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 (IO) drugs help improve the body's natural immune response for treating cancer. These drugs work by trying to boost the ability of the immune system to fight cancer cells in the body. Some of the major IO drugs include monoclonal antibodies, therapeutic vaccines, checkpoint inhibitors, and immune system modulators. These drugs treat various types of cancers including lung cancer, hematological malignancies, and others.
Market key trends:
The growing preference for personalized cancer treatment is estimated to fuel the growth of the India immuno-oncology drugs market over the forecast period. Personalized cancer treatment involves determining the unique molecular characteristics of a patient's tumor and designing appropriate therapy tailored to their genetic profile. In recent years, significant advancements have been made in understanding the genetics of cancer and identifying the mutations that drive tumor growth. This has allowed the development of innovative treatments targeting these specific mutations and improving treatment efficacy. Personalized cancer treatment using immuno-oncology drugs enhances the immune system's ability to identify and kill cancer cells based on their unique molecular properties. This trend is expected to boost the adoption of IO drugs in India.
Porter's Analysis
Threat of new entrants: The immuno-oncology drugs market in India requires high R&D investments and facilities for drug development and manufacturing which makes market entry difficult for new players.
Bargaining power of buyers: The presence of a large patient pool in India increases the bargaining power of buyers in terms of affordable treatment costs.
Bargaining power of suppliers: Major suppliers of raw materials including antibodies have significant control over pricing since they cater to a niche segment of cancer patients.
Threat of new substitutes: There is high threat from new substitute therapies and drug regimens being researched for cancer treatment.
Competitive rivalry: Intense competition exists among existing players to gain higher market share.
SWOT Analysis
Strength: Growing incidence of cancer in India and increasing awareness about advanced treatment options.
Weakness: High costs of immunotherapy drugs remain unaffordable for many patients. Lack of adequate healthcare infrastructure and medical personnel in some parts of the country.
Opportunity: Untapped rural areas present scope for market expansion. Rising healthcare expenditure is expected to boost demand.
Threats: Stringent regulatory framework for drug approvals. Side effects and safety issues related to new immuno-oncology therapies.
Key Takeaways
The global India Immuno-Oncology Drugs Market Growth is expected to witness high growth, exhibiting CAGR of 13.% over the forecast period, due to increasing prevalence of cancer in India. As per the Indian Council of Medical Research, cancer incidences are estimated to surpass 15.7 lakh by 2025 in India.
Regionally, South India dominates the India immuno-oncology drugs market currently owing to the presence of well-established healthcare facilities and higher healthcare expenditure in states like Telangana, Karnataka and Tamil Nadu. However, North India is anticipated to register fastest CAGR during the forecast period due to growing initiatives to expand oncology services in the region.
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 major companies are focusing on new product launches and increasing their production capacities in India to strengthen market position.
For more insights, read- https://www.pressreleasebulletin.com/india-immuno-oncology-drugs-market-trends-size-and-share-analysis/
