Top 5 Contract Research Organization (CRO) Services Providers of the World

The globally mounting prevalence of cancer is bolstering the need for advanced therapeutic solutions, opening doors to lucrative avenues for companies operating in the contract research organization (CRO) services sector. According to the World Health Organization, the number of new cancer cases is estimated to cross 35 million by 2050, depicting a 77% surge from the estimated 20 million cases in 2022. The advent of immuno-oncology has revolutionized cancer treatment, with remarkable potential for CROs in the development of novel therapies.

Companies in the biopharma space can reduce the cost, risks, and time involved in novel drug development by forging collaborations with CROs. Furthermore, entering alliances with contract research organizations offers various advantages in clinical trial phases I, II, and III, which are conducted over three to six years.

The pivotal benefits of deploying contract research organization (CRO) services are as follows:

• High number of participant enrollments considering the advantage of the best clinical trial investigations.
• Awareness of the international research and medical sectors.
• Awareness of regulatory policies in different countries.
• Resolution of issues with the help of various operational systems, owing to the trust of open dialogue regarding the details and priorities of clinical trials.

Competitive Landscape: An Insight into the Key Initiatives

Other key sectors depicting a significant scope for service deployment are nephrology, cardiology, and neurology, among others. In light of the rising drug development demand, the global market for contract research organization (CRO) services is slated to touch USD 175.46 billion by 2032 from USD 86.33 billion in 2024, exhibiting a CAGR of 9.3% from 2024 to 2032. According to a study by Fortune Business Insights, the market value stood at USD 79.54 billion in 2023.

Top Contract Research Organizations (CRO) service suppliers in the world are integrating AI (Artificial Intelligence) and other advanced technologies with the intent to improve the quality of their contract research organization (CRO) services.

The top 5 players in the global market and the vital steps undertaken by them for the consolidation of their industry positions have been mentioned below:

1. IQVIA Inc:

IQVIA Inc., a leading player, bags 10.5% of the revenue in the global market and is known for its unrivaled data capabilities and a wide range of technologies and skills. The research and development solutions offered by the company comprise decentralized trials and consulting, functional services, and clinical trials. In 2023, the net sales of the company stood at USD 14.98 billion. In October 2023, IQVIA Inc. and Argenx entered a partnership to offer advanced treatment to patients with rare autoimmune diseases. The deal is focused on the provision of integrated and advanced technology-enabled PV (pharmacovigilance) safety solutions and services.

2. ICON plc: 

ICON plc recorded a revenue of USD 8.12 billion in 2023 and is the second-largest provider of contract research organization (CRO) services. The company offers clinical research services, site and patient solutions, and early phase real-world intelligence to public health, medical devices, and pharmaceutical companies. The global network of the company is spread across 53 countries, including Germany, Italy, and France. In September 2023, ICON plc entered a collaboration with the U.S. BARDA (Biomedical Advanced Research and Development Authority) for conducting clinical trials of COVID-19 vaccine candidates selected for “Project NextGen”.

3. Syneos Health: 

Syneos Health, the third-largest among the top Contract Research Organizations (CRO) services providers in the world, specializes in clinical solutions such as clinical development, early to late phase clinical trials, bioanalytical solutions, clinical data management, drug safety and pharmacovigilance, clinical monitoring, and decentralized solutions. In 2023, the company generated a revenue of USD 5.39 billion. The contract research organization (CRO) services company is centered on product development through a strategic blend of medical affairs, clinical development, and commercial capabilities for clientele across the healthcare sector. In June 2021, Syneos Health launched a specialized group focused on supporting decentralized clinical trials. The move is centered on easing clinical trial participation for patients. The move signifies the demonstration of their commitment to bringing clinical trials closer to patients and follows the takeover of the Illingworth Research Group.

4. Charles River Laboratories:

Charles River Laboratories, one of the top Contract Research Organization (CRO) services providers, recorded a revenue of USD 4.13 billion in 2023 and provides a comprehensive services portfolio that includes clinical development services such as DSA (Discovery and Safety Assessment) services that support biotechnology, pharmaceutical, and medical devices companies. In February 2024, Charles River Laboratories and Wheeler Bio forged a collaboration for expediting the progression from therapeutic discovery to manufacturing. The deal would help clients access Wheeler’s portable CMC (chemical, manufacturing, and controls) platform.

5. Laboratory Corporation of America Holdings:

Laboratory Corporation of America Holdings offers preclinical, nonclinical, and clinical and commercialization services to biotechnology and pharmaceutical companies and is the fifth-largest player in the global contract research organization (CRO) services sector. Some of the services offered by the company comprise post-authorization safety and efficacy studies, phase IIIb/phase IV clinical trials, and RWE (real-world evidence) strategy. In 2023, the company generated a revenue of USD 12.16 billion and is operational through two business segments comprising biopharma laboratory (BLS) and diagnostics laboratories (Dx). In January 2024, Laboratory Corporation of America Holdings and Hawthorne Effect entered a partnership for the advancement of decentralized clinical trial capabilities for biotech, pharma, and medical device sponsors. The deal would allow both players to create differentiated and new service offerings for supporting decentralized clinical trials.

Innovation and R&D Outsourcing to Gain a Foot in the Future

The adoption of contract research organization (CRO) services is anticipated to exhibit an upward trajectory owing to an escalation in the outsourcing of R&D services. Investments in antibody therapies, vaccines, and autoimmune products are pushing the global outsourcing scenario. In addition, pharmaceutical companies are placing a heightened emphasis on innovation, which is touted to reshape the future of client engagement strategies and models by the top Contract Research Organization (CRO) services providers in the world, faring well for industry expansion.