July 18, 2024
Immuno-oncology Drugs Market

India Immuno-Oncology Drugs Market Is Estimated To Witness High Growth Owing To Rising Cancer Cases & Government Initiatives

The India Immuno-Oncology Drugs Market is estimated to be valued at US$265 Mn in 2022 and is expected to exhibit a CAGR of 13.1% over the forecast period of 2021-2028, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The India Immuno-Oncology Drugs Market is a rapidly growing sector that focuses on using the body’s immune system to fight cancer cells. Immuno-oncology drugs have gained significant importance in the field of cancer treatment due to their ability to stimulate the body’s immune response against cancer cells. These drugs have shown promising results in prolonging survival rates and improving patient outcomes. Key products associated with the market include immune checkpoint inhibitors, monoclonal antibodies, and cancer vaccines.

Market Dynamics:

The India Immuno-Oncology Drugs Market is driven by several factors. Firstly, the rising incidence of cancer in the country is fueling the demand for effective treatment options. According to the Indian Council of Medical Research, the number of cancer cases in India is expected to reach 17.3 lakh (1.73 million) by 2020. This increasing burden of cancer is creating a demand for innovative therapies such as immuno-oncology drugs.

Secondly, the government initiatives aimed at improving cancer care and research in India are also contributing to the market growth. The National Cancer Control Program launched by the Government of India focuses on preventing and controlling cancer through various measures, including the promotion of early detection and treatment. Such initiatives are expected to drive the adoption of immuno-oncology drugs in the country.

Segment Analysis:

The major segment dominating the India Immuno-Oncology Drugs Market is immune checkpoint inhibitors. These drugs work by blocking proteins that help cancer cells evade the immune system, thereby allowing the immune system to recognize and attack the cancer cells. Immune checkpoint inhibitors have witnessed significant success in clinical trials and are being increasingly used in the treatment of various types of cancer, such as lung cancer, melanoma, and bladder cancer.

PEST Analysis:

– Political: The political landscape in India is favorable for the growth of the immuno-oncology drugs market. The government’s focus on improving healthcare infrastructure and investing in research and development activities supports the development and accessibility of these drugs.

– Economic: The economic factors driving the market include the increasing disposable income of the population, the growing healthcare expenditure, and the availability of health insurance coverage. These factors contribute to the affordability and accessibility of immuno-oncology drugs in India.

– Social: The growing awareness about cancer and the importance of early detection and treatment among the Indian population is a key social factor driving the adoption of immuno-oncology drugs. The increasing acceptance of innovative treatment options and the willingness to explore new therapies also contribute to market growth.

– Technological: The advancements in technology and research in the field of immuno-oncology have led to the development of more effective and targeted drugs. The use of biomarkers and genetic testing to identify patients who are likely to benefit from immuno-oncology drugs is an example of technological advancements in the market.

Key Takeaways:

– The India Immuno-Oncology Drugs Market Demand is expected to witness high growth, exhibiting a CAGR of 13.1% over the forecast period, due to increasing cancer cases and government initiatives aimed at improving cancer care and research.

– Among the regions in India, North India is expected to be the fastest-growing and dominating region in the immuno-oncology drugs market. The region has a high prevalence of cancer cases and a well-established healthcare infrastructure.

– Key players operating in the India Immuno-Oncology Drugs Market include Amgen Inc., AstraZeneca Plc, Bristol-Myers Squibb, Celgene Corporation, Eli Lilly and Company, Merck & Co., F. Hoffmann-La Roche AG, Johnson & Johnson, Novartis International AG, and AbbVie Inc. These players are focusing on research and development activities, collaborations, and partnerships to expand their product portfolio and strengthen their market presence.

In conclusion, the India Immuno-Oncology Drugs Market is poised for significant growth due to the rising incidence of cancer and the government’s initiatives to improve cancer care. Immuno-oncology drugs offer promising treatment options and have the potential to revolutionize cancer treatment in India. Key players in the market are actively investing in research and development to bring innovative therapies to patients and improve patient outcomes.