HOME Research Insight Quintiles Transnational Holdings Inc. (U.S.), Laboratory Corporation of America Holdings (U.S.), Pharmaceutical Product Development, LLC (U.S.), PAREXEL International Corporation (U.S.), and ICON Plc (Ireland) dominate the global Contract Research Organizations (CROs) Services Market



Quintiles Transnational Holdings Inc. (U.S.), Laboratory Corporation of America Holdings (U.S.), Pharmaceutical Product Development, LLC (U.S.), PAREXEL International Corporation (U.S.), and ICON Plc (Ireland) dominate the global Contract Research Organizations (CROs) Services Market


The global CRO services market is dominated by Quintiles Transnational Holdings Inc. (U.S.), Laboratory Corporation of America Holdings (U.S.), Pharmaceutical Product Development, LLC (U.S.), PAREXEL International Corporation (U.S.), and ICON Plc (Ireland), which together accounted for ~45% to 50% of the global market in 2015. The rest of the market is fragmented in nature with the presence of many local and regional players.

The leading position of Quintiles Transnational Holdings Inc. (U.S.) in this market is primarily attributed to its strong performance in the biopharmaceutical services industry majorly in the U.S., Japan, and Europe. The company operates its business in approximately 100 countries across North America, Europe, Asia, Latin America, and Africa. It focuses on various growth strategies such as agreements, collaborations, joint ventures, and partnerships to strengthen its position in the global CRO services market. For instance, in July 2015, Quintiles and Quest Diagnostics (U.S.) announced the launch of Q2 Solutions, their new combined clinical trials laboratory services organization. In order to maintain its leadership in the market, the company majorly focuses on new service launches in the market. For instance, in May 2015, Quintiles launched Asia-Pacific Emerging Biopharma solutions including, custom-tailored operational models, dedicated local project leadership, and accelerated patient recruitment.

Laboratory Corporation of America Holdings (U.S.) held the second-largest share in the CRO services market in 2015. The company has a strong operation network with offices in 30 countries offering services to more than 22,000 customers worldwide. The company majorly focuses on expansions and strategic acquisitions to strengthen its scientific capabilities, therapeutic expertise, and presence in key geographic areas, and thereby maintain its leadership position in the global CRO services market. For instance, in September 2015, the company opened a cGMP-compliant pharmacy at its clinical research unit in Madison (Wisconsin, U.S.) for on-site production of high-quality, customized pharmaceutical products for clinical trials. In addition to this, in February 2015, Laboratory Corporation of America Holdings acquired Covance Inc. (U.S.) to provide a unique and complete set of services in both the clinical laboratory and drug development businesses. This acquisition helped the company enhance its revenue growth in the development and commercialization of drugs and diagnostics, and various other business areas.

Industry players adopted the strategies of agreements, collaborations, joint ventures and partnerships, and new services launches to achieve growth in the global CRO services market. Agreements, collaborations, joint ventures, and partnerships helped companies to garner larger market shares as well as strengthen their customer base and services portfolio. Quintiles Transnational Holdings Inc. (U.S.), PRA Health Sciences, Inc. (U.S.), Pharmaceutical Product Development LLC (U.S.), and PAREXEL International Corporation (U.S.) are some leading market players that adopted these strategies to develop their businesses. Companies also adopted the strategy of new service launches in order to expand their services portfolio to meet the demand for innovative services from various end users. Some major players adopted this strategy are Quintiles Transnational Holdings Inc. (U.S.), Laboratory Corporation of America Holdings (U.S.), PAREXEL International Corporation (U.S.), and PRA Health Sciences, Inc. (U.S.).

Related Reports:

Contract Research Organizations (CROs) Services Market by Type (Preclinical, Clinical Research, Laboratory) Therapeutic Area (Oncology, CNS, Cardiovascular) End User (Pharmaceutical, Biopharmaceutical & Medical Device Companies) - Global Forecast to 2021

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