The Indian Clinical Trials Market size is expected to reach USD 3.88 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.2% from 2022 to 2030. The globalization of clinical trials, growing disease variation and prevalence in the country, adoption of new technology in clinical research, and increasing R&D promoting outsourcing are the key factors driving the market.
India is populated with 1.3 billion individuals with
varying genetic backgrounds and a large treatment-naïve patient pool for the
development of therapeutics on a range of disease conditions. Furthermore, the
economic, environmental, and ecological variations in the 28 states and 8 union
territories present the most diverse disease profile. Apart from this, the cost
of carrying out clinical trials in India is nearly 40-70% less when compared to
that in Europe or the U.S. Thus, the cost efficiency, along with skill sets 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 and outsourcing of trials in order to curb the cost.
Furthermore, outsourcing enables the drug companies to focus on their core
competencies and aids in improving their productivity, thus facilitating the
outsourcing of trials in India. The COVID-19 pandemic has improved the market
in the country. Several companies globally are conducting clinical trials for
COVID-19 vaccines in India. Moreover, government initiatives promoting clinical
trials for COVID-19 therapeutics in the country have promoted market growth.
Related Press Release@ Indian Clinical Trials Market Report
Indian Clinical Trials Market
Report Highlights
- By phase, the phase I segment is projected to register the fastest
growth rate of 9.9% over the forecast period. This can be attributed to
the increasing R&D spending by pharmaceutical and biopharmaceutical
companies
- The interventional trials study design segment held the largest
revenue share of over 40.0% in 2021 owing to the greater accuracy offered
by them as compared to observational study design
- The oncology indication segment held the largest revenue share of
over 20.0% in 2021 due to the increasing prevalence of the disease
condition and the consequent rise in demand for innovative therapies for
cancer
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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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