Oncology Drugs - India | Statista Market Forecast

The projected revenue in the Oncology Drugs market in India is expected to reach US$1.83bn in 2024.
It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 7.43%, leading to a market volume of US$2.62bn by 2029.
In comparison to other countries, United States is forecasted to generate the highest revenue of US$103.90bn 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.

Definition:
The Oncology Drugs market covers drugs to treat cancer, including chemotherapy and immunotherapy. These therapies are used for solid tumors and hematologic cancer. The medications in this market are mainly physician-administered drugs.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Bristol-Myers Squibb, Roche, Merck & Co, Novartis, Johnson & Johnson

Treatment for different types of cancer, including skin cancer, leukemia, lymphoma, and multiple myeloma
Chemotherapeutic agents
Immuno-oncology drugs
Oncology orphan drugs

Radiation therapy
Medical devices

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.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Cancer is one of the leading causes of death worldwide, with lung cancer alone ranked the sixth leading cause of death in 2021. Cancer, also known as malignant tumors and neoplasms, is the result of interactions between personal genetic factors and external agents causing abnormal transformations of cells into tumors over time. As the global population has increased in age, the incidence of new cancer cases has also risen, contributing to a higher number of deaths each year. In 2022, nearly 10 million deaths were caused by cancer worldwide- a number which is expected to reach over 15 million by 2040.