IQVIA Inc. (US) and ICON Plc (Ireland) are Leading Players in the Contract Research Organization (CROs) Services Market
The global contract research organization (CRO) services market is projected to reach USD 129.8 billion by 2029 from an estimated USD 82.0 billion in 2024, at a CAGR of 9.6% during the forecast period. Growth in the CRO Services market is mainly driven by factors such as large R&D pipeline of novel therapies against various indications along with growing technological advancements offered by CROs in clinical trial processes, thus, supporting the outsourcing of drug development activities. Additionally, growing focus on novel therapies including precision/ personalized medicine is an opportunity area in this market.
The market for CRO Services market is consolidated, with key players strategizing to capture majority of the market. Prominent players in the market are IQVIA Inc. (US), ICON Plc (Ireland), Laboratory Corporation of America Holdings (US), Thermo Fisher Scientific Inc. (US), WuXi AppTec (China), Syneos Health (US), Charles River Laboratories International (US), Pharmaron (China), Fortrea, Inc. (US), Eurofins Scientific (Luxembourg) and Medpace (US) among others.
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IQVIA Inc. (US) held the largest share in the global CRO services market in 2023. This is mainly due to its strong presence in the biopharmaceutical services industry and wide geographical reach. The company holds a strategic position in the market mainly supported by its wide range of service offerings along with significant partnerships with large industry players operating in the pharmaceutical and biopharmaceutical industry. The company also undertakes development initiatives in order to maintain its position in this market. These developments include collaborations, partnerships, and acquisitions along with expansion. For instance, IQVIA and argenx entered a strategic collaboration to support treatment for patients suffering from rare autoimmune disorders through innovative and comprehensive technology-enabled pharmacovigilance (PV) safety services and solutions. Such like developments are expected to support the market growth of the company.
ICON Plc (US) accounted for a significant share of the CRO services market in 2023. The company offers services including clinical research, consulting, and other commercial services. The company has invested in developments such as partnerships, acquisitions and expansions to enhance its strategic position in the global market. For instance, in September 2023, ICON partnered with BARDA to conduct clinical trials for anthrax vaccine. Also, one of the major acquisitions of the company includes the acquisition of PRA Health in 2021. It is one of the major contributors to the significant strategic position of the company in this market. Additionally, the company also strategizes in order to enhance its geographic footprint globally.
Thermo Fisher Scientific Inc. (US) offers CRO Services through its wholly owned subsidiary PPD Inc. These service offerings are a part of Laboratory Products and Biopharma Services segment of Thermo’s business. PPD is one of the key players in the global CRO services market with a wide geographic presence. It 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 along with strong geographic presence, helps the company generate higher revenues and strengthen its position in the global CRO services market. PPD has an established and strong relationship with its clients in the pharmaceutical industry, research institutes, and laboratories across the globe. In the last few years, the company has undertaken over nine major expansions. PPD also focuses on developments such as agreements, collaborations, and service launches to maintain its leading position in the market. Additionally, it is focusing on technological developments to enhance its strategic position in the global CRO services market. It launched the Decentralized Clinical Trials Network to support global investigators and research sites participating in decentralized clinical trials (DCTs).
Related Reports:
Contract Research Organization (CROs) Services Market by Type (Early Phase, Clinical, Lab, Consulting, Data Management), Therapeutic Area (Cancer, Infectious Disease, Neurology, Dermatology, Immunology, Hematology, Vaccines, CGT) - Global Forecast to 2029
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