Oncology Drugs - India

India

The projected revenue in the Oncology Drugs market in India is expected to reach US$2.02bn in 2024.
It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2028) of 14.65%, leading to a market volume of US$3.49bn by 2028.
In comparison to other countries, United States is forecasted to generate the highest revenue of US$114,600.00m in 2024.
India is experiencing a surge in the demand for affordable oncology drugs, driven by a growing middle-class population and increasing government initiatives to improve access to healthcare.

Key regions: Germany, India, United Kingdom, China, Canada

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Analyst Opinion

The Oncology Drugs market in India has been experiencing significant growth in recent years.

Customer preferences: Indian customers have been increasingly demanding better access to high-quality cancer treatment options. This is due to a variety of factors, including a growing awareness of cancer as a major public health issue, an aging population, and rising incomes.

Trends in the market: One of the key trends in the Indian Oncology Drugs market is the increasing adoption of targeted therapies. These drugs are designed to target specific molecules or pathways involved in the growth and spread of cancer cells, and have been shown to be more effective and less toxic than traditional chemotherapy drugs.Another trend in the market is the growing importance of biosimilars. These are drugs that are similar to existing biologic drugs, but are manufactured by different companies. Biosimilars are becoming increasingly popular in India due to their lower cost and greater accessibility compared to the original biologic drugs.

Local special circumstances: One of the major challenges facing the Indian Oncology Drugs market is the lack of adequate healthcare infrastructure. This has led to a situation where many cancer patients are unable to access the treatment they need, particularly in rural areas.Another challenge is the high cost of cancer treatment, which can be a major burden for many patients and their families. To address this issue, the Indian government has implemented a number of initiatives aimed at improving access to affordable cancer treatment, including the introduction of price controls on certain cancer drugs.

Underlying macroeconomic factors: The growth of the Indian Oncology Drugs market can be attributed to a number of underlying macroeconomic factors. These include a rapidly growing economy, a large and aging population, and a rising incidence of cancer due to changing lifestyles and environmental factors.Overall, the Indian Oncology Drugs market is poised for continued growth in the coming years, driven by increasing demand for high-quality cancer treatment options, the adoption of targeted therapies and biosimilars, and government initiatives aimed at improving access to affordable cancer treatment. However, significant challenges remain, including the need for improved healthcare infrastructure and continued efforts to make cancer treatment more affordable and accessible to all.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.