Abundance of Healthcare Facilities to Drive India CRO Market
Contract research organizations (CROs) are companies which offer outsourcing solutions for supporting the research and development (R&D) efforts of pharmaceutical, biotechnology, and health companies. The India CRO market report compiled by Market Research Future (MRFR) contains numerous policies enforced by the native government as well as other schemes used in attracting foreign direct investment and new players.
Market Outlook
The India CRO market is predicted to exhibit 12% CAGR from 2016 to 2022 (forecast period) to touch a size of USD 986.9 million. It was valued at USD 500 million in 2017. Large pool of skilled personnel and presence of major companies are drivers predicted to drive the market growth. Adherence to international guidelines as well as intellectual property laws are other reasons major companies are willing to invest in CROs in India.
High prevalence of chronic and rare diseases which warrant the need for blockbuster drugs are predicted to drive the need for CROs in India. A large and diverse pool of genes which can be used in clinical trials as well as low operational costs due to low cost manpower are likely to spur the market growth.
Efforts by organizations in India to make clinical trials safe for volunteers amid rising concerns by international bodies can drive the India CRO market growth. The proposal of new policies which make it mandatory for CROs to register with Indian Council of Medical Research (ICMR) for conducting clinical trials are likely to culminate in safe adherence of practices.
Mindsets of Indian scientists as well as adherence to high standards of quality for ensuring the timely delivery of data and research which can expedite the drug process of major pharma companies are factors driving the market growth. Moreover, upgradation of latest infrastructure as well as in-house database of latest techniques can bode well for the market. Executives at large and small pharmaceutical companies can leverage on new policies as well as training provided to scientists for launching new products with confidence. Moreover, ease of doing business index ratings of the country as well as incentives given to new companies can lead to influx of capital from venture capital firms and other organizations.
Lack of collaborations between companies and universities as well as concerns of patient and data security are drawbacks which can threaten the market growth.
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Segmentation Analysis
The India CRO market is segmented by service type, therapeutic application, and end-user.
By service type, it is segmented into quality monitoring, post-marketing surveillance, clinical trials, product development, process development, and others. The process development had the highest market share of 25% in 2017.
By therapeutic application, it is segmented into nephrology, neurology, urology, oncology, cardiovascular.
By end-user, it is segmented into academic institutes, medical device companies, and pharmaceutical/biopharmaceutical companies.
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Regional Analysis
West India, South India, North India, and East India are regions taken into consideration for the India CRO market report.
The South India and West India regions are likely to dominate the India CRO market.
But the North India market is likely to gain high dividends due to major pharmaceutical companies looking to outsource their services. This can be attributed to the large gene pool as well as a large number of hospitals and medical organizations in the region. Proximity to large regulatory bodies such as the Director Controller General of India (DCGI), Department of Biotechnology, Indian Council of Medical Research (ICMR), and others.
Competitive Analysis
Prominent names operating in the India CRO market include Clininvent Research Pvt. Ltd., Siro Clinpharm, Quintiles IMS Holdings, Inc., Neuland Laboratories Ltd, Eurofins Scientific, Piramal Pharma Solutions, VIMTA, Laurus Labs, Aizant Drug Research Solutions Private Limited, PAREXEL International Corporation, Syngene, Synapse Labs Pvt Limited, Pharmaceutical Product Development, LLC, Bilcare Limited, and others.
Improvements in the regional landscape as well as room given for CROs to expand due to a large number of personnel skilled in IT, statistics, data management, and clinical trials. Moreover, the transparency in policies as well as elimination of bottlenecks are likely to enhance the prospects of the India CRO market.
