India has billion plus population and a home for various life threatening diseases. These factors provide an opportunity for global medical practitioners and healthcare providers to consider India as an effective destination for research and clinical studies. India has registered fast growth in the number of clinical trials over the past few years, reflecting that the country has become one of the most attractive destinations for medical research.
According to our new research report, “Booming Clinical Trials Market in India”, the number of clinical studies by domestic and global players has sharply risen. The M&A activities, service agreements, and strategic collaboration have increased over the last four years. The majority of the deals in the contract research organizations market focused on establishing strategic alliances with other contract research organizations, technology providers, and pharmaceutical and biotech companies. In addition, on the back of favorable government support and effective regulatory mechanism provided by the ICMR and CDSCO, healthcare providers find it worthwhile to locate their trials in India. Besides, availability of skilled manpower and good medical infrastructure will augment the number of clinical trials from 1300 in 2009 to more than 1900 by 2013.
We have analyzed the Indian clinical trial market with emphasis on current market trends and future outlook. Our report has found that with the rising participation of private players and improvement in the number of medical professionals, new avenues of research will be developed in the country. All these factors will facilitate market development and boost market growth in future. A large number of patients for clinical trials are expected to strengthen the market even more.
Our study indicates that, India, over the last decade, has developed significant capabilities in clinical trials, along with certain capabilities in project management and data management. India is able to provide significant cost savings of 50-60% for clinical trials. With discovery research occupying close to one-third of the R&D expenditure for the western pharmaceutical industry, outsourcing to low-cost countries is logical. As the financial and regulatory pressure grows on the US and European pharmaceutical industry, it is expected to further propel the growth in the Indian clinical trial market.
Our report is an outcome of extensive research and prudent analysis of the Indian clinical trial market. The report covers all the necessary segments of the sector, providing reliable and latest data of the industry. The report also presents future outlook of different areas. Moreover, the description of key players and their recent activities have been covered in the report.