In 2008, the clinical trials market reached $520bn despite f recession fears. The Indian CROs stand to gain in the coming years as the clinical trials market is expected to record a double-digit growth over the next decade propelled by increasing outsourcing by drug developing companies. The clinical trials market reached $50 billion in 2008. The clinical trials market the world over the expecting a stronger growth in the coming years despite recession fears hitting across all the sections of the industry.
To grow 11 percent a year through 2018, the clinical research organization are poised as outsourcing continues to rise. The report gives a new lifetime for the CROs industry which has been taking a hit in their bottomlines following several drug developing companies cut budget on clinical trials as part of their austerity measures. The latter half of 2008 as the economic downturn hit the industry pharmaceutical manufactures have been conserving resources and carefully selecting which a new compounds to place into clinical developing companies increased efforts to cut down costs. Last year, the clinical trial market hit $50 billion.
The outsourcing continues to rise with a growth rate ranging from 10 to 20 percent as the pharmaceutical companies currently spend approximately 30 percent of their total R&D budget on outsourcing. The growth of the clinical trial industry would include utilizing CROs from fast emerging markets such as India and China. There has been a spurt in outsourced clinical services in both the west and in developing nations most notably in China and India. The China and India become highly attractive propositions for the drug developers not only because outsourcing clinical trials to these countries are cheaper but also an appreciation of their potential as emerging pharmaceutical markets.
India has emerged as a hot destination for the clinical trials in recent times. Due to the multitude of benefits that offers, the country is fast growing as a center for the conducting clinical trials for many international companies. The Indian clinical trials market is expected to grow at a CAGR of nearly 36 percent between 2006 and 2011 to register revenues worth US$546 million in future. The India has a huge patient base, low cost advantage, completion of clinical trials on time improving infrastructure and with a strong government support.
REFERENCE:
