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Dec 22, 2024, 09:53

India’s Oncology Testing Market Projected to Grow at 2% CAGR Through 2033: GlobalData

India’s oncology tests market to grow at 2% CAGR through 2033, forecasts Globaldata

Primarily caused by lifestyle changes, environmental factors, and an aging population, cancer poses a significant social and healthcare burden in India, creating a rising demand for advanced oncology diagnostic and treatment services.

Against this backdrop, India’s oncology tests market is expected to grow at a compound annual growth rate (CAGR) of around 2% through 2033, forecasts GlobalData, a leading data and analytics company.

GlobalData’s research reveals that India accounted for over 3% of the Asia-Pacific (APAC) oncology tests market in 2024.

But, by accelerating efforts to develop innovative solutions and support cutting-edge research, India aspires to increasingly address the healthcare needs of both its own population and global communities.

Recently, Bengaluru-based genomics and bioinformatics company Strand Life Sciences, a subsidiary of Reliance Industries Ltd, has introduced an innovative blood-based test for early detection of multiple cancers. Named CancerSpot, this test utilizes advanced methylation profiling technology, a globally recognized method, to detect tumor DNA fragments in the bloodstream.

“Oncology tests in India face several challenges related to access, affordability, and technological adoption. Because of inadequate infrastructure and expertise, the adoption and integration of new approaches like AI-assisted diagnostics, precision medicine, and minimally invasive therapies are low.” – says Shreya Jain, Medical Devices Analyst at GlobalData.

CancerSpot’s signatures, developed using Indian cohorts, have demonstrated reliability and adaptability across diverse global ethnicities. This test offers an accessible and convenient option for routine and proactive cancer screening.

Strand’s new Genomics Diagnostics & Research Centre will further play a pivotal role in driving research and innovation in oncology, expediting the development of advanced diagnostic solutions, and addressing the healthcare needs of both Indian and global populations.

“Tailored diagnostics, like genomic tests calibrated for Indian cohorts, can enhance early detection accuracy, improve risk stratification, and ensure that treatments align with the unique genetic profiles of Indian patients. This not only helps improve survival rates in India but also contributes to the global understanding of cancer biology.” – said Shreya Jain

About GlobalData

India's Oncology Testing Market Projected to Grow at 2% CAGR Through 2033: GlobalData

4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis, and innovative solutions, all in one platform.

GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology, and professional services sectors.