Oncology Market in India to Grow by USD 1.49 Billion from 2024-2028, Driven by Rising Cancer Prevalence, AI-Powered Market Evolution – Technavio

NEW YORK, Oct. 22, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The Oncology Market in India  size is estimated to grow by USD 1.49 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  17.43%  during the forecast period. Increased prevalence of cancer is driving market growth, with a trend towards rise in research and development for developing diagnostic devices. However, high cost of products for treatment of cancer  poses a challenge – Key market players include 3M Co., Abbott Laboratories, Alkem Laboratories Ltd., AstraZeneca Plc, Baxter International Inc., Bristol Myers Squibb Co., Cipla Inc., F. Hoffmann La Roche Ltd., GE Healthcare Technologies Inc., Glenmark Pharmaceuticals Ltd., Lupin Ltd., Medtronic PLC, Merck and Co. Inc., Natco Pharma Ltd., Novartis AG, Poly Medicure Ltd., Siemens Healthineers AG, Sun Pharmaceutical Industries Ltd., Torrent Pharmaceuticals Ltd., and Zydus Lifesciences Ltd..

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Key Market Trends Fueling Growth

In the Indian oncology market, vendors are investing significantly in research and development to create innovative diagnostic devices for cancer diagnosis and treatment. One such innovation is the use of gold nanoparticles in cancer diagnostics. This approach combines a therapeutic agent and a diagnostic agent with gold nanoparticles, enabling effective tumor monitoring and a better understanding of cancer drug effectiveness. Similar strategies will lead to the development of novel therapeutanostic combined therapies, increasing demand for cancer diagnostic devices. Additionally, Indian companies like Glenmark are making strides in new drug discoveries, such as the acceptance of their IND application for potential cancer drug GRC 54276 by the USFDA. Technological advancements in the post-genomic era, including DNA sequencing, biomarker discovery, and drug delivery methods, have significantly impacted oncology. These technologies aid in early cancer diagnosis and treatment, enhancing clinical outcomes. Utilizing these technologies in oncology has led to the development of specialized cancer diagnostic devices, fueling the growth of the oncology market in India during the forecast period. 

The Indian oncology market is witnessing significant growth, particularly in the indication areas of lung cancer, breast cancer, colorectal cancer, prostate cancer, carcinomas, sarcomas, leukemias, lymphomas, and Hodgkin’s lymphoma. Collaborations between the medical devices industry and oncology solutions providers are driving innovation in cancer diagnostics and treatments. Key trends include targeted therapies, personalized medicine, and immuno-oncology. The lung cancer segment is a major focus, with chemotherapy agents and immunotheries leading the way. Hormone therapies are also popular for breast and prostate cancers. The insurance industry is playing a crucial role in increasing cancer awareness and access to treatments. Clinical trials for emerging therapies are underway. Cancer diagnostic tests, surgery, radiation therapy, and chemotherapy remain the mainstay of cancer management. Artificial Intelligence (AI) is revolutionizing oncology, from early screening to personalized treatment plans. Notable institutions like Aichi Cancer Center are at the forefront of research and development. Liquid and injectable dosage forms of cancer drugs and medications are in high demand. Cancer treatment encompasses various modalities, including chemotherapy, hormone therapy, and surgery. Rapidly dividing cells are the primary target for cancer treatments. Early screening and timely diagnosis are essential for effective management of these diseases. 

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Market Challenges

•         The oncology market in India faces a significant challenge due to the high cost of cancer treatment, which is a major barrier for many patients. This issue is particularly acute for those in the lower income bracket who cannot afford the substantial expenses for diagnosis and treatment, even in the early stages. The severity of cancer necessitates individualized treatment plans, often involving multiple sequential or combination therapies. The high cost of developing these drugs, from preclinical stages through approval, ultimately translates to expensive medications for patients. Inadequate reimbursement policies in India further hinder the growth of the oncology market, as the high cost of cancer drugs remains a significant obstacle for many patients.

•         The Indian oncology market faces several challenges in the areas of Immuno-Oncology, Targeted therapies, Personalized medicine, Cancer diagnostic tests, Surgery, Radiation therapy, and Chemotherapy. Lung Cancer is a major concern with high prevalence due to rising cases caused by tobacco and alcohol use. The market requires innovative drugs and therapeutics like Chemotherapy agents, Immunotherapies, and Hormone therapies. Aichi Cancer Center’s use of Artificial Intelligence (AI) in oncology diagnostics and treatment is commendable. The market demands early screening for rapidly dividing cells and managing chronic diseases through non-invasive diagnostic tools. The use of Liquid dosage forms and Injectable dosage forms in oncology treatment is increasing. Emerging therapies like AI in cancer treatment and management of chronic diseases are gaining popularity. However, awareness of cancer and access to cancer diagnostic tests and treatments remain significant challenges. The market for cancer drugs and medications is growing, with traditional chemotherapy being gradually replaced by more effective and less toxic therapies like immunotherapy and targeted therapy.

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Segment Overview 

This oncology market in India report extensively covers market segmentation by

1. Type 

• 1.1 Cancer treatment
• 1.2 Cancer diagnostics

End-user 

• 2.1 Hospitals
• 2.2 Diagnostic laboratories
• 2.3 Diagnostic imaging centers
• 2.4 Others

Geography 

1.1 Cancer treatment-  The Indian oncology market is growing steadily due to increasing cancer cases and rising awareness for early detection and treatment. Major players include Sun Pharma, Cipla, and Dr. Reddy’s Laboratories. Government initiatives and collaborations with international organizations are boosting research and development in this sector. Affordable treatments and a large patient population make India an attractive destination for global investors.

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Research Analysis

The oncology market in India is witnessing significant growth due to the increasing prevalence of cancer cases, with chronic diseases such as alcohol and tobacco use being major contributing factors. According to the Indian Council of Medical Research, the country is projected to have over 12.7 million cancer cases by 2030. This has led to a surge in demand for oncology diagnostics and treatment, including innovative drugs, therapeutics, and non-invasive diagnostic tools. The Medical devices industry and Insurance industry are also playing a crucial role in the growth of the oncology market. Immuno-Oncology, Targeted therapies, Personalized medicine, and Cancer diagnostic tests are some of the key areas of focus in the Indian oncology market. India’s clinical trials landscape is also attracting global pharmaceutical companies to invest in research and development of new oncology treatments. Surgery, Radiation therapy, and Chemotherapy remain the mainstay of oncology treatment in India, with a growing trend towards the use of advanced technologies like Immunotherapy and Hormonal therapy.

Market Research Overview

The Oncology market in India is witnessing significant growth due to the rising prevalence of cancer, with an estimated 1.1 million new cases and 700,000 deaths in 2020. Tobacco and alcohol consumption are major risk factors, contributing to high incidences of Carcinomas, Sarcomas, Leukemias, Lymphomas, Hodgkin’s lymphoma, and other types of cancer. Oncology diagnostics and treatment are in high demand, with innovative drugs and therapeutics such as immunotherapy, targeted therapy, hormonal therapy, and traditional chemotherapy playing crucial roles. The Lungs cancer segment, including Breast, Colorectal, and Prostate cancer, accounts for a significant portion of the market. Collaborations between the Medical devices industry, Insurance industry, and clinical trials are driving advancements in oncology solutions. Early diagnostics through non-invasive diagnostic tools and emerging therapies like Immuno-Oncology, Personalized medicine, and Artificial Intelligence (AI) are indications of a promising future. Rapidly dividing cells require early screening and effective treatments, making it essential to increase awareness of cancer and its causes. Cancer diagnostic tests, Surgery, Radiation therapy, Chemotherapy, and Hormone therapy are all essential components of managing cancer. The market for Cancer drugs and medications continues to expand, with ongoing research and development of new chemotherapy agents, immunotherapies, and hormone therapies.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• Type
• Cancer Treatment
• Cancer Diagnostics
• End-user
• Hospitals
• Diagnostic Laboratories
• Diagnostic Imaging Centers
• Others
• Geography

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

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