India Oncology Therapeutics Market Analysis

India Oncology Therapeutics Market Analysis Summary

By 2030, it is anticipated that the India Oncology Therapeutics Market will reach a value of $7.8 Bn from $3.3 Bn in 2022, growing at a CAGR of 11.4% during 2022-2030.

India is a lower middle-income, developing country located in Southern Asia bordering the Arabian Sea and the Bay of Bengal. The public health burden of cancer in India is constantly increasing, with 1.4 Mn new instances of cancer expected in 2020. The estimated number of cancer patients in India was 2.7 Mn (2020). In India, between 60% and 75% of cancer patients are treated in private hospitals, where they face high OOP expenses and troubled finance. By 2025, India's cancer burden is expected to exceed 1.5 Mn cases. The "Health Minister's Cancer Patient Fund (HMCPF)" inside the Rashtriya Arogya Nidhi (RAN) has also been formed to provide financial assistance to cancer sufferers. In metropolitan regions, the average medical expense per hospitalisation case for cancer treatment was 68,259 dollars.

A study by the Parliamentary Standing Committee highlighted concern about the inaccessibility and rising cost of cancer treatment. Cancers of the mouth cavity, stomach, and lungs account for more than 25% of cancer fatalities in men, while cancers of the uterine cervix, breast, and oral cavity account for 25% of cancer deaths in women. India's government spent 3 % of its GDP on healthcare in 2020.

Market Dynamics

Market Growth Drivers

Tobacco products are used by around 28.6 % of the Indian population, accounting for 267 Mn tobacco users in the country. Tobacco use has a significant impact on health in India, notably cancer. To assist suffering patients in affording medical care, the National Pharmaceutical Pricing Authority (NPPA) used exceptional powers in the public interest to start a Pilot on Trade Margin Rationalization for 42 anti-cancer medications. The National Programme for the Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases, and Stroke (NPCDCS) is being implemented at the district level by the National Health Mission (NHM). These aspects could boost India's Oncology Therapeutics Market.

Market Restraints

Treatment in the private sector is too expensive for low- and middle-income patients. The required radiation equipment for a developing country, according to WHO criteria, is 1380, compared to the current 686, which is insufficient to service over half of India's population. India has only 514 radiation facilities, according to the most recent statistics from the Atomic Energy Regulatory Board. Despite having one-fifth of the world's population, India is barely represented in 1.5 % of global clinical trials. The 2018 Ayushman Bharat insurance policy does not cover full prescriptions, the most recent cancer medicines, or numerous diagnostic tests. These factors may deter new entrants into the India Oncology Therapeutics Market.

Competitive Landscape

Key Players

• Biocon: Biocon is an Indian biopharmaceutical organization that creates and delivers a scope of disease therapeutics, including biosimilars, monoclonal antibodies, and little particles. The organization has a few imaginative disease sedates that are as of now in clinical turn of events
• Dr. Reddy's Research facilities: Dr. Reddy's Research facilities is an Indian global drug organization that creates and delivers a scope of malignant growth therapeutics, including chemotherapy drugs, designated treatments, and biosimilars. The organization has a few oncology medicates that are as of now in clinical turn of events
• Cipla: Cipla is an Indian global drug organization that creates a scope of malignant growth therapeutics, including chemotherapy sedates and designated treatments. The organization has a few imaginative oncology medicates that are right now in clinical turn of events
• Cadila Medical care: Cadila Medical care is an Indian drug organization that spotlights the turn of events and creation of a scope of malignant growth therapeutics, including chemotherapy sedates and designated treatments

Notable Recent Deals

January 2023: Sun Pharmaceutical Industries Ltd. said on Wednesday that one of its wholly-owned subsidiaries has released Palbociclib, a breakthrough anti-cancer medicine, in India for patients with advanced breast cancer. Palenotm (Palbociclib) 75 mg, 100 mg, and 125 mg will be offered from the pharmaceutical giant. Sun Pharma is launching Palbociclib at a low cost, which will aid in patient access. Palenotm will provide treatment to a number of advanced breast cancer patients in India.

November 2022: Biocon Biologics, Biocon's biosimilars manufacturing subsidiary, has finalised the acquisition of Viatris. The acquisition is anticipated to increase cancer therapy by giving it full ownership of its cooperation assets, which include the anti-cancer drugs Bevacizumab, Trastuzumab, Pertuzumab, and Pegfilgrastim, which is used to treat low white blood cells.

Healthcare Policies and Reimbursement Scenarios

In India, the administrative power liable for the endorsement and guideline of helpful items, including malignant growth therapeutics, is the Central Drugs Standard Control Organization (CDSCO). In expansion, India has laid out a public health care coverage framework that gives repayment to a scope of clinical costs, including the expense of disease therapeutics. The health care coverage framework is planned to guarantee that all residents approach important clinical considerations, no matter what their capacity to pay. India has carried out an exceptional program called the "National List of Essential Medicine" (NLEM), which is a rundown of meds that are considered fundamental. Also, some lung cancer medications may be made available through specific programmes within the Indian healthcare system, such as the National Health Protection Scheme (Ayushman Bharat).