts.
To meet the demands of the market, manufacturers are increasingly incorporating
cutting-edge technologies with high production efficiency. Rising consumer
acceptance and continuous product innovation will further ensure the growth of
the Cancer Diagnostics and supplements market in the coming years.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“India Cancer Diagnostics Market Segmented By
Product (Instruments, Consumables, Services), By Type (IVD, LDT, Imaging), By
Application (Breast Cancer, Colorectal Cancer, Cervical Cancer, Lung Cancer,
Prostate Cancer, Skin Cancer, Blood Cancer, Kidney Cancer, Liver Cancer,
Pancreatic Cancer, Ovarian Cancer, Others), By Test-Type (Biopsy, Others), By
End-User (Hospitals, Laboratories, Others), By Country, Competition, Forecast,
Opportunities, 2019-2029F”, has evaluated the future growth potential of India Cancer
Diagnostics Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in India Cancer Diagnostics
Market.
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