A contract research
organization (CRO) provides support to
clients for specific services on a contract basis. A CRO may also provide
management services. Market Research Future
(MRFR) has published a research report about the India CRO market that predicts massive boost for this
market with 7.50% CAGR (Compound Annual Growth Rate) between 2022 and 2030. Observing the market structure, this report evaluates
the future growth potential of the market. It analyzes the strategies of the
key players in the market and follows the competitive developments such as
joint ventures, new product developments, mergers and acquisitions, research,
and developments (R & D) in the market.
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.
The India CRO market has been segmented
on the basis of end users, service types, therapeutic application, and lastly
region. Based on end users, this market has been segmented into academic
institutes, medical devices companies, and pharmaceutical/biopharmaceutical
companies. On the basis of services, the market has been segmented into
clinical trials, process development, product development, post-marketing
surveillance, quality monitoring, and
others. The therapeutic application-based segmentation of India CRO market
segments the market into cardiovascular, nephrology, neurology, oncology, and
urology, and others.
The regional
segmentation of India
CRO market segments the market into different geographic regions and states. South India and West India hold the major share
of the Indian CRO market. However, due to the concentration
of regulatory authority, of late the CRO industry is shifting to North India. Also,
the costs are lower in North India due to more unemployment and cheaper land
rates in small towns. In North India, the genetic pool is more diverse.
Key Players
The key India CRO market players include Ace Biomed Pvt. Ltd. (Mumbai),
Actimus Biosciences Pvt. Ltd. (Visakhapatnam), Actis Biologics Pvt Ltd., Alkem
Laboratories Ltd., CliniRX Tangent Research (Mumbai), Clininvent (Mumbai),
Ecron Acunova (Chennai), GVK Bio (Hyderabad), Pharmaceutical Product
Development (United States of America - USA), Quintiles IMS Holdings, Inc.
(USA), and Siro Clinpharm (Thane).
Latest Industry News
·
GSK
has signed an R&D agreement with
India-based CRO Syngene according to which, both companies will work on
accelerating the discovery of new drug candidates using Syngene's discovery
services platforms. 26 MAR 2018
·
With
a new office in Bangalore, PSI CRO is
expanding its operations in India. 6 AUG 2018
About
Market Research Future:
At Market Research Future (MRFR), we enable our
customers to unravel the complexity of various industries through our Cooked
Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting
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market research and intelligence services to our clients.
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and Media Private Limited),
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