Bioeconomy is a critical growth multiplier of the Indian economy – according to the India BioEconomy Report 2022, BioEconomy accounts for nearly 2.6 per cent of India’s GDP in 2021. Courtesy of contract research organisations (CROs), contract manufacturing organisations (CMOs), and contract development and manufacturing organisations (CDMOs), India’s life sciences sector is rising steadily. The CRO sector in India, growing at a compound annual growth rate (CAGR) of 10.75 per cent, is projected to reach $2.5 billion by 2030. Similarly, India’s pharmaceutical contract manufacturing market is expected to increase at a CAGR of 14.67 per cent, hitting $44.63 billion by 2029.
