Contract Research Organization (CROs) Services Market

Illumina (US), IQVIA (US) and LabCorp (US) are Leading Players in the Contract Research Organization (CROs) Services Market

The contract research organization (CRO) services market is projected to reach USD 86.5 billion by 2026 from USD 53.2 billion in 2021, at a CAGR of 10.7% during the forecast period. Growth in the CRO services market is mainly be attributed to factors such as increasing investment in pharmaceutical R&D, rising number of clinical trials, and high cost of in-house drug development encouraging pharma biotech companies

The prominent players operating in the contract research organization (CRO) services market are IQVIA (US), LabCorp (US), Charles River Laboratories (US), WuXi AppTec (China), Syneos Health (US), Paraxel International (US), PPD (US), and ICON Plc (US).

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Illumina (US) is the leading player in the contract research organization (CRO) services market, accounting for an estimated share of 33−35% of the market in 2020. This is attributed to its robust product offerings and NGS services. The company’s product segment includes a wide range of sequencing, genotyping, gene expression, and molecular diagnostic platforms, consumables, and services that run on the SBS technology. In the past three years, Illumina has launched several products in the market, including the NovaSeqT 6000 v1.5 Reagent Kit, TruSight Software Suite, NextSeq 1000, NextSeq 2000, and VeriSeq NIPT Solution v2. In order to ensure continuous product development, the company invests a significant amount of its revenue on R&D expenditure.

IQVIA (US) is another major player in the CRO services market. 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 attributed to various factors such as strong technical and service capabilities, good client relationships, diversified service offerings, and its ability to expand the penetration of its offerings. The company 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 BRIC. To increase its geographic presence and customer base, the company focuses on service launches, collaborations, and expansions.

LabCorp (US) is one of the leading players in the global CRO services market. The company’s strong focus on a broad range of customers, technology-enabled solutions, investments in collaborations & partnerships, and comprehensive quality systems and processes are contributing to the growth of the company’s market share. The company provides clinical laboratory services to more than 220,000 customers, including managed care organizations (MCOs), biopharmaceutical companies, governmental agencies, physicians, hospitals and health systems, food and nutritional companies, and independent clinical laboratories.

Related Reports:

Contract Research Organization (CROs) Services Market by Type (Early phase, Clinical, Laboratory), Therapeutic Area (Oncology, Infectious Disease), Molecule Type (Vaccine, CGT), End User (Pharma, Biopharma, Research Institute) - Global Forecast to 2026

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Report Code
PH 4672
RI Published ON
7/19/2021
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