No you should not panic, anymore than you should celebrate and buy a yatch if you think you have 10% chance of winning a lottery.
The doctor should phrase it as "the test indicates you have a 10% possibility of cancer. The majority of people who test positive do not have cancer. Further testing is required to confirm or rule it out."
Going with the expected value of 10% of a horrid thing is still bad, or 10% of $100m is still $10m, is not applicable to a single non repeated event.