IQVIA (US), ICON (US) and PPD (US) are Leading Players in the Contract Research Organization (CRO) Services Market
The Contract Research Organization (CRO) Services market is projected to reach USD 127.3 billion by 2028 from an estimated USD 76.6 billion in 2023, at a CAGR of 10.7% during the forecast period. CROs offer various testing and consulting services to pharmaceutical & biopharmaceutical companies, medical device companies, and academic institutes. These services help companies manufacture products with the highest quality and efficacy. Growth in the CRO services market can mainly be attributed to factors such as the growing size of the drug R&D pipeline, technologically advanced protocols in clinical trials, and the relatively expensive in-house drug development process. Besides, the ever-increasing demand for novel clinical trial designs for complex cell & gene therapies is expected to offer growth opportunities for companies in this market.
The global CRO services market is competitive. The top players in this market hold a significant share of the total market. Prominent market players include IQVIA (US), Laboratory Corporation of America Holdings (US), PPD (US), ICON (US), WuXi AppTec (China), Syneos Health (US), Charles River Laboratories International (US), and Medpace Holdings (US). These companies offer a wide range of CRO services.
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IQVIA (US) dominated the global CRO services market in 2022. This is mainly due to its strong performance in the biopharmaceutical services industry and wide geographical coverage. The company’s foothold in the market is primarily driven by its strong technical and service capabilities, good client relationships, diversified service offerings, and ability to expand the penetration of its offerings. IQVIA has registered significant growth in the biopharmaceutical services industry and is present in all major markets, including the US, Japan, Germany, France, Spain, and Italy, in addition to the BRIC nations. The company focuses on geographic expansions, service launches, and collaborations to increase its geographic presence and customer base.
ICON (US) accounted for a significant share of the CRO services market in 2022. This market share can be attributed to its acquisition of PRA Health Sciences in 2021. This acquisition has significantly strengthened ICON’s strategic position in the market. The company focuses on providing clinical research, consulting, and commercial services. The company has invested in developments such as acquisitions and expansions to enhance its strategic position in the global market. In November 2021, ICON expanded its sites at six different locations across North America and Europe, thus, enhancing its global footprint.
PPD (US) is one of the prominent companies in the global CRO services market with a wide geographic presence. PPD is a well-positioned company in the market and focuses on providing discovery, development, and post-approval services. Its strong and wide range of services and solid geographic presence, helps the company generate higher revenues and strengthen its position in the global CRO services market. As part of its business strategy, PPD has established strong relationships with pharmaceutical manufacturers, research institutes, and laboratories across the globe. In the last few years, it has made over nine major expansions. PPD also focuses on agreements, collaborations, and service launches to maintain its leading position in the market. In October 2022, PPD launched the Decentralized Clinical Trials Network to support global investigators and research sites participating in decentralized clinical trials (DCTs). In April 2022, PPD and Matrix Medical Network collaborated to offer a decentralized clinical trial (DCT) solution and also explore opportunities to expand the collaboration to newer geographies. Such developments have placed PPD at a strategically strong position in the CRO services market globally.
Related Reports:
Contract Research Organization (CRO) Services Market by Type (Early phase, Clinical, Lab, Consulting), Therapeutic Area (Oncology, Infectious Disease, Neurology, Immunology, Hematology, Vaccines, Cell & Gene Therapy), End User - Global Forecast to 2028
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