India CRO Market Set to Hit New Highs- Projected to Reach Worth USD 1,883.0 Million in 2027

Published | 23 August 2021

A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the India CRO Market has gained momentum in recent years with a CAGR of 5.51%, in value terms, over the historical period 2017-2020 and a market valuation of USD 956.8 million in 2020. The market is further expected to reach USD 1,883.0 million by 2027 with a CAGR of 10.75% during the forecast period. The rapidly growing field of oncology studies in the country, along with the booming pharmaceutical industry and increasing support from the Indian government are some of the factors contributing to the growth of the India CRO market. According to the Indian Council of Medical Research (ICMR), the number of cancer cases in Indian men are expected to go up from 6,79,421 in 2020 to 7,63,575 by 2025, which is expected to propel oncology trials in the country. Moreover, the low cost of trials in the country is another reason for the thriving CRO market in the country.

The Rise in Pharmaceutical and Biotech Manufacturing Favoring India CRO Market

Contract research in India is predicted to grow in the near future since India's rapidly improving business environment is conducive to its growth. A combination of cheap land and labor, along with government regulations, is attracting companies to set up their offices in India, which is driving the market growth of the India CRO market. For instance, the rise in pharmaceutical and biotech manufacturing, as well as IT-supported research and development, has resulted in promising outsourcing business prospects in a variety of other areas, such as clinical trials, data management, and statistical analysis. Presently, India has good advantages for clinical research setup.

There are 3,000 drug companies and 10,500 manufacturing units in India as the country is the world's largest producer of vaccines and supplies 50% of the global demand for vaccines. Thus. the Union Budget 2021-2022 has earmarked USD 10.35 billion to the Ministry of Health and Famil1y Welfare, and USD 365.68 billion to the Department of Health Research, in order to strengthen India's pharmaceutical industry and invest more in research. These are the key factors driving the growth of India CRO market.

Increasing Number of Clinical Trials Driving the Market Growth

In addition to the increase in clinical trials, the growth in outsourcing of clinical trials, particularly Phase II and Phase III trials, and the collaborations between key players and clinical service providers to minimize failures are the primary factors that contribute to the increasing share for clinical research services. While the DCGI (Drug Controller General of India) only approved only 17 clinical trials in 2013, it approved 97 clinical trials in 2017, a rise of 400%. In India, aging demographics, the growing prevalence of chronic diseases, the development of new drugs, and the growing acceptance of evidence-based medicine for various therapeutic areas all contribute to the growth of the India CRO market. India is the largest producer of generic drugs. Moreover, the country supplies 50% of the global demand for vaccines. Furthermore, India ranks 3rd globally in terms of pharmaceutical production. The factors cited above are creating lucrative growth opportunities for the India CRO market.

Based on Therapeutic Application, Oncology Dominates the India CRO Market

CROs assist firms and organizations with oncology trials in a variety of ways, including meeting regulatory submission deadlines, determining acceptable oncology research designs, reporting to safety monitoring committees, and real-time oncology review (RTOR).As per the National Centre for Disease Informatics and Research and the Indian Council of Medical Research (ICMR), the total number of cancer cases in 2020 was estimated at 13.9 lakh. The number is likely to grow by 15.7 lakh by 2025.The prevalence of cancer is marginally higher in women, with 7,12,758 cases reported in 2020. The number is likely to reach 8,06,218 in 2025. The growing number of cancer cases in the country is expected to encourage a growing number of oncology studies and trials, supporting the growth of the India CRO market in the coming years.

India CRO Market: Regional Insights
India CRO market is segmented into four regions— East India, North India, South India, and West India. Southern India caters to the highest share in the India CRO market. South India is the largest and fastest growing region in the Indian CRO market. However, North India is expected to register significant growth in the upcoming years. As cancer prevalence in the area increases, the region is likely to witness an increase in cancer studies and clinical trials, increasing support from the State governments, as well as the rise of global leaders. Himachal Pradesh has emerged as the pharmaceutical hub of the northern region, according to the Indian State Industries Minister. The state caters to 35% of Asia's demand for pharmaceutical products. The growing pharma activity in the Northern part of India is expected to function as a driver for the India CRO market.

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Impact of COVID-19

The World Health Organization has declared the novel corona virus (COVID-19) to be a pandemic. COVID-19 is wreaking havoc on economies and livelihoods, as well as reducing production operations due to a labor force reduction. Developing countries are particularly vulnerable. In 2020 the corona virus pandemic has, unsurprisingly, proved to be the primary driver behind several trends across the healthcare industry. The race to develop a COVID-19 vaccine throughout 2020 highlighted the critical importance of viral vectors for the vaccine industries in delivering successful vaccines and pharmaceutical the rapies. Therefore, a race began among the vaccine manufacturing companies to deliver the most influential vaccine, which made clinical trials a lucrative opportunity for CROs.

Competitive Benchmarking

The India CRO market is moderately consolidated with a small number of players covering a larger share of the market. Consequently, the newer entrants find it difficult to establish themselves in the region and offer exclusive services to Indian customers. The major companies in the India CRO market include IQVIA Consulting and Information Services India Private Limited (Quintiles IMS Holdings, Inc.), PAREXEL International (India) Pvt Ltd., Syngene International Ltd., Pharmaceutical Product Development LLC, Siro Clinpharm Pvt. Ltd., Clininvent Research Pvt. Ltd., VIMTA Labs Ltd., Bilcare Limited, Aizant Drug Research Solutions Private Limited, Piramal Pharma Solutions, Synapse Labs Pvt. Ltd., Eurofins Scientific, Covance India Pharmaceutical Services Pvt. Ltd., Abiogenesis Clinpharm Pvt. Ltd., Laurus Labs, Neuland Laboratories Ltd., Accustest Research Laboratories Pvt Ltd.,and other prominent players.

Recent Developments

• In June 2021, Aragen Life Sciences announced an expansion of their discovery research agreement with Boehringer Ingelheim, with the goal of accelerating the discovery pipeline of Boehringer Ingelheim. With this preferred partnership, Boehringer Ingelheim, a leading pharmaceutical company that is committed to innovation in research, can integrate multiple design elements into chemistry, synthesize and profile diverse chemotypes against targets of interest, and then characterize them over time. Aragen would be dedicating a sizeable portion of its campus in Hyderabad to support this alliance.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India CRO market size & forecast. The report promises to provide recent technology trends of the India CRO market and industry insights which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges and competitive dynamics of the market.

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