Global revenues are expected to reach US$32.73 billion in 2015 and to exceed US$65 billion in 2021, with the top ten CROs then accounting for more than half of the overall market.
Clinical research organizations (CROs) are poised to grow 11 percent a year through 2018 as outsourcing continues to rise, according to a report from Visiongain- a research group.
CROs are witnessing a double digit growth in its clinical trials market. All major pharmaceutical companies and Clinical Research Organizations (CROs) have already started conducting their clinical trials in India, and with improving infrastructure, industry friendly regulations and trained workforce, the growth is only likely to increase in future.
One of the biggest advantages of conducting clinical trials in India is the availability of a large patient pool that can be recruited at much shorter time than it takes to recruit patients in the west.
Over the next decade, full-service CROs will further benefit from multi-billion dollar strategic alliances with Big Pharma companies as outsourcing of drug development continues to provide access to strong therapeutic experience and significant cost savings.
At the same time, niche market players will be able to take advantage of increased demand for specialized clinical trial services, particularly in the fields of cancer and central nervous system disorders.
Revenue growth will also come from off shoring to emerging markets, especially India, China, Brazil and Russia, as well as other countries in Southeast Asia and Central and Eastern Europe, the report notes.
Revenues from clinical trials in India and China will show compound annual growth of more than 20%, within the world’s market for pharmaceutical clinical trial services by 2021.