With rising cancer cases in the country, the oncology market in India is growing at 20 per cent annually and is expected to touch Rs 3,831 crore by 2017, according to a recent study.
"Chemotherapy, biologics, targeted therapy, hormonal therapy, and supportive care are the different types of available cancer treatment in India. Among this chemotherapy recorded the highest market value of approximately Rs 700 crore in 2012. Oncology market in India is forecasted to grow to Rs 3,831 crore by 2017," a study by Frost & Sullivan said.
Cancers of oral cavity and lungs in males, cervix and breast in females, account for over 50 per cent of all cancer-related deaths in the country at present, it said.
There are 28 lakh prevalent cases of all types of cancer, while at least 8 lakh new cases are being witnessed every year.
Going ahead, there is likely to be a sharp rise in the market share percentage of biologics and targeted therapy, which are poised to overtake chemotherapy as the preferred treatment option.
"Oncology will be a key area of growth in India's healthcare sector. With increase in emphasis on health coverage both by central and state governments, spending on coverage of medicines for oncology will see substantial rise in 3-5 years," Frost & Sullivan Associate Director, Pharma and Lifescience, Healthcare Practice Dr Ajaykumar Sharma said.
Regulatory hurdles, like approvals for oncology trial procedures are the key challenges, it said.
In addition, it said, tight budgets act to further restrict use of new therapies in oncology.
Differential pricing of expensive drugs, shortage of specialised surgical and medical oncologists in the country are some additional challenges.
