India CRO Market Research Report- Forecast to 2032

India CRO Market Research Report Information By Service Type (Clinical Trials, Product Development, Process Development, Post-Marketing Surveillance, and Quality Monitoring Others), By Therapeutic Application (Oncology, Cardiovascular, Neurology, Nephrology and Urology, and Others), By End User (Pharmaceutical/Biopharmaceutical Companies, Medical Devices Companies, and Academic Institutes), and By Region (India) – Market Forecast Till 2032

ID: MRFR/Pharma/2151-HCR | 70 Pages | Author: Kinjoll Dey | February 2024         

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India CRO Market Overview


India CRO Market size was valued at USD 0.6 Billion in 2022. The CRO market industry is projected to grow from USD 0.7 Billion in 2023 to USD 1.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.50% during the forecast period (2023 - 2032). Clinical trials' globalization, the use of new technologies in clinical research, the rise in illness diversity and prevalence, and the expansion of R&D all support outsourcing, are the key market drivers enhancing the market growth. 


 


India CRO Market


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


CRO Market Trends



  • Globalization of clinical trials is driving the market growth


The primary drivers anticipated to propel the market are the globalisation of clinical trials, adoption of new technologies in clinical research, rising illness diversity and prevalence, and rising research and development encouraging outsourcing. The Indian government is actively pursuing improvements to R&D efforts, which is anticipated to foster market expansion. In addition, to boost the R&D operations in the nation, the Department of Pharmaceuticals (India) suggested a new strategy in October 2021 to cut the time needed for the approval of innovative goods by at least 50% during the following two years. It is hoped that such activities will help the market continue to expand.


The digitalization of clinical trials is expected to accelerate market expansion. Digitalization has improved the efficiency of a number of trial procedures, including data collection, regulatory compliance, logistics, and supply management, among others. Additionally, the advent of digital therapies has made it simpler than ever to collect real-time data on safety and toxicity, supporting quick trial design correction and fostering market expansion. Clinical trials in India cost about half as much as they do in the United States and Europe. Therefore, it is projected that the county will dominate the market because to its cost effectiveness and big patient pool of untreated patients.


In every country affected by the COVID-19 pandemic, the situation was disastrous, and India was no exception. Due to factors like supply chain disruption and the temporary shutdown of manufacturing facilities, the initial phase of the pandemic caused a halt in research and development activities across the nation, which presented challenges for clinical research. Furthermore, the lockdown's implementation has led to a decline in the number of patient studies done across the nation.


A considerable number of clinical trials were carried out in the nation after 2021 as a result of the COVID-19 pandemic's urgent need for medicines and vaccinations, which indicates a recovery in the overall number of studies carried out in India. For instance, the American company Akston Biosciences stated in November 2021 that the clinical trial for their second-generation COVID-19 vaccine, known as "AKS-452," is about to begin in India. Similar to this, India's Ministry of Ayush and Council of Scientific & Industrial Research stated in April 2021 that a multi-center clinical trial of the medicine AYUSH 64, which is used to treat mild-to-moderate COVID-19 infections there, has been successfully completed. After 2020, COVID-19 clinical studies will likely increase, which will probably be good for the market's growth starting in 2021.Thus, driving the CRO market revenue.


CRO Market Segment Insights


CRO Service Type Insights


The India CRO market segmentation, based on service type, includes clinical trials, product development, process development, post-marketing surveillance, and quality monitoring others. Clinical trials segment dominated the market in 2022. This is explained by the segment's high cost structure. One of the main factors contributing to the high cost of this experiment is the requirement for a big patient group in phase clinical studies. Additionally, the investigations in clinical trials are conducted for a longer period of time, which lowers the trial's cost and raises its market segment share.


CRO Therapeutic Application Insights


The India CRO market segmentation, based on application, includes oncology, cardiovascular, neurology, nephrology and urology, and others. Oncology segment dominated the market in 2022. This is due to the rising incidence of cancer in the nation and the rising demand for cutting-edge medical technology and cancer therapies. The Cancer Tomorrow projects that by 2040, 2 million people in India will be affected by cancer, which is one of the leading causes of death in the world. The majority of cancer treatments are ineffective when the disease is advanced, which is a major factor in the nation's rising demand for novel cancer therapy choices.


CRO End User Insights


The India CRO market segmentation, based on end user, includes pharmaceutical/biopharmaceutical companies, medical devices companies, and academic institutes. Pharmaceutical/biopharmaceutical companies segment dominated the India CRO market in 2022.This is due to India's expanding CRO adoption.


Figure 1: India CRO Market, by End User, 2022 & 2032 (USD Billion) 


India CRO Market, by End User, 2022 & 2032


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


CRO Regional Insights


By region, the study provides the market insights into India. This is due to the accessibility of a sizable patient pool that makes recruitment simple. One of the main factors influencing the industry is the global pandemic. Due to the high quality and speedy turnaround of its studies, India's largest, most experienced biotech CRO, "Novotech," has observed a rise in demand from biotechnology sponsors. For COVID-19 studies, an increasing number of biotechnology companies choose India because of the country's vast patient pool and quick processes.


CRO Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development in order to expand their product lines, which will help the CRO market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, CRO industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the India CRO industry to benefit clients and increase the market sector. In recent years, the CRO industry has offered some of the most significant advantages to medicine. Major players in the CRO market, including Quintiles IMS Holdings, Inc., Syngene, Pharmaceutical Product Development, LLC., Siro Clinpharm, Clininvent Research Pvt. Ltd., VIMTA, Bilcare Limited, Aizant Drug Research Solutions Private Limited, Piramal Pharma Solutions, Synapse Labs Pvt Limited, Eurofins Scientific, Laurus Labs., Neuland Laboratories Ltd, and PAREXEL International Corporation, are attempting to increase market demand by investing in research and development End Users.


Operating a life sciences research organisation with the goal of providing clinical research and development services is Aragen Life Sciences. As a result of the company's expertise in drug research, clinical development, contract manufacturing, formulation, and informatics, healthcare organisations are able to provide a wide range of cutting-edge healthcare goods and services. In order to broaden its end-to-end comprehensive discovery and development platform for the biotechnology, pharmaceuticals, and other industries, Aragen Life Sciences, an Indian CRO, purchased Intox Pvt. Ltd. in Maharashtra, India, in December 2021.


Developer of the crystallizable fragment (Fc)-fusion protein platform for the production of novel kinds of biological therapies for the treatment of diabetes is Akston Biosciences. The business produces kilogram-scale batches of medicinal ingredients and provides vaccinations, ultra-long-acting insulins, and treatments for autoimmune diseases, enabling physicians to enhance glucose management, lessen consequences, and completely remove the risk of hypoglycemia for both human and animal health. Akston Biosciences, a company based in the United States, declared in November 2021 that the clinical trial for its second-generation COVID-19 vaccine, known as "AKS-452," is about to begin in India.


Key Companies in the CRO market include




  • Quintiles IMS Holdings, Inc.




  • Syngene




  • Siro Clinpharm




  • Clininvent Research Pvt. Ltd.




  • VIMTA




  • Bilcare Limited




  • Aizant Drug Research Solutions Private Limited




  • Piramal Pharma Solutions




  • Synapse Labs Pvt Limited




  • Eurofins Scientific




  • Laurus Labs.




  • Neuland Laboratories Ltd




  • PAREXEL International Corporation




CRO Industry Developments


July 2023: Syngene International Limited acquired Unit 3 biologics manufacturing for USD 7,020 in Bengaluru, India, from Stelis Biopharma Limited (India). This acquired added 20,000 liters of installed biologic drug substance manufacturing capacity for Syngene.


May 2023:


JSS Medical Research has been acquired by Genesis Drug Discovery and Development (GD3), a Contract Research Organization (CRO) part of Genesis Global Group (GGG). JSS Medical Research, headquartered in Montreal, Canada, and with regional offices in Bogotá, Columbia, Faridabad, India, and Warsaw, Poland, provides pre- and post-approval clinical development services to pharmaceutical, biotechnology, nutraceutical, and medical device companies around the world.


 

CRO Market Segmentation


CRO Service Type Outlook




  • Clinical Trials




  • Product Development




  • Process Development




  • Post-Marketing Surveillance




  • Quality Monitoring Others




CRO Therapeutic Application Outlook




  • Oncology




  • Cardiovascular




  • Neurology




  • Nephrology and Urology




  • Others




CRO End User Outlook




  • Pharmaceutical/Biopharmaceutical Companies




  • Medical Devices Companies




  • Academic Institutes



Report Scope:

Report Attribute/Metric Details
Market End User 2022 USD 0.6 Billion
Market End User 2023 USD 0.7 Billion
Market End User 2032 USD 1.2 Billion
Compound Annual Growth Rate (CAGR) 7.50% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Service Type, Therapeutic Application, End User, and Region
Countries Covered India
Key Companies Profiled Quintiles IMS Holdings, Inc., Syngene, Pharmaceutical Product Development, LLC., Siro Clinpharm, Clininvent Research Pvt. Ltd., VIMTA, Bilcare Limited, Aizant Drug Research Solutions Private Limited, Piramal Pharma Solutions, Synapse Labs Pvt Limited, Eurofins Scientific, Laurus Labs., Neuland Laboratories Ltd, and PAREXEL International Corporation
Key Market Opportunities Adoption of artificial intelligence-based tools for drug discovery
Key Market Dynamics The globalization of clinical trials, adoption of new technology in clinical research, growing disease variation and prevalence, and increasing research and development promoting outsourcing




Frequently Asked Questions (FAQ) :

The India CRO market End User was valued at USD 0.6 Billion in 2022.

The market is projected to grow at a CAGR of 7.50% during the forecast period, 2023-2032.

India had the largest share in the market

The key players in the market Quintiles IMS Holdings, Inc., Syngene, Pharmaceutical Product Development, LLC., Siro Clinpharm, Clininvent Research Pvt. Ltd., VIMTA, Bilcare Limited, Aizant Drug Research Solutions Private Limited, Piramal Pharma Solutions, Synapse Labs Pvt Limited, Eurofins Scientific, Laurus Labs., Neuland Laboratories Ltd, and PAREXEL International Corporation

The Clinical Trials Service Type dominated the market in 2022.

The Oncology Therapeutic Application had the largest share in the market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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