by 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 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 therapeutic agents that stimulate the immune system to fight cancer by different mechanisms such as checkpoint inhibitors, immunomodulators, and cancer vaccines. Some major types of immunotherapies include monoclonal antibodies, checkpoint inhibitors, non-specific immunotherapies, and cancer vaccines. Immuno-oncology drugs are primarily used for the treatment of various cancers like melanoma, lung cancer, blood cancer, and others. The rising burden of cancer in India and growing adoption of targeted therapies are the major factors augmenting the growth of the India immuno-oncology drugs market over the forecast period.
Market key trends:
The India immuno-oncology drugs market is expected to witness significant growth due to increasing development of novel combination therapies. For instance, Bristol-Myers Squibb received approval from the Drugs Controller General of India in February 2021 for Opdivo (nivolumab) plus Yervoy (ipilimumab) combination for the treatment of adult patients with microsatellite instability-high (MSI-H) or mismatch repair deficient (dMMR) metastatic colorectal cancer (CRC) who have disease progression following treatment with a fluoropyrimidine, oxaliplatin, and irinotecan. Combination therapies offer more efficacy and are able to target multiple pathways to fight cancer, hence, their demand is increasing. This is expected to positively impact the growth of the India immuno-oncology drugs market during the forecast period.
Porter’s Analysis
Threat of new entrants: India Immuno-Oncology Drugs Market has high entry barriers and requirements for extensive R&D investments and clinical trials. This reduces the threat of new entrants.
Bargaining power of buyers: The bargaining power of buyers in the India Immuno-Oncology Drugs Market is moderate due to the presence of many established brands and treatment options.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the fragmented nature of suppliers for Active Pharmaceutical Ingredients (APIs), excipients, and contract manufacturing organizations.
Threat of new substitutes: Threat from new substitutes is moderate as Immuno-Oncology Drugs have few substitutes, though targeted therapies pose a threat.
Competitive rivalry: The India Immuno-Oncology Drugs Market has high competitive rivalry due to the presence of many global and local players offering similar product profiles.
Key Takeaways
The global India Immuno-Oncology Drugs Market Growth is expected to witness high growth, exhibiting 13% CAGR over the forecast period, due to increasing prevalence of cancer cases. The market size for 2023 is estimated to be US$ 338.98 Mn.
Regional analysis: The India immuno-oncology drugs market is dominated by southern region owing to rising healthcare awareness among population. The western region is expected to witness fastest growth during the forecast period backed by increasing R&D investments in this field.
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
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
