- The Contract Research and Manufacturing Market in India is expected grow at a CAGR of 32.67 percent during the period 2013-2018.
London, 12 August 2014: TechNavio, an independent tech-focused global research firm, announced today the publication of its market research report on the Contract Research and Manufacturing Market in India 2014-2018. The report analyzes that there is immense growth potential expected in this market due to the rising costs of research in developed markets, increase in the number of patent expiries and cheaper labor.
Contract research offers complete solutions from discovery to preclinical studies and formulations research while Contract manufacturing involves outsourcing the manufacturing process of a product to a third party. Increasing awareness about CRAMS has led to a rise in research funding and support for clinical and support services. Developed countries aggressively seek to reduce costs, defer or limit future investments, and realign operating models to lower revenue levels. Thus, it is expected that economic conditions will further drive the demand for outsourcing in this market.
“Increased competition in generic markets, shrinking average patent life, and government pressure to reduce drug prices are some of the predicted factors responsible for future changes in this market,” says Faisal Ghaus, Vice President of TechNavio Research.
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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