Kenneth Research has evaluated the current market opportunities in Clinical Trials Market in India in the healthcare industry for the forecast period 2022-2031, which also includes the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players, along with the worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa, has also been provided in the report.
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In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:
As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The Indian clinical trials market is growing at an excellent rate and currently witnessing a large number of global pharmaceutical companies outsourcing trials to contract research organizations (CROs) in India. This is largely due to the country’s lower costs and various other advantages. Moreover, many domestic pharmaceutical companies as well have increased their R&D spending for new drug development and are outsourcing clinical trials to various CROs. With this rapid increase in clinical trials outsourcing, the market is set to exhibit steady growth in future, thus providing players the opportunity to increase profitability.
The report provides a snapshot of the clinical trials market. It begins with an introduction section which briefly discusses the various stages in clinical trials. This section also discusses the various services provided by contract research organizations. This is followed by the market overview section which provides an insight into the market and highlights the market size and growth of clinical trials in the country. India’s current and projected share in the global clinical trials market has also been provided. The section also analyses the number of new trials registered in the country each year and segmentation of trials on the basis of the therapeutic area. The distribution of trials currently under progress, on the basis of the phase in which they are in, is also provided. Moreover the segmentation of trials on the basis of the sponsors has also been included in this section. The major pharmaceutical companies that are sponsoring trials in India have also been mentioned.
This is followed by an analysis of the drivers leading to growth in the market. This includes cost competitiveness, vast patient population with diverse number of diseases, increasing R&D expenditure by pharmaceutical companies, friendly regulatory environment, sound medical infrastructure and international quality standards. The main challenges to the market include shortage of research professionals, delays in trial approval, lack of data exclusivity and challenges of unethical trials. A section on government regulations in the industry has also been included. It covers the various government regulations outlining the legal and regulatory framework for conducting clinical trials in India.
The competition section provides an overview of the competitive landscape in the industry and includes a detailed profile of the major players in the market. The Porter’s Five Forces analysis for the clinical trials market is provided in this section. A summary of the major players operating in the market has also been provided in the form of a bubble chart. It also includes the list of products and services, key people, financial snapshot, key ratios and key recent developments for the major players.
A brief profile of the major clinical research institutes in the country and the key recent developments that have taken place in the market have been provided in the subsequent sections. A section providing strategic recommendations has been added at the end of the report which gives effective solutions to existing and potential players for improving market share and increasing their profitability.
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Clinical Trials Market in India by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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