India CRO Market Trends is Expected to Register a CAGR of 7.50% to reach USD 979.8 Million by 2030 | Market Research Future
Research Reports
Oct 27, 2022
Market overview:
The Indian Union Cabinet has approved amendments to the country’s Foreign Direct Investment (FDI) policy in the pharmaceutical sector, allowing FDI up to 100% under Indian government regulations for manufacturing medical devices. These government initiatives, as well as rising investment in the medical device segment, have fueled the growth of the India CRO market. The Drugs Controller General of India (DCGI) has relaxed clinical trial requirements and granted permission for trials based on the nature of the clinical trials. The government has also required that clinical trial sites maintain the necessary emergency medical care and rescue arrangements. This has resulted in a significant increase in the number of experienced investigators and key opinion leaders leveraging their expertise to drive the growth of CROs in India.
The India CRO market is expected to grow to around USD 979.8 Million at a CAGR 7.50% by the end of the forecast period 2022-2030, up from $500 million in 2017.
The ongoing epidemic has significantly impacted the CRO market in India. The international effort to develop a coronavirus vaccine significantly influenced other vaccines and medicines’ development. Vaccines and therapies for COVID-19 accounted for 30% of all trials in the United States at the height of the epidemic. As a result, additional trials have been halted. Rising demand for new healthcare solutions, the collaboration between pharma-biotech-medical device firms and top CRO companies in India, and technological developments are driving the clinical trial market. The high demand for clinical trials in developing countries, the pharmaceutical industry’s high R&D investment, the increasing frequency of illnesses, and R&D focus on rare diseases and numerous orphan medicines have all been identified as major drivers driving market expansion.
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Regional analysis:
The India CRO Market is divided into four regions: South India, North India, East India, and West India.
South India has the largest share of the India CRO market among all regions. However, the market is shifting to West India, where several high-profile pharmaceutical companies operate with better infrastructure and support from regional governments.
Furthermore, the North Indian region is expected to grow significantly due to the presence of various regulatory agencies and the expanding pharmaceutical industry, which is driving the development of the India CRO market.
South India has recently emerged as a major location for clinical trials and a surge in product registrations and approvals. Furthermore, with international CROs attempting to expand their businesses in India by investing in facilities and key resources such as central laboratories, clinical supplies, and imaging, the India CRO market is expected to propel rapidly in the future.
Market segmentation:
The India CRO market is segmented into therapeutic application, service, and end-users.
According to the Therapeutic Application
- Nephrology and Urology
- Cardiovascular
- Oncology
- Neurology
- Others
According to the service:
- Ø Quality Monitoring
- Product Development
- Clinical trials
- Post-Marketing Surveillance
- Process Development
- Others
According to the end-users:
- Medical devices Companies
- Biopharmaceutical/Pharmaceutical Companies
- Academic Institutes
Recent developments:
- Parexel announced a formal merger agreement in July 2021, under which it will be acquired for USD8.5 billion by EQT IX fund (“EQT Private Equity”) and Goldman Sachs Asset Management (“Goldman Sachs”).
- PPD, Inc. and Science 37, the creator of the Decentralized Clinical Trial Operating System, announced a ground-breaking partnership in April 2021 under which PPD can fully design, build, test, implement, and execute digital trials using SaaS-based technology platform of Science 37’s DCT.
India CRO market Major Key Players
Quintiles IMS Holdings, Inc,Syngene, Pharmaceutical Product Development, LLC.,Siro Clinpharm, Clininvent Research Pvt. Ltd.,VIMTA, ,Bilcare Limited,Aizant Drug Research Solutions Private Limited
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