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 2023
Market Synopsis of India CRO Market:
A Contract Research Organization (CRO) offers
outsourced services to support R&D functions for pharmaceutical,
biotechnology, and health companies. The services may be clinical research,
product development such as drug development or process development such as bio
analytical assay development. A CRO may also provide management services such
as clinical trials management, and pharmacovigilance.
According to the analysis offered by Market
Research Future (MRFR), the India
CRO market has been presumed to flourish at a CAGR of 12.0% during the
forecast period.
The two important factors that are
making India a favorable market for CRO include India’s acceptance of
international guidelines and intellectual property rights. Other factors
include the availability of the largest pool of patients and large hospitals,
educated and accessible human resource (HR), low operational cost due to cheap
HR, and lastly the presence of diverse types of climatic conditions that allow
stability studies to be performed with ease in one destination. Some legal
factors that favor the growth of India CRO market are efforts by the regulatory
authorities such as Department of Biotechnology (DBT), Director Controller
General of India (DCGI), Directorate General of Foreign Trade (DGFT), and
Indian Council of Medical Research (ICMR).
The market constraints that can
hamper the growth of India CRO market include growing concern for security
especially data security and patient security and lack of collaboration between
universities and industry etc. Sometimes, some unethical Indian CROs make
dishonest comprises which creates trust issues among potential clients for CROs
and hurts the market.
Segments:
India CRO
market has been segmented on the basis of service types which comprises
clinical trials, product development, process development, post-marketing
surveillance, quality monitoring and others. On the basis of therapeutic
application; market is segmented into oncology, cardiovascular, neurology,
nephrology and urology, and others. On the basis of end users; market is
segmented into pharmaceutical/biopharmaceutical companies, medical devices
companies and academic institutes.
Regional Analysis of India CRO Market:
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.
India is
emerging as a top destination for contract research organizations for the
following reasons
- India’s
acceptance of International guidelines and intellectual property rights
- Presence
of diverse types of climatic conditions thus allowing stability studies to
be performed with ease in one destination
- Educated
and accessible human resource in India
- Presence
of diverse ethnic pool thus enabling diverse sample for clinical trials
- Low
operational cost due to cheap human resource
- Availability
of largest pool of patients and large hospitals
Indian CRO Market - Competitive Landscape
The India CRO market is dominated by multinational CROs, followed by
India CROs, multinational pharmaceutical companies, and Indian pharmaceutical
companies. Among these, the Indian pharmaceutical companies are mainly engaged
in conducting local trials.
In March 2018, The world's largest
healthcare information provider and contract medical research, IQVIA, has
recently stated that it is preparing to initiate outright buyouts to
investments in start-ups for technologies that based on artificial intelligence
and data analytics, while also considering those related to the healthcare
sector as it converts into a "Human Data Science Company". Further,
the company also stated that the investments in the future will be more
directed towards development in the Asia Pacific region that includes China,
India, Japan and South Korea where the company forecasts increasing demand for
its services in the coming years.
In March 2018, Syngene International has
entered into a multiyear R&D agreement with GlaxoSmithKline plc. The companies
with this collaboration are focus to accelerate the discovery of new drug
candidates using Syngene discovery services platforms.
Browse more Pharmaceutical Reports @ https://www.marketresearchfuture.com/categories/pharmaceutical-market-report
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