Indian Oncology drugs market size stood at USD XX Million in 2019 and is projected to reach USD XX billion by 2028, exhibiting a CAGR of 14.6% during the forecast period of 2019-2028.
Oncology pharmaceuticals market in India, a leading segment of the overall pharmaceuticals market is the fourth largest in volume and eighth largest in value in the global market. Since cancer is the second largest cause of death in the country, the Indian market is characterized by a huge demand for cancer drugs. India is reported the home to 14 lakh cancer patients in 2016.The Indian Government, has taken initiatives to work out public-private partnership projects (PPP) and reduce the essential drug prices. In May 2020, India-based 4baseCare announced to launch targeted oncocare tests at one-fourth of the cost of the existing genetic tests. Oral cancer is a major health problem in India as in most cases it gets detected only in the later stages of the illness resulting in lesser cure options and higher expenses. In India, the cost of genetic tests has come down to USD 4.06 to USD 947.36 from USD 2,706.76 to USD 3,383.45 per test.
Higher Prevalence and Incidence of Cancer Diseases, unhealthy lifestyle, increasing geriatric population, growth of the industry including, increasing FDI, increase in the number of cancer health insurances. Besides, focus on drug development for the reduction of cancer cases has also increased. Increasing healthcare expenditure of India is also contributing to the market growth. Efforts have been undertaken to develop genomic databases specific to the Indian population. In this regard, the Council of Scientific and Industrial Research (CSIR) launched the IndiGen Genome Project in April 2019 to sequence whole genomes of 1,008 Indians.