India has registered fast growth in the number of clinical trials during the past few years, reflecting that the country has become one of the most attractive destinations for medical research. It is expected that the Indian market will outpace the growth of other clinical trials market in future. According to our research report “Booming Clinical Trials Market in India”, India’s clinical trial market is anticipated to grow at a CAGR of around 29% during 2009-2013. Our report has analyzed the drivers that are driving this growth.
Pharmaceutical companies have been finding ways to reduce cost and maintain a growth momentum and for this they are relying on outsourcing. According to a survey, India is considered as the best destination for pharma outsourcing followed by Korea and Taiwan. One of the major opportunities created by the clinical trial market is in the field of pathology and In vitro Diagnostics (IVD). The emerging market trends in Indian clinical trial market have been analyzed in our report. Forecast for these trends have been also covered in our report.
Growth of the clinical trials market is likely to open many opportunities in the country. With the growth of the clinical trials market, many associated sectors like IVD market and education sector are also likely to pick pace. The market is also expected to create job opportunities for clinical research professionals in future. But there are many challenges looming over the industry; ethical issues comprise the biggest challenge as many unethical clinical trials had been conducted in the past.
We have included certain steps that need to be addressed to ensure proper growth of the Indian clinical trial industry. The report has conducted a detailed cost analysis for all the four phases of clinical trials. Moreover, the report discusses the regulatory environment along with infrastructure and expertise. In addition, our report provides information on key players along with their strengths and weaknesses.
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