India CRO Market Analysis by Services Type (Clinical trials, Product Development, Process Development, Post-Marketing Surveillance, Quality Monitoring), Therapeutic Application (Oncology, Cardiovascular, Neurology, Nephrology and Urology) and End Users, Forecast till 2027
New York, United States - February 18, 2022 /MarketersMedia/ —
The India CRO market is likely to record a healthy CAGR of over 12.10% during the review timeframe. The study report suggests that the India CRO market is anticipated to acquire USD 1,552.92 million during the forecast period, says Market Research Future (MRFR).
A contract research organization (CRO) offers healthcare, biotechnology, and pharmaceutical companies services. Clinical research, quality monitoring, product and process development, post-marketing surveillance, and other services come under the offerings of CRO. They also offer pharmacovigilance management and clinical trial services. Lately, the Indian government has eradicated some sections from clinical trial laws, which needed the sponsor to pay the patient's family up to 60% of the total in case of permanent impairment or death during a clinical study. The Indian CRO market has witnessed massive growth over recent years. The India CRO market growth is primarily being propelled by the adoption of international norms and intellectual property rights and the presence of several India CRO climatic testing conditions.
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Furthermore, the factors such as low operating costs attributed to low-cost human resources, a wide number of trained and available human resources and hospitals, and the availability of a huge pool of patients across the country. Moreover, the active efforts being taken by the regulatory agencies such as the Directorate General of Foreign Trade (DGFT), the Indian Council of Medical Research (ICMR), and the Director Controller General of India (DCGI) are also likely to boost the growth of the market over the review timeframe. However, the market's growth is likely to be impeded by the growing expense of medication research and growing pressure on market players to follow strict timetables.
India CRO Market Segmentation
The India CRO market is divided into several segments based on end-users, therapeutic type, service type, and region.
Based on application, the India CRO market is split into nephrology and urology, neurology, cardiology, cardiology, cancer, and others.
End-users bifurcate the India CRO market into academic institutes, medical device businesses, and pharmaceutical/biopharmaceutical businesses.
India CRO Market Regional Outlook
The Indian CRO market is studied across four major regions: South India, West India, East India, and North India.
The healthcare sector in India is bifurcated into various geographical areas and states. Western and South India contribute to a substantial portion of the net revenues of the Indian CRO market. However, recently, the major market players in the Indian CRO market have moved their businesses to the country's Northern region. The factors causing this include the amalgamation of regulatory power, such as the Directorate General of Foreign Trade (DGFT), the Indian Council of Medical Research (ICMR), the Director Controller General of India (DCGI) office, and the Department of Biotechnology (DBT), among others. Furthermore, as compared to other regions, North India has a more expanded genetic pool and cheaper expenses.
India CRO Market Competitive Analysis
The India CRO market has an intensely competitive landscape, with many players taking active efforts to strengthen their market position. The list of leading players in the India CRO market includes companies such as PAREXEL International Corporation, Laurus Labs., Synapse Labs Pvt Limited, Aizant Drug Research Solutions Private Limited, Siro Clinpharm, Clininvent Research Pvt. Ltd., Quintiles IMS Holdings, Inc, Neuland Laboratories Ltd, Syngene, Pharmaceutical Product Development, LLC., VIMTA, Bilcare Limited, Eurofins Scientific, Piramal Pharma Solutions, and many others.
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Recent Developments
a global full-service Clinical Research Organization (CRO) dedicated to supporting the advancement of public health and biopharmaceutical innovation, Emmes disclosed that it had finished the acquisition of a CRO headquartered in Munich, Germany, Institut Dr. Schauerte. Established in 1990, Institut Dr. Schauerte is a technology-oriented CRO, full-service focuses on non-interventional, late-phase, and post-market clinical follow-up studies. It has carried out over 400 studies in various therapeutic areas.
Piramal Pharma Solutions, a major pharmaceutical manufacturer, announced its plans to enlarge its operations in Riverview – a USD35 million investments, which will generate 31 high-wage jobs. The firm will develop the latest facility near its site at 18655 Krause St. The building will house warehousing, laboratory, and manufacturing operations.
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