According to our latest research report, “Booming Clinical Trials Market in India”, India is recognized as a hub for global clinical research. However, the issue whether human resources are sufficient enough to support the rapid escalation of clinical research sector has always been a major concern in India. In 2008, the Planning Commission suggested that a shortage of trained clinical research professionals – were estimated to be 30,000-50,000 CRPs, which was the biggest challenge facing India amid global competition for clinical trials.
Our study indicates that numerous domestic and multinational companies are conducting trials locally making the clinical research industry worth US$ 1.8 Billion. According to Assocham, the clinical research industry in India is expected to employ 50,000 professionals over the next five years.
Besides, we have conducted extensive research and prudently analyzed the Indian clinical trial market in order to understand the factors that will continue to serve as growth drivers for the market over the forecast period. We have identified that the country has managed to position itself as one of the leading destinations for clinical trials over the past few years. The availability of world-class healthcare infrastructure, skilled medical professionals, and low cost for patients and volunteers are some of the main factors driving growth in this industry. The clinical research outsourcing market in India is expected to grow at a CAGR of around 17% during 2009-2015.
Our report “Booming Clinical Trials Market in India” provides an extensive research and rational analysis along with reliable statistics of the Indian clinical trial market. It studies the emerging market trends, recent developments, and their impact on the market. Besides, the report also provides complete details of the cost involved in various phases of clinical trials in the country. In addition, an in-depth analysis of the patient pool availability in India along with infrastructure and expertise has also been elucidated in the report. The report also reveals about the contribution of the government regulations in the growth of clinical trial industry in the country. Further, the report has also identified the process of starting clinical trials in the country. Competitive landscape is also provided in the report to enable clients with substantial understanding of the future market structure and growth potential.
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Article By: Shushmul Maheshwari