The India Immuno-Oncology Drugs Market is estimated to be valued at US$ 338.98 Mn or 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 are used as therapeutic agents to treat cancer by strengthening the body's natural immune system response to the disease. They are designed to harness the power of the immune system to fight cancer by increasing the ability of the immune system to detect and destroy cancerous or precancerous cells. Some of the major immuno-oncology drugs classes include monoclonal antibodies, therapeutic cancer vaccines, checkpoint inhibitors, and cancer immunotherapies. These drugs have emerged as revolutionary treatments for many cancers and have shown durable responses in patients.
Market key trends:
One of the major trends in the India immuno-oncology drugs market is increasing collaborations between pharmaceutical companies and research institutes to develop innovative therapies. For instance, in January 2022, AstraZeneca collaborated with Dr. Reddy's Laboratories to bring advanced oncology combination medicines to India. Similarly, Amgen and Takeda entered into a strategic collaboration in 2020 to jointly develop and commercialize a portfolio of oncology products in Japan, China, and other Asia Pacific markets. Growing adoption of combination therapies for cancer treatment is also a key trend witnessed in the market. Combination of different immuno-oncology drugs has shown improved efficacy than monotherapies. Increasing investment by both public and private players in R&D of novel therapies and rise in clinical trials for immuno-oncology drugs in the country is propelling the market growth.
Porter’s Analysis
Threat of new entrants: The Indian immuno-oncology drugs market has high entry barriers due to requirement of strong R&D capabilities and huge capital investments.
Bargaining power of buyers: The bargaining power of buyers is moderate as quality treatment options are limited and buyers have to rely on few global and domestic players.
Bargaining power of suppliers: Suppliers have moderate to high bargaining power due to the availability of alternative treatment options and products.
Threat of new substitutes: The threat of new substitutes is moderate as there are limited effective substitutes and alternative treatment options.
Competitive rivalry: high.
Key Takeaways
India Immuno-Oncology Drugs Market Demand is expected to witness high growth, exhibiting 13% CAGR over the forecast period, due to increasing prevalence of cancer and rising awareness.
Regional analysis: Regionally, North America dominates the India Immuno-Oncology Drugs Market due to increasing healthcare expenditure and rising cancer prevalence in the region. India is the fastest growing market in Asia Pacific due to large patient pool and increasing healthcare spending.
Key players: 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 focusing on developing affordable biosimilars and novel drug formulations to strengthen their market position.
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