Contract research organization (CRO) provide support services to the pharmaceutical, biotechnology, and medical device industries for specific services such as clinical research, product development such as drug development or process development such as bioanalytical assay development on a contract basis. A CRO may also offer management services such as clinical trials management, and pharmacovigilance.
According to a detailed report published by Market Research Future (MRFR), the India CRO market has been assessed to reach a significant market valuation of USD 986.9 Million, growing at a 12% CAGR, during the forecast period of 2017 to 2023.
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Influential factors leading the India CRO market growth over the forecast period are the availability of large patient population and multispecialty hospitals, presence of an ethnically and genetically diverse patient pool, thus enabling different samples for clinical trials, educated and available human resource, low operational expenditure due to inexpensive human resource, and the presence of various types of climatic conditions, thus allowing favorable conditions for stability studies to be executed with ease in one destination. Additionally, India’s acceptance of international guidelines and intellectual property rights is also an influential factor for market growth over the forecast period.
The factors hindering the market over the forecast period are the increasing concerns for security, especially data security and patient security, and the lack of partnerships between universities and industries in India. The market threat is the growth of the China market and the compromise on ethics and standards done by certain CROs. The market opportunities for growth over the forecast period are estimated to be primarily driven by the growth of the pharmaceutical industry, and the rising concerns for cost escalation in the pharmaceutical industry.
India CRO market has been segmented based on service types, therapeutic application, end users, and region.
Based on service type, the market for CRO in India has been segmented into clinical trials, process development, product development, post-marketing surveillance, quality monitoring, and others. The clinical trials segment has been assessed to grow at a significant CAGR over the forecast period.
Based on therapeutic application, the CRO market in India has been segmented into cardiovascular, oncology, neurology, nephrology and urology, and others. The cardiovascular segment has been assessed to witness remarkable growth over the forecast period.
Based on end users, the Indian CRO market has been segmented into pharmaceutical/biopharmaceutical companies, medical devices companies, and academic institutes. The into pharmaceutical/biopharmaceutical companies segment has been assessed as the leading end-user industry in the segment.
Based on the region, the India CRO market has been segmented into North India, South India, East India, West India, and Central India.
The western and southern regions of India hold a strong position in the CRO market due to their better infrastructure, education and salubrious climate. However the northern regions have started growing and catching up due to larger and more diverse genetic pool and the concentration of regulatory bodies in northern India. The faster growth of hospitals in northern India is favoring the CRO market and has led to this shift. The growth of diseases needing specialized care and treatments such as cancer is booming the CRO market of this segment at a faster pace than other segments.
The key players in the India market for CRO are Aizant Drug Research Solutions Private Limited, Bilcare Limited, Clininvent Research Pvt. Ltd., Eurofins Scientific, Laurus Labs., Neuland Laboratories Ltd, Pharmaceutical Product Development, LLC., PAREXEL International Corporation Quintiles IMS Holdings, Inc., Siro Clinpharm, Synapse Labs Pvt Limited, Syngene, and VIMTA Piramal Pharma Solutions.
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