New Delhi: Driven by a large, easy-to-access population, cost arbitrage of up to 30-50% over US and improved regulations, the Indian clinical research market is set to more than double to cross $1 billion by 2016 according to Frost & Sullivan.
The local $485 million clinical research market is growing at a 11-13% as the country gains increasing favour as a base for global clinical trials (phase I-IV), it said.
Multinational CROs still dominate the nation's CRO market. While foreign and local CROs and foreign MNCs focus on global trials, Indian pharma companies look at conducting local trials.
"Therapeutic areas in which research can be conducted in India are varied, and this is likely to result in more number of studies in the country," a Frost & Sullivan release said. "Emerging areas, such as diagnostic research are also expected to drive the India CRO market," it added.
The growth is further bolstered by the Drug Controller General of India's (DCGI) efforts to create a favourable environment for clinical trials. The improved regulatory environment with stringent enforcement laws will also bring more credibility to trials in India, the release said.
However, increasing competition, quality concerns and lack of quality infrastructure in smaller tier II sites are some factors that impede the growth rate of the CRO market.
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