The India clinical trials market size is expected to reach USD 3.15 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 8.7% over the forecast period. Globalization of clinical trials, 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.
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.
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.
Full Research Report On Indian Clinical Trials Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/india-clinical-trials-market
India Clinical
Trials Market Report Highlights
- 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.
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India Clinical
Trials Market Segmentation
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)
- Phase I
- Phase II
- Phase III
- Phase IV
India Clinical
Trials Study Design Outlook (Revenue, USD Million, 2014 - 2025)
- Interventional
- Observational
- Expanded Access
India Clinical
Trials Indication Outlook (Revenue, USD Million, 2014 - 2025)
- Autoimmune/Inflammation
- Pain Management
- Oncology
- CNS Condition
- Diabetes
- Obesity
- Cardiovascular
- Others
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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