The India contract research organization (CRO) market is advancing steadily with the demand for CRO services surging at a CAGR of 12% over the forecast period of 2013-2022, claims Market Research Future (MRFR) in a detailed research report.
Increasing number of clinical trials in India along with the subsequent complexities associated with them has necessitated the outsourcing of various processes in the manufacture of drugs.
The cost of R&D of drugs is substantially less than that in developed countries due to which India attracts a high number of collaborative contract proposals for conducting clinical trials. To capitalize on the economic benefit provided in India, various market players are coming forward to set up their CROs in India which also adds fuel to the growth of India CRO market.
The growth of the biopharmaceutical industry has reflected positively on the growth of the India CRO market. Bio-pharma companies have become highly reliant on CROs to provide clinical services across the breadth of their operations.
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A dynamic M&A environment has also spurred the growth of the India CRO market. Indian biopharmaceutical companies are indulging in a number of M&A activities in a bid to expand their geographic as well as therapeutic reach. Various mid-size and small market participants are joining forces to compete more effectively and scale capabilities with larger rivals. But they often do not have the resources to conduct various complex operations which makes them resort to outsourcing various processes in order to focus on core business competencies which has further accelerated the growth of the Indian CRO market.
India boats of a well-trained workforce and state-of-the-art facilities which acts a plus for the growth of the market. The presence of diverse ethnic pool allows a myriad of samples which assists in clinical studies. In addition, India is rapidly adapting to global standards which have created a conducive environment for the growth of the CRO market in India.
Regulatory authorities such as Director Controller General of India (DCGI), Directorate General of Foreign Trade (DGFT), Indian Council of Medical Research (ICMR), and Department of Biotechnology (DBT) are endeavoring towards creating a favorable environment for clinical trials in India. Besides, the government of India has made amendments to various laws relating to cli8nical trials which further establishes a progressive backdrop for the growth of the India CRO market.
On the other hand, concerns for data security, and mediocre management practices might constrain the growth of the market over the forecast period. The India CRO market is expected to reach around USD 1973.82 Mn by the end of the forecast period.
Aizant Drug Research Solutions Private Limited, Syngene, Eurofins Scientific, Bilcare Limited, Piramal Pharma Solutions, Synapse Labs Pvt Limited, Quintiles IMS Holdings, Inc., Pharmaceutical Product Development, LLC., PAREXEL International Corporation, Laurus Labs., Siro Clinpharm, VIMTA, Clininvent Research Pvt. Ltd., and Neuland Laboratories Ltd. are some of the notable players in the India CRO market.
The India CRO market has been segmented based on service type, therapeutic application, and end user.
By service type, the India CRO market has been segmented into clinical trials, product development, process development, post-marketing surveillance, quality monitoring, and others.
By therapeutic application, the India CRO market has been segmented into oncology, cardiovascular, neurology, nephrology and urology, and others.
By end end-user, the India CRO market has been segmented into pharmaceutical/biopharmaceutical companies, medical devices companies, and academic institutes.
The India CRO market is divided into different geographic regions and states. Southern India and western India hold the majority share of the India CRO market, but the CRO industry is shifting towards the North of late. The Northern part of India is genetically more diverse and also provides cost advantage as a large number of regulatory authorities are concentrated in the northern part of India.
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Detailed Table of Contents:
1.2 Scope Of Study
1.3 Research Objective
1.4 Assumptions & Limitations
1.5 Market Structure:
2 Research Methodology
2.1 Research Process
2.2 Primary Research
2.3 Secondary Research
3 Market Dynamics
3.5 Macroeconomic Indicators
9 Company Landscape
9.1.1 Mergers Acquisitions
9.1.3 Release/New Product Launches
9.1.4 Other (Expansion, Updates, Partnership)
10 Company Profile
10.1 Quintiles IMS Holdings, Inc.
10.1.1 Company Overview
10.1.2 Product/Business Segment Overview
10.1.4 Key Developments
10.1.5 SWOT Analysis
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