Immuno-oncology Drugs Market

India Immuno-Oncology Drugs Market Estimated To Witness High Growth Owing To Rising Prevalence Of Cancer

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The India immuno-oncology drugs market is estimated to be valued at US$ 338.98 Mn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Immuno-oncology drugs help enhance the body’s natural defenses to fight cancer by targeting specific components of the immune system. These drugs work by blocking some of the signals that help cancer cells grow or by helping the immune system cells to better identify and attack the cancer cells. Some common immuno-oncology drugs include checkpoint inhibitors, monoclonal antibodies, therapies targeted at cytokine and cancer vaccines. These drugs are used for the treatment of various cancers like lung cancer, liver cancer, blood cancer, breast cancer and others.

Market Dynamics:
The India immuno-oncology drugs market is witnessing high growth owing to rising prevalence of cancer in the country. As per the latest Global Cancer Observatory (GLOBOCAN) data, India accounted for nearly 11.6% of the global cancer burden in 2020, with over 1.39 million new cancer cases and nearly 0.77 million cancer deaths. Furthermore, increasing investments by both private and public players in R&D activities for development of novel cancer drugs is also contributing to the market growth. For instance, in 2021, Dr Reddy’s Laboratories collaborated with F. Hoffmann-La Roche to commercialize Roche’s portfolio of pharmaceutical products in India including immuno-oncology drugs. Growing awareness among patients about available treatment options and favorable government policies to increase the affordability of cancer treatments are some of the other factors expected to support the market growth over the forecast period.

SWOT Analysis
Strength:
– Growing prevalence of cancer in India is driving demand for better treatment options. Immuno-oncology drugs provide more targeted and effective treatment.
– Government initiatives to promote indigenous drug manufacturing are encouraging local players to invest in R&D for immuno-oncology drugs.
– Increasing awareness about immunotherapies and their advantages over conventional cancer treatment is positively impacting the market.
Weakness:
– High cost of immuno-oncology drugs is a major limitation for widespread adoption in India.
– Limited healthcare budget constrains governments’ ability to subsidize expensive new drugs.
Opportunity:
– Untapped rural markets offer significant growth potential as awareness spreads and affordability improves over time.
– Combination therapies using immuno-oncology drugs with other treatment modalities present opportunities for innovations.
Threats:
– Stringent regulatory approvals and clinical trials prolong product launch, giving imported drugs initial advantages.
– Threat from cheaper generic versions once patents of pioneer drugs expire.

Key Takeaways
India Immuno-Oncology Drugs Market Demand is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing prevalence of cancer in India.

The regional analysis of India immuno-oncology drugs market shows that south India region currently dominates the market and is expected to maintain dominance during the forecast period. This is attributed to growing cancer burden, rising healthcare investments in major states like Telangana and Karnataka.

Key players operating in the India immuno-oncology drugs market are Amgen Inc., F. Hoffmann-La Roche AG., Intas Pharmaceuticals Ltd., AstraZeneca plc, Mylan N.V., Dr. Reddy’s Laboratories, Bristol – Myers Squibb, Merck & Co., Inc., BIOCAD-Biotechnology company, Reliance Life Sciences, Biocon Limited, and Hetero Drugs Limited. The market is highly competitive with these major players adopting strategies like mergers & acquisitions, partnerships and new product launches.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it