India Oncology Drugs Market Size Booming at Significant CAGR of almost 8% to Touch USD 3.75 Billion by 2030

Published | 10 April 2024

India Oncology Drugs Market is flourishing due to growing awareness about cancer drugs, treatments, and therapies, government initiatives for improving cancer care, and increasing adoption of advanced technologies like minimally invasive surgeries.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India Oncology Drugs Market size by value at USD 2.18 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Oncology Drugs Market size to expand at a CAGR of 7.89% reaching a value of USD 3.75 billion by 2030. The Oncology Drugs Market in India is propelled by increasing awareness regarding cancer and its treatments, escalating disposable incomes, and enhanced healthcare accessibility. The rapid expansion of India's oncology drug market necessitates innovative solutions due to increasing cancer incidence, patient numbers, and adoption of novel therapies. With an estimated 1.4 million new cancer cases projected for 2020, the country faces a rising public health challenge. However, over 80% of patients present with advanced disease, highlighting issues with awareness, accessibility, and affordability. Private hospitals cater to 60% to 75% of cancer patients, but they often encounter high out-of-pocket costs and financial strain. By 2025, India's cancer burden is expected to surpass 1.5 million cases.

Opportunities – Increasing reimbursement and insurance for cancer treatments

In India, the Central Drugs Standard Control Organization (CDSCO) oversees the approval and regulation of medical products, including cancer treatments. Additionally, the country has established a national healthcare insurance system aimed at reimbursing various medical expenses, including those related to cancer therapy. This system strives to ensure universal access to essential healthcare services, irrespective of individuals' financial capabilities. India has also implemented the "National List of Essential Medicines" (NLEM), comprising vital medications. Furthermore, specific programs within the Indian healthcare framework, like the National Health Protection Scheme (Ayushman Bharat), may facilitate access to certain lung cancer treatments. This reflects the increasing focus on cancer health insurances in the country.

Impact of Escalating Geopolitical Tensions on India Oncology Drugs Market

Geopolitical tensions can have a multifaceted impact on the India Oncology Drugs Market. Heightened uncertainties may disrupt supply chains, leading to potential shortages of critical medications and raw materials, thereby affecting drug availability and pricing. Moreover, increased geopolitical instability can deter foreign investments and collaborations in the pharmaceutical sector, hampering innovation and research efforts. Trade barriers and sanctions could further exacerbate these challenges, limiting market growth opportunities and access to advanced therapies. As a result, navigating geopolitical risks becomes imperative for stakeholders in the India Oncology Drugs Market to ensure continued resilience and sustainability amidst evolving global dynamics.

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India Oncology Drugs Market

Segmental Coverage

India Oncology Drugs Market – By Therapy Type

Based on therapy type, the India Oncology Drugs Market is divided into Chemotherapy, Targeted Therapy, and Immunotherapy segments. The immunotherapy segment is expected to hold the highest share in the India Oncology Drugs Market by therapy type during the forecast period. Immunotherapy, a promising cancer treatment, activates the body's immune system to combat the disease, showing efficacy primarily in advanced stage patients. Its suitability varies based on cancer type and patient condition. Effective against diverse cancers like lung, kidney, bladder, melanoma, cervical, and lymphoma, a study in India revealed nivolumab's (Opdivo) low doses prolonged survival in advanced head and neck cancer patients at 6% of Western dosages, potentially reducing costs. Clinical trials combining minimal nivolumab doses with standard head and neck cancer treatments in India hint at improving patient outcomes. Amid rising cancer rates, innovations aimed at enhancing cancer care contribute to market growth.

Competitive Landscape

The India Oncology Drugs Market is fragmented, with numerous players serving the market. The key players dominating the India Oncology Drugs Market include Roche, Novartis Oncology, Celgene, Johnson & Johnson, AbbVie, Arlak Biotech, Bristol-Myers Squibb, Pfizer Inc, Merck & Co, Eli Lilly and Company, AstraZeneca plc, Bayer AG, Amgen Inc, Getwell Pharma, and Intelicure Lifesciences. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

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The report's in-depth analysis provides information about growth potential, upcoming trends, and the India Oncology Drugs Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Oncology Drugs Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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