Contract Research and Manufacturing Service (CRAMS) Market in India to grow at a CAGR of 10.8% during 2024-2028
The Contract Research and Manufacturing Service (CRAMS) Market in India is expected to grow at a CAGR of 10.8% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 14.08 billion. In India's Contract Research and Manufacturing Services (CRAMS) market, technological advancements are catalyzing growth. CRAMS providers are harnessing innovative technologies to boost efficiency, productivity, and quality throughout the drug development and manufacturing process. Notably, process optimization and automation are significant areas of technological progress. Companies such as Jubilant Pharmova Ltd. have integrated advanced automation systems and process optimization techniques to optimize manufacturing operations, reduce waste, and enhance yield. These technological breakthroughs not only bolster operational efficiency but also decrease production costs, rendering CRAMS a more economical option for clients. Additionally, advancements in analytical technologies empower CRAMS providers to deliver more extensive and sophisticated analytical testing services.
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Technavio analysts predict that the Manufacturing subsegment will lead the Service segment during 2024 and 2028 In the Indian Contract Research and Manufacturing Services (CRAMS) market, contract manufacturing represents the largest segment and is anticipated to maintain this position throughout the forecast period. Contract manufacturing organizations (CMOs) specialize in producing pharmaceuticals, including drugs, vaccines, and healthcare products, on a contract basis for pharmaceutical companies and biotechnology firms. The advancement of medical sciences and the increasing adoption of specialty medicines, coupled with technological innovations such as nanotechnology and stem cell research, are driving the emergence of complex drugs with short half-lives. These developments are fueling the demand for sophisticated manufacturing processes, such as closed molding, open molding, and cast polymer molding, to meet the evolving needs of the pharmaceutical industry.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish diverse range of service offerings by crams providers
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The Contract Research and Manufacturing Services (CRAMS) market in India has been gaining significant traction in recent years, particularly in the areas of Physical Characterization Services, CRO services, and Manufacturing services. Sponsors from the Pharmaceutical and biotechnology industry, both domestic and international, are increasingly outsourcing their R&D pipeline to Indian CRAMS providers due to cost advantages and expertise in areas such as clinical trials, patient recruitment, and precision/personalized medicine. India's strong research services sector, coupled with its large pool of skilled manpower, makes it an attractive destination for outsourcing. The country's academic institutes also play a crucial role in contributing to the development pipeline of CRAMS providers. CRAMS providers in India offer end-to-end solutions, from drug discovery and development to manufacturing and regulatory compliance. Project management is a critical aspect of CRAMS services, ensuring that projects are completed on time and within budget. The CRAMS market in India is expected to grow significantly in the coming years, driven by the increasing focus on precision/personalized medicine and the growing number of drug products in the development pipeline. With its robust infrastructure, skilled workforce, and competitive pricing, India is poised to become a global hub for CRAMS services.
According to Technavio, the Contract Research and Manufacturing Services (CRAMS) market in India is a segment of the global pharmaceuticals industry, which falls under the broader healthcare sector. The pharmaceuticals market, encompassing entities involved in the research and development (R&D) or manufacturing of generic, non-generic drugs, and veterinary medicines, was valued at USD1,495.51 billion in 2023. This estimation is based on the consolidated revenue generated by providers of equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services within the global healthcare market. The expansion of the global pharmaceuticals market will be fueled by several key factors, including the increasing aging population, with the global population aged 60 and above predicted to grow significantly.
The Contract Research and Manufacturing Service (CRAMS) Market in India is experiencing significant growth, fueled by the diverse range of service offerings by crams providers. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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