India CRO Market Comprehensive Analysis, Development Strategy, Future Plans and Industry Growth with High CAGR by Forecast 2032
Research Reports
Apr 29, 2024
India CRO Market Research Report Information By Service Type (Clinical Trials, Product Development, Process Development, Post-Marketing Surveillance, and Quality Monitoring Others), By Therapeutic Application (Oncology, Cardiovascular, Neurology, Nephrology and Urology, and Others), By End User (Pharmaceutical/Biopharmaceutical Companies, Medical Devices Companies, and Academic Institutes), and By Region (India) – Market Forecast Till 2032
India CRO Market size was valued at USD 0.69 Billion in 2023. The CRO market industry is projected to grow from USD 0.73 Billion in 2024 to USD 1.32 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.23% during the forecast period (2024 – 2032).
Market Scope:
A contract research organization’s services may be required by pharmaceutical, biotechnology, and healthcare corporations (CRO). Clinical research, process and product development, quality control, post-marketing surveillance, and other services are among the ones offered. CROs also provide management services for clinical trials and pharmacovigilance. The Indian government has eliminated a number of elements from clinical trial regulations that required the sponsor to compensate the patient’s family up to 60% of the total cost in the event of death or permanent impairment during a clinical study. Pharmaceutical firms also view India as a venue for local clinical trials where they may benefit more from marketing the medication once it has been authorized in Europe, the United Kingdom, the United States, Australia, and other countries.
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India CRO Market Market Trends
Market Drivers
The sector is significantly influenced by the existence of diverse India CRO climate testing conditions, the implementation of international standards, and intellectual property rights. The presence of a sizable patient pool, a sizable number of hospitals, skilled and readily accessible human resources, and low operating costs as a result of affordable human resources are other variables that aid the market in achieving its goal during the projected period. India has swiftly risen to the top of the list of preferred locations for clinical trials as a result of its vast and diverse patient population, rapidly developing healthcare industry, highly skilled medical professionals, and cost-competitiveness. Also, it is anticipated that during the projection period, increasing investment from local and international market participants would fuel market development. In addition, expanding research industries like diagnostic research are probably fueling the expansion of the Indian CRO market.
The market also benefits from regulatory agencies’ efforts to establish a supportive environment for research in India, such as those of the Director Controller General of India (DCGI), Indian Council of Medical Research (ICMR), Directorate General of Foreign Trade (DGFT), and Department of Biotechnology (DBT). The clinical trial market is largely driven by increased healthcare industry need for innovative solutions, partnerships between top Indian CRO organizations and pharma, biotech, and medical device companies, and technological advancements. Major factors influencing market expansion have been recognized as the high need for clinical trials in developing nations, the pharmaceutical industry’s high R&D spending, the rising incidence of illnesses, the focus on rare diseases and the abundance of orphan medications in R&D.
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Market Segmentation:
by Services Type
Throughout the projection period, the clinical trials segment is expected to experience a significant CAGR. The incidence of major diseases is expected to increase, there will be a desire for new, creative treatment alternatives, and there will be a large burden of chronic diseases in the nation.
by Therapeutic Application
Throughout the projection period, the oncology section is expected to increase at the quickest rate after holding the biggest revenue share in the previous two years. This is explained by the rising incidence of cancer in the nation and the rising demand for cutting-edge medical technology and cancer therapies.
by End Users
During the course of the assessment period, the pharmaceutical and biopharmaceutical businesses sector is anticipated to lead the market.
Competitive Dynamics:
The India CRO market major Players are:
- Quintiles IMS Holdings, Inc
- Syngene
- Pharmaceutical Product Development, LLC.
- Siro Clinpharm
- Clininvent Research Pvt. Ltd.
- VIMTA
- Bilcare Limited
- Aizant Drug Research Solutions Private Limited
- Piramal Pharma Solutions
- Synapse Labs Pvt Limited
- Eurofins Scientific
- Laurus Labs
- Neuland Laboratories Ltd
- PAREXEL International Corporation
Regional Analysis:
The healthcare industry in India is divided into many regions and states. A sizeable share of the Indian CRO market is located in south and western India. The CRO businesses in India have lately relocated to the north, nevertheless. The Director Controller General of India (DCGI) office, the Indian Council of Medical Research (ICMR), the Directorate General of Foreign Trade (DGFT), and the Department of Biotechnology (DBT), among others, have combined their regulatory authority as one of the reasons for this move. Moreover, North India’s costs are lower and its genetic diversity is greater.
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