Indian oncology market expanding due to aging population and better outreach of modern therapies

The Indian oncology market is witnessing strong growth alongside fast-paced development in the pharmaceutical sector. The market is expected to grow at a compound annual growth rate (CAGR) of 21% from 2008 to 2014, driven by the introduction of new treatments, increasing number of patients on chemotherapy, and improved access to modern cancer therapies, according to a new report from Frost & Sullivan.

Cancer is one of the 10 leading causes of death in India. Nearly half the cases are curable if detected early. Due to the high prevalence of cancer, the oncology market is witnessing fast-paced growth. High spending on therapeutic drugs for cancer in the emerging economies including India is fuelling market growth.

"With the expanding base of patients undergoing chemotherapy in the major markets and greater access to modern therapies, cancer drugs are poised for widespread uptake," notes an F&S analyst, adding: "Moreover, the increase in the aging population is another factor contributing positive momentum for the market." A 40% to 50% increase in incidences can be seen for some of the major cancer indications such a prostate cancer, breast cancer, ovarian cancer, head and neck cancer. Also the high prevalence of smoking is loading to the proliferation in the number of patients afflicted with lung cancer.