Immuno-oncology drugs are biologic drugs used for the treatment of various types of cancers such as lung cancer, triple-negative breast cancer, head and neck cancer, and blood cancers. Immuno-oncology drugs help boost the body's natural defenses to fight cancer by harnessing the power of the immune system through checkpoint inhibitor drugs, vaccines, and cell therapies. These drugs target checkpoints on T cells that cancer uses to evade the immune system and are shown to unleash the immune system to attack tumors in a more effective way with durable response compared to conventional cancer treatments.
The global 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 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising prevalence of cancer due to increasing pollution levels, unhealthy lifestyle habits such as smoking, obesity and lack of physical activity are the key drivers fueling the India immuno-oncology drugs market growth. According to National Cancer Registry Program (NCRP), cancer is the second leading cause of death in India. As per the estimates, around 1.16 million new cancer cases are expected to be diagnosed in 2023 in India. This rising prevalence of cancer cases requiring advanced treatments will boost the adoption of immuno-oncology drugs instead of conventional therapies during the forecast period. Further, the increasing awareness among patients and doctors about the benefits of immuno-oncology drugs in improving the survival rate of cancer patients will also contribute to the market growth. However, high drug pricing and lack of awareness in rural areas are some of the major challenges for this market.
SWOT Analysis
Strength: India has a large population with significant disease burden which creates demand for Immuno-Oncology drugs. The government's focus on healthcare modernization will boost availability of novel treatment options. Indian pharmaceutical companies have expertise in generic drugs which they can leverage to develop biosimilars.
Weakness: High costs of research and development for Immuno-Oncology drugs pose challenges. Overdependency on imports can impact supply security. Lack of awareness among physicians and patients about latest treatment options.
Opportunity: Untapped rural regions offer scope for expanded access and adoption. Rising cancer incidence rate increases the market potential. Partnerships between global innovators and domestic players can spur local manufacturing.
Threats: Stringent regulatory approvals can delay product launches. Intellectual property issues may encourage copying of patented drugs. Safety issues with new therapies can impact overall confidence in Immuno-Oncology.
Key Takeaways
The India India Immuno-Oncology Drugs Market Growth is expected to witness high growth due to rising cancer burden and government focus on healthcare modernization. The global 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 4.2% over the forecast period 2023 to 2030.
The India market accounted for around 22% share of the South Asia Immuno-Oncology drugs market in 2023 and is projected to maintain its dominance over the forecast period. Regional analysis indicates that south Indian states such as Telangana, Karnataka and Tamil Nadu have emerged as high growth markets due to increasing investments in healthcare sector by both public and private players.
Key players operating in the India Immuno-Oncology market are Fort Dearborn, Multi Color Corporation, and Mondi Group. These players are focusing on increasing their presence in India through partnerships with local pharma companies and building capabilities for biosimilars production. While imported drugs dominate the current market, domestic manufacturers are well positioned to gain shares by 2030 through development of affordable biosimilars.
Check below related articles on this topic: https://www.newsanalyticspro.com/the-immuno-oncology-drugs-market-in-india-is-driven-by-rising-cancer/
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