According to a report,“Indian Clinical Trials Market Analysis Report By Indication (Oncology, Autoimmune), By Phase (I/II/III/IV), By Study Design (Interventional, Observational), Vendor Landscape, And Segment Forecasts, 2018 – 2025” , published by Grand View Research, Inc., The India clinical trials market size is expected to reach USD 3.15 billion by 2025, It is projected to register a CAGR of 8.7% over the forecast period. Adoption of new technology in clinical research, growing disease variation and prevalence, and increasing R&D promoting outsourcing are the key factors driving the market.
Key Takeaways from the report:
Phase I trials are projected to witness a remarkable CAGR of 10.5% over forecast period, attributed to increasing R&D spending by pharmaceutical and biopharmaceutical companies
Interventional study design led the market Indian clinical trials market in 2017 owing to the greater accuracy offered by them as compared to observational study design
Oncology led the indication segment in terms of market share in 2017 due to high prevalence of cancer and the consequent rise in demand for innovative therapies
Some of the key companies present in the market are IQVIA, Inc.; ICON PLC; PRA Health Sciences; GVK Biosciences; PAREXEL International Corporation; and Syngene International Ltd.
India is a country of nearly 1.3 billion individuals with varying genetic background and thus offers a large treatment-naïve patient pool for development of therapeutics on a range of disease conditions. Furthermore, the economic, environmental, and ecological variations in the 29 states and seven union territories in the country present the most diverse disease profiles. For instance, Rajasthan, Bihar, Jharkhand, and Uttar Pradesh have less dominance of non-communicable diseases as compared to Kerala, Tamil Nadu, and Goa.
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Despite this, Indian clinical trials market faced a lag phase from 2013 to 2015. This can be attributed to regulatory uncertainties. This has promoted streamlining of the regulations and has led to increasing harmonization and reduction in approval time, thus making India a favorable destination for clinical trials. Furthermore, the cost of carrying out clinical trials in India is nearly 40-70% less than that in Europe or U.S. Thus, the cost efficiency, along with availability of skilled professionals, and ease of doing business, is anticipated to fuel the market growth.
The increasing R&D investments by pharmaceutical and biopharmaceutical companies have led to increased demand for Contract research Organizations (CROs) and outsourcing of trials to curb the cost. Furthermore, outsourcing enables drug companies to focus on their core competencies and aids in improving their productivity.
Grand View Research has segmented the India clinical trials market on the basis of phase, study design, and indication:
India Clinical Trials Phase Outlook (Revenue, USD Million, 2014 – 2025)
India Clinical Trials Study Design Outlook (Revenue, USD Million, 2014 – 2025)
India Clinical Trials Indication Outlook (Revenue, USD Million, 2014 – 2025)
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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