India Immuno-Oncology Drugs Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Cancer and Government Initiatives

 

India Immuno-Oncology Drugs Market

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 to 2028, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The India Immuno-Oncology Drugs Market refers to the use of immunotherapy in the treatment of cancer. Immunotherapy is a revolutionary approach that harnesses the body's immune system to fight against cancer cells. It has gained significant attention in recent years due to its potential to provide long-term remission and improve overall survival rates in cancer patients. Key products associated with this market include immune checkpoint inhibitors, monoclonal antibodies, cancer vaccines, and adoptive cell transfer therapy.

Market Dynamics:

1. Increasing Prevalence of Cancer: Cancer is a major healthcare burden in India, with a high incidence of various types of cancer. According to the Indian Council of Medical Research, the country is expected to witness over 1.73 million new cancer cases and 1.16 million cancer-related deaths by 2025. This rising prevalence of cancer is driving the demand for immuno-oncology drugs.

2. Government Initiatives: The Indian government has taken several initiatives to improve cancer care and treatment in the country. The National Cancer Control Programme focuses on early detection, prevention, and treatment of cancer. Additionally, the government has implemented schemes such as the Pradhan Mantri Jan Arogya Yojana (PMJAY), which provides financial coverage for cancer treatment, including immuno-oncology drugs. These initiatives are expected to fuel market growth.

SWOT Analysis:

Strength:
1. Advanced Treatment Options: Immuno-oncology drugs offer advanced treatment options by harnessing the power of the immune system to fight against cancer cells.
2. Increasing Research and Development: The pharmaceutical industry in India is investing significantly in research and development to develop innovative immuno-oncology drugs.

Weakness:
1. High Cost of Treatment: Immuno-oncology drugs are often expensive, making them unaffordable for a majority of the population.
2. Limited Access to Healthcare in Rural Areas: The lack of proper healthcare infrastructure in rural areas of India hinders the accessibility of immuno-oncology drugs.

Opportunity:
1. Rising Medical Tourism: India is emerging as a hub for medical tourism, attracting patients from around the world for cost-effective and quality treatment.
2. Collaborations and Partnerships: The market offers opportunities for collaborations and partnerships between pharmaceutical companies to develop new and innovative immuno-oncology drugs.

Threats:
1. Stringent Regulatory Approval Process: The regulatory approval process for immuno-oncology drugs can be time-consuming and costly.
2. Side Effects and Adverse Reactions: Immuno-oncology drugs can have severe side effects and adverse reactions, which may limit their adoption.

Key Takeaways:

1. 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 prevalence of cancer and government initiatives.
2. Regional Analysis: The market in India is anticipated to be the fastest-growing and dominating region in the immuno-oncology drugs market due to the rising incidence of cancer and improving healthcare infrastructure.
3. Key Players: 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 focused on developing innovative treatments and expanding their market presence in the country.

In conclusion, the India Immuno-Oncology Drugs Market is poised for significant growth, driven by the increasing prevalence of cancer and government initiatives to improve cancer care. However, challenges such as high treatment costs and limited access to healthcare in rural areas need to be addressed to ensure wider adoption of immuno-oncology drugs.

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