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 12% CAGR (Compound Annual Growth Rate) between 2016 and 2023. 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.
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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.
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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.
The key players in the India CRO market 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
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