The India Cancer Diagnostics market was valued at US$ XX Mn in 2018 and is expected to reach US$ XX Mn by 2026, growing at a CAGR of 12.6 % during the forecast period.
The growth in the Indian Cancer diagnostics market is mainly driven by the increasing incidence of cancer. According to the International Agency for Research on Cancer, the incidence of cancer in India is expected to increase from 1.15 million in 2018 to 1.41 million by the year 2026.
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Apart from this, the growing awareness regarding various diagnostics tests and increasing investment from leading players are expected to further drive the growth of the cancer diagnostics market in India.
However, the high cost of cancer diagnosis is one of the major factors that is expected to impede the growth of the cancer diagnostics market. Cancer diagnosis using biopsy tests costs around INR 2,000 to INR 5,000. More advanced tests such as Next Generation Sequencing cost anywhere between INR 20,000 to INR 50,000. Immunohistochemistry tests are available at around INR 7,000 to 15,000. Most people from rural areas are unable to afford even the basic cancer diagnostic tests. Moreover, the lack of awareness regarding the disease and the lack of infrastructure in rural areas are expected to impede the growth of the cancer diagnostics market.
- In April 2017, Strand Life Sciences launched Strand LB liquid biopsy tests. This tool will help in providing early information about the presence of tumors, response to therapy, and relapses to therapy. Most of the times, acquiring sufficient tumor tissue sample is challenging due to the location of the tumor. This test is highly sensitive and can detect even 1 mutated molecule of DNA among 1000 non-mutated molecules. Therefore, the test can detect cancer in 35% patients with early stage cancer and up to 70-90% patients with advanced stage cancer.
The major players operating in the cancer diagnostics market are Abbott Laboratories, Becton Dickinson and Company, Biomerieux S.A., Beckman Coulter, and Roche Diagnostics, amongst others. Some of the major diagnostics laboratories offering cancer diagnostics facilities in India are, Dr. Lal Path Labs, Oncquest Laboratories, Strand Life sciences, SRL Diagnostics Pvt. Ltd., and Apollo Health, amongst others.
Key Questions Answered:
· What is the value of the India Cancer diagnostics market and its segments?
· What are the key drivers, restraints, opportunities, and challenges in the market and how are they expected to impact the market?
· What are the macroeconomic indicators and technology trends impacting the market?
· What are the attractive segments to invest in?
· Who are the key market players and what are the key strategies adopted by them to sustain/grow in the market?
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