Major investments have been made by companies in the cancer diagnostics industry in the past few years to develop novel tests to capitalize on the opportunities in the untapped market.

The food for special medical purpose (FSMP) market growth can be attributed to the growing prevalence of metabolic diseases, growing consumer unhealthy lifestyle, and surge in demand from emerging economies such as Asia Pacific, Middle East & Africa, Latin America, and others.

Growing incidence of chronic diseases; increasing R&D investment for drug discovery research and Growing Adoption of High-Throughput Screening Methodologies are some of the major factors that propel the market growth.

The main drivers for the growth include technological advancements in the development of novel biomarkers, rising preference for minimally or less invasive surgeries, increasing cancer awareness leading to growth in cancer cases, and growing disposable income in emerging economies.

Factors such as increasing data volumes for analysis, quick turnaround time for the discovery and development new drug, computing power, AI also helps in targeted manufacturing and others drive the market growth.