India CRO Market Information, by Services Type (Clinical trials, Product Development, Process Development, Post-Marketing Surveillance, Quality Monitoring and Others); by Therapeutic Application (Oncology, Cardiovascular, Neurology, Nephrology and Urology, and Others) and by End Users (Pharmaceutical/biopharmaceutical Companies, Medical devices Companies and Academic Institutes) – Forecast till 2027
India CRO Market Scope
Market Research Future (MRFR) projects the India Cro Market to touch close to USD 986.9 Million by 2027, the value shooting up significantly from USD 500 Million in 2017. It is also anticipated that the market will be expanding at a rate of around 12.00% between 2020 and 2027 (analysis period).
Top Boosters and Key Barriers
India’s CROs are striving to keep up with the internationally recognized quality standards, operating models, and processes to compete in the global market. Significant costs of drug development could play a major role in the market growth. Drug makers as well as sponsors are facing the pressure to curb the substantial revenue loss resulting from generics, surge in patent expiry as well as R&D costs, making drug development complex and more expensive. Additionally, the onus falling on the industry players to adhere to the strict timelines has fostered the need to outsource research activities. These factors have had a tremendous impact on the India CRO market.
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The clinical trials market has been progressing at an impressive rate, driven largely by the mounting demand for advanced solutions in the healthcare industry and alliances being formed between major biotech-pharma-medical device players with the CROs. In addition to this, the CRO market in the country also gains from the escalating R&D spending by the pharmaceutical sector, disconcerting rise in diseases, and the surge in research activities focused on multiple orphan drugs and rare diseases. Not only India, but the clinical trials industry has also been taking huge strides in most of the emerging countries across Asia Pacific.
India, with its huge heterogeneous patient base, rapidly advancing healthcare sector, highly educated and skilled physicians, and impressive cost competitiveness, has become a prime destination for CRO services. Moreover, increased foreign investments along with local contenders collaborating with each other for a chance at a higher position is also likely to be a major growth booster. Additionally, new research areas like diagnostic research emerging rapidly in the country will also fuel the market size in subsequent years.
India CRO Market Segmental Insight
The market for India CRO can be considered for service type, therapeutic type, as well as end-users.
The service types listed in the report are quality monitoring, product development, clinical trials, post-marketing surveillance, process development, and more. The cost efficiency, vast pool of skilled professionals, ease of conducting business, and the well-equipped hospitals have given a significant boost to the clinical trial segment in the country. Therefore, this segment is touted to procure the lead in the ensuing years.
With respect to application, the India CRO industry can be categorized as cardiology, cardiology cancer, nephrology and urology, neurology, and others. Oncology segment accounts for the biggest share in the market, in view of the rising burden of cancer, prevalence of unhealthy lifestyle, and the burgeoning geriatric populace. Considering these factors, the CRO services are extensively used in the oncology field, much more than in any other segment.
In terms of propulsion types, the market is narrowed down to medical device businesses, academic institutes, and pharmaceutical/biopharmaceutical businesses. Pharmaceutical/biopharmaceutical companies are proactively working on harnessing the latest digital platforms and data sources, to engage providers, regulators, and patients more effectively, resulting in a higher demand.
India CRO Market Regional Outlook
India CRO industry can be split into East India, West India, South India, and North India. India’s overall healthcare industry is spread across multiple areas as well as states. The South Indian and Western Indian market form the highest portion of the overall CRO market. The significant market growth in the country could be the result of the consolidation of several authoritative entities including the Indian Council of Medical Research (ICMR), the Director Controller General of India (DCGI) office, the Department of Biotechnology (DBT), and the Directorate General of Foreign Trade (DGFT), among others.
North India is emerging rapidly as the fastest market for CRO, given the lower costs incurred during clinical trials and research activities along with the extensively diversified genetic pool. The colossal patient pool as well as the increasing healthcare spending also benefit the market. Lately, South India has become a major spot for clinical trials, also experiencing a surge in product registrations as well as approvals. Also, with international CROs trying to expand their businesses in the country by investing in facilities and key resources such as clinical supplies, central laboratories, and imaging, the India CRO market is bound to note robust growth in the next couple of years.
Eminent Industry Participants
Eurofins Scientific, Pharmaceutical Product Development LLC., Siro Clinpharm, Clininvent Research Pvt. Ltd., VIMTA, Quintiles IMS Holdings, Inc., Aizant Drug Research Solutions Private Limited, PAREXEL International Corporation, Synapse Labs Pvt Limited, Bilcare Limited, Laurus Labs., Neuland Laboratories Ltd, Syngene, Piramal Pharma Solutions, are the top vendors in the India CRO industry.
Veeda Clinical Research, a reputed clinical/contract research organization has acquired a total share of 50.1% in pre-clinical CRO Bioneeds. With the acquisition, both the CRO firms hope to capitalize on the expanding R&D budgets of international pharmaceutical vendors.
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List Of Tables
TABLE 1 INDIA CRO MARKET, 2020-2027 (USD MILLION)
TABLE 2 INDIA CRO MARKET, BY SERVICE TYPE, 2020-2027 (USD MILLION)
TABLE 3 INDIA CRO MARKET, BY THERAPEUTIC APPLICATION, 2020-2027 (USD MILLION)
TABLE 4 INDIA CRO MARKET, BY END USER, 2020-2027 (USD MILLION)
TABLE 5 INDIA CRO MARKET, BY REGION, 2020-2027 (USD MILLION)
List Of Figures
FIGURE 1 RESEARCH PROCESS
FIGURE 2 PORTERS FIVE FORCES MODEL
FIGURE 3 INDIA CRO MARKET, BY SERVICE TYPE
FIGURE 4 INDIA CRO MARKET, BY THERAPEUTIC APPLICATION
FIGURE 5 INDIA CRO MARKET, BY END USER
FIGURE 6 INDIA CRO MARKET, BY REGION
FIGURE 7 INDIA CRO MARKET: COMPANY SHARE ANALYSIS, 2020 (%)
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