India is a country with a population of nearly 1.3 billion, comprising of a varied genetic background of all kinds of castes and creeds. With such a large population, India carries a huge burden of all kinds of diseases. Thus, it offers a large treatment-nave patient pool for the development of remedies on a range of disease conditions. In addition, the ecological, environmental, and economic variations in the 29 states and 7 union territories of the country present the most diverse disease profiles. Some states have less dominance of non-communicable diseases, while others have comparatively more. Despite this, the Indian clinical trials market faced a difficult phase from 2013 to 2015, where it saw a drastic decline in clinical research and trials, due to regulatory uncertainties.
However, after the downfall, India started working on the uncertainties and came up with improving and streamlining the regulations, which led to reduction in approval times, and many other enhancements, which ultimately made the country a favourable destination for clinical trials. Today, India stands a good level in the global clinical research industry, and this rank is only predicted to improve in the future. In fact, it is expected that the Indian clinical trials market is to witness a remarkable CAGR of 10.5% by the year 2025! The clinical trials market size is expected to reach USD 3.15 billion by then, with a registration of 8.7% CAGR over the forecast period.
There are a number of factors that are the key reasons behind driving the market like growing disease variation and prevalence, adoption of new clinical research technology, and increasing R&D promoting outsourcing. The increasing R&D investments by pharmaceutical and biopharmaceutical companies have led to an increased demand for CROs and outsourcing of trials to control the costs. Outsourcing also enables drug companies to focus on their core competencies, and helps in improving their productivity. Furthermore, the cost of carrying out clinical trials in India is almost 40-70% lesser as compared to that in US or Europe. Thus, the cost-efficiency of Indian clinical trials, along with the availability of skilled professionals, is also another reason to fuel the market growth.
Owing to the greater accuracy offered in the interventional study design as compared to observational study design, it is the interventional study design that led the Indian clinical trials market in 2017-18. Another finding was that due to high prevalence of cancer, and the consequent rise in demand for innovative therapies, oncology led the indication segment in terms of market share. There is a lot more that has been discovered, based on which the future of Indian clinical trials has been predicted to be bright and successful.
You can jump into this ocean of successful clinical research by getting yourself enrolled at a reputed institute that provides top clinical research training in Bangalore, so that you can earn a legitimate certification and have an incredible career in clinical research ahead. One such institute is Avigna Clinical Research Institute, where you can get the best training from experienced professionals, a valid certification to earn the best jobs, and 100% guarantee to be placed in top CROs, Bio-tech companies, and pharmaceutical companies at the end of your course. So, by the time India becomes a number 1 clinical research country in 2025, you can also earn a degree to set up your career in this booming industry!
