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.
Immuno-oncology drugs are a type of cancer treatment that helps the patient’s immune system fight cancer. These drugs include checkpoint inhibitors, monoclonal antibodies, immunomodulators, and certain cancer vaccines. Immuno-oncology drugs work to boost the body’s natural defenses to allow the immune system to fight the cancer. The growth of the market can be attributed to the rising prevalence of cancer in India and increasing investment in R&D of novel immunotherapies for cancer treatment.
Market key trends:
One of the key drivers for the India immuno-oncology drugs market is the rising prevalence of cancer in the country. As per the National Institute of Cancer Prevention and Research, India recorded over 2.3 million cancer cases and over 1.7 million deaths in 2022. The five most prevalent cancer types in India include breast cancer, lung cancer, oral cancer, cervical cancer, and colorectal cancer. Additionally, the increasing access to healthcare facilities and growing awareness about early detection and treatment of cancer is also boosting the demand for advanced therapy options like immuno-oncology drugs in India. Furthermore, continuous research and development by pharmaceutical companies for better and more effective immunotherapies for cancer is expected to present lucrative growth opportunities for this market over the forecast period.
Threat of new entrants: The threat of new entrants is moderate in the Indian Immuno-Oncology Drugs Market due to high capital requirements and stringent regulations. However, opportunities exist for specialized drugs.
Bargaining power of buyers: The bargaining power of buyers is moderate as Immuno-Oncology Drugs have limited substitutes and buyers have some influence over prices.
Bargaining power of suppliers: The bargaining power of suppliers is low since there are many players in the market supplying raw materials and drugs.
Threat of new substitutes: The threat of new substitutes is low as Immuno-Oncology Drugs have a unique mechanism of action and few effective substitutes currently exist.
Competitive rivalry: The competitive rivalry is high among established players.
Strength: High occurrence of cancer in India and increasing awareness about Immuno-Oncology Treatment present growth opportunities. Approval of new drugs indicates a positive regulatory environment.
Weakness: High treatment costs pose affordability challenges. Resistance to treatment develops in some patients.
Opportunity: Untapped rural markets yet to adopt Immuno-Oncology present an opportunity for players. Scope to develop Immunotherapies for other cancer indications.
Threats: Stringent regulations around manufacturing and clinical trials increase compliance costs. Risk of drug failure or delays during development.
India Immuno-Oncology Drugs Market Demand is expected to witness high growth, exhibiting a CAGR of 13 % over the forecast period, due to increasing prevalence of cancer and launch of novel drugs in the country. The market size for India Immuno-Oncology Drugs is estimated to reach USD 604.63 Mn by 2030 from USD 338.98 Mn in 2023.
Regional analysis The Indian Immuno-Oncology Drugs Market is dominated by the Western and Southern regions which accounts for over 60% of market share due to high availability of advanced healthcare facilities. However, the Northern and Eastern regions are expected to witness fastest growth during the forecast period supported by rising healthcare investments and spreading awareness.
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. These players are focused on expanding their oncology drug portfolio through collaborations and acquisitions.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it