A Contract Research Organization is one that supports the Research and Development wings of pharmaceutical, health, and biotechnology companies through outsourced services. These services can range from product development (such as drug development), clinical research, and process development like analytical assay development. Additionally, a contract research organization can also offer services like clinical trial management and pharmacovigilance.
The current restraints placed on the Indian CRO Market are a growing cause for concern with respect to data security as well as patient security in clinical trials, and a lack of collaboration between the industry and university involved. Market threats include ethical compromises and a lack of proper technical standards.
During the forecast period, the Indian CRO market will grow at a CAGR of 12%.
As India has a very large heterogenous pool of patients, the market is a great one for clinical trials. Additional factors such as the ever-evolving healthcare market, cost competitiveness, and educated physicians have also led to India being a great market for CRO companies. Experts are anticipating foreign investment in this industry. Diagnostic research is also set to fuel this industry.
Some of the top players within the Indian CRO Market are:
- Quintiles IMS Holdings, Inc.
- Jubilant Biosys, Contract Research Organization in India
- Pharmaceutical Product Development
- Siro Clinpharm
- GVK Bio
- Clininvent
- CliniRX Tangent Research
- Ecron Acunova
- Ace Biomed Pvt. Ltd.
- Actimus Biosciences Pvt. Ltd.
- Alkem Laboratories Ltd.
- Actis Biologics Pvt Ltd.
Regional Analysis of the Indian CRO Market:
The healthcare sector of India is divided between differential geographic regions and states. The South India and western India account for a major share of the Indian CRO market. However, of late the CRO industry is shifting to the North. The reasons for this shift is the concentration of regulatory authority such as Director Controller General of India (DCGI) office, Indian Council of Medical Research (ICMR), Directorate General of Foreign Trade (DGFT), Department of Biotechnology (DBT) etc. Also the costs are lower in North India and the genetic pool is more diverse.
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.
