India Pharmaceutical Contract Sales Organizations Market To Reach $575.2 Million By 2030

India Pharmaceutical Contract Sales Organizations Market Growth & Trends

The India pharmaceutical contract sales organizations market size is anticipated to reach USD 575.2 million by 2030 and is anticipated to grow at a CAGR of 7.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growing pharmaceutical industry, pharmaceutical product approval, and commercialization are the major factors contributing to the market growth. As per the Indian Ministry of Health and Family Welfare, in 2022, the pharmaceutical sector in India comprised 3,000 drug companies and 10,500 manufacturing units.

The increasing outsourcing trends in the Indian pharmaceutical industry has propelled market expansion. Many companies use outsourcing research to India, appealing due to its advantages and benefits. The competitive pricing of services in India enables significant cost reduction for companies, providing them access to the market. A rising trend involves incorporating technology into outsourcing. Technological advancements like artificial intelligence, machine learning, and automation are reshaping the pharmaceutical industry, with CSOs leveraging these advancements to enhance their services.

Furthermore, strong government support and rising pharmaceutical R&D spending is expected to drive the market growth. For instance, in April 2023, the Indian government planned to enhance research and innovation in India's pharmaceuticals and medical technology sectors through a five-year program with a budget of USD 599.99 million. This development holds significance as research and development (R&D) constitute only 7% of the overall expenditure in the Indian pharmaceutical industry, in contrast to the over 35% observed in developed countries.

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India Pharmaceutical Contract Sales Organizations Market Report Highlights

• In terms of service, the non-personal promotion segment dominated the service segment with more than 56.0% share in 2023 owing to its efficiency and cost-effectiveness

• The personal promotion segment is also expected to show a significant share in the market. This is attributed to complex products and services

• In terms of end-use, the pharmaceutical companies segment held the largest market share in 2023. The increase in the number of new small molecule drug launches is anticipated to be a major driving factor for the market growth

• The biopharmaceutical companies’ segment is expected to grow at the fastest CAGR over the forecast period

India Pharmaceutical Contract Sales Organizations Market Segmentation

Grand View Research has segmented the India pharmaceutical contract sales organizations market report based on service, and end-use:

India Pharmaceutical Contract Sales Organizations Service Outlook (Revenue, USD Million, 2018 - 2030)

• Personal Promotion

  • Promotional sales team

  • Key account management

  • Vacancy Management

• Non-personal Promotion

  • Medical affairs solutions

  • Remote medical science liaisons

  • Nurse (clinical) educators

  • Others

India Pharmaceutical Contract Sales Organizations End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Pharmaceutical Companies

• Biopharmaceutical Companies

List of Key Players in India Pharmaceutical Contract Sales Organizations Market

• IQVIA

• Syneos Health

• Parexel International (MA) Corporation

• Mednext Pharma Private Limited

• Indegene

• ICON plc

• QFR Solutions

• LabCorp

• PPD (Thermo Fisher Scientific)

• Makrocare