PUBLISHER: Grand View Research | PRODUCT CODE: 1446532
PUBLISHER: Grand View Research | PRODUCT CODE: 1446532
The India preclinical CRO market is anticipated to reach USD 393.6 million by 2030 and is projected to grow at a CAGR of 11.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. The factors driving the growth are multifaceted, encompassing cost advantages, a skilled workforce, increasing outsourcing trends and R&D of clinical trials worldwide. According to a study on the CRO sector in India in August 2023 by the Department of Pharmaceuticals, Ministry of Chemicals & Fertilizers Government of India, the aggregate R&D expenditure of the largest pharmaceutical corporations in 2022 exceeded USD 138 billion, up 1.7% from 2021.
The market growth is fueled by the rising trend of global outsourcing of research and development (R&D) functions. Industries such as pharmaceuticals, biotechnology, medical devices, and agrochemicals are leveraging the capabilities of CROs to carry out preclinical research studies. This allows pharmaceutical companies to delegate certain aspects of their R&D while focusing on their core competencies.
Advanced technologies such as high-throughput screening, silicon modeling, and advanced imaging have boosted preclinical CROs in India by speeding up drug discovery and development, making them faster and more accurate. Automation and robotics have also increased efficiency and reduced experiment turnaround times. India's large patient population, network of hospitals, and cost-effective operations with skilled human resources are expected to drive the market's growth.