The growth of contract research organizations market is primarily driven by factors such as the growing demand for biopharmaceuticals, the increasing number of clinical trials, and rising government support for biopharmaceuticals manufacturing. However, product quality issues and IPR issues restrain the growth of this market. The increasing demand for biosimilars and continuous advancements in bioprocessing techniques are expected to create growth opportunities for players operating in the contract research organizations market.
The contract research organizations market is expected to grow at a CAGR of 6.5% from 2020 to 2027 to reach $64.4 billion by 2027.
Here are the top 10 companies operating in this market-
IQVIA Holdings Inc. (U.S.)
In 2016, IQVIA was formed through the merger of IMS Health and Quintiles. It is a provider of advanced analytics, technology solutions, and contract research services to the life sciences industry. The company applies human data science to leverage the abilities of analytics and data sciences for the development of new approaches to accelerate clinical development, commercialization, and improvements in healthcare outcomes. The company operates through three business segments—Technology & Analytics Solutions, Research & Development Solutions, and Contract Sales & Medical Solutions. IQVIA offers contract research solutions through all business segments.
IQVIA has 303 offices located in 82 countries with facilities in Buenos Aires, Argentina; Caracas, Venezuela; Los Ruices, Venezuela; and Bangalore, India. Some of the major subsidiaries of the company include IMS AG (Mexico), IMS Health Australia Holding Pty. Ltd., IMS Health B.V. (Netherlands), and IMS Health Canada Inc., among others.
Laboratory Corporation of America Holdings (U.S.)
LabCorp is a provider of clinical laboratory and end-to-end drug development services. The company offers diagnostic, drug development, and technology-enabled solutions. The company operates through two business segments, namely, LabCorp Diagnostics (LCD) and Covance Drug Development (CDD). The company provides drug development services through the CDD segment. This segment offers end-to-end drug development, medical device, and diagnostic development solutions from early-stage research to clinical development and commercial markets.
The company has the College of American Pathologists (CAP) accredited labs to carry out drug development services in countries like the U.S., China, Singapore, and Switzerland. In addition, the company has principal operating and administrative facilities in Belgium, China, Germany, India, Singapore, the U.K., and the U.S. Some of the company’s major subsidiaries include Covance Inc. (U.S.), LabCorp Central Laboratories (China) Inc., and LabCorp Japan.
Charles River Laboratories International, Inc. (U.S.)
Charles River provides clinical tests and drug development services. The company offers test and development services for vaccines, biosimilars, and medicine to treat the cardiovascular, skeletal, endocrine, central nervous system, cancer, and other sorts of ailments. The company operates through three business segments, namely, Research Models and Services (RMS), Discovery and Safety Assessment (DSA), and Manufacturing Support (Manufacturing). The company offers contract drug development services through all these segments.
The company currently operates in over 90 facilities and over 20 countries worldwide. The company has a presence in the U.S., Europe, China, Japan, South Korea, Australia, Singapore, Brazil, Israel, and India. Some of the major subsidiaries of the company include Charles River UK Limited (U.K.), Charles River Laboratories Holding SAS (France), Charles River Laboratories Montreal, ULC (Canada), and Charles River Laboratories Korea (Korea), among others.
Wuxi Apptec Co., Ltd. (China)
Wuxi AppTec is a provider of research & development service platforms to pharmaceutical companies. The company operates through five business segments—China-based Laboratory Services, CDMO/CMO Services, US-based Laboratory Services, Clinical Research & Other CRO Services, and other income. The company also offers consulting, testing, and manufacturing services in connection with medical device testing.
WuXi Clinical, a subsidiary of WuXi AppTec, is a global CRO providing a comprehensive range of clinical development services. This company provides Phase I to Phase IV clinical development services & BE (Bioequivalence) for products including pharmaceuticals, biologics, and medical devices.
The company has research laboratories in Chengdu; cell and gene therapies laboratory and manufacturing facilities in Lingang, Shanghai; chemistry process development laboratories in Jinshan; drug product R&D and manufacturing facilities in Wuxi; a bioanalytical laboratory in San Diego, U.S.; and cell and gene therapy matched facility in Philadelphia, U.S. Some of the major subsidiaries of the company include Wuxi Biologics Co. Ltd. (China), Abgent (U.S.), and WuXi Clinical Development Services (Shanghai) Co., Ltd.
A report into the projected growth of the current contract research organizations market by Meticulous Research® has produced some incredible forecasts for the industry. By 2027, it’s expected to have grown at a CAGR of 6.5%, reaching over $64.4 billion.
Medpace Holdings, Inc. (U.S.)
Medpace Holdings is a provider of scientifically-driven outsourced clinical development services to the biotechnology, pharmaceutical, and medical device industries. The company helps manufacturers conduct clinical trials across all major therapeutic areas, focusing on cardiology, metabolic disease, oncology, central nervous system or CNS, and antiviral and anti-infective (AVAI). The company’s sole business segment provides services focused on developing, managing, and executing clinical trials.
As of December 2019, the company has leased commercial locations in various countries across North America, Europe, Asia-Pacific, South America, and Africa. Some of the company’s major subsidiaries include Medpace Europe Holding BV (Netherlands) and Medical Consulting Dr. Schlichtiger GmbH (Germany).
PRA Health Sciences, Inc. (U.S.)
PRA Health is engaged in providing outsourced clinical development and data solution services to the biotechnology and pharmaceutical industries. The company helps the manufacturers conduct clinical trials across major therapeutic areas, particularly oncology, immunology, central nervous system, inflammation, respiratory, cardiometabolic, and infectious diseases. The company operates through two business segments, namely, Clinical Research and Data Solutions.
The company’s Clinical Research segment offers a broad array of services across a spectrum of clinical development programs, and the Data Solutions segment provides data, analytics, technology, and consulting solutions to the life sciences market. The company has more than 75 offices across North America, Europe, Asia, Latin America, South Africa, Australia, and the Middle East.
Syneos Health, Inc. (U.S.)
Syneos Health is a clinical and commercial service provider to customers in the biopharmaceutical, biotechnology, and medical device industries. The company, including a contract research organization (CRO) and contract commercial organization (CCO), offers both stand-alone and integrated biopharmaceutical product development solutions, ranging from Early Phase (Phase I) clinical trials to the full commercialization of biopharmaceutical products. The company operates through two business segments, namely, Clinical Solutions and Commercial Solutions.
In January 2018, the company was named Syneos Health, when INC Research/inVentiv Health changed its brand identity to Syneos. The company has 110 facilities located in 41 countries, including Ohio, India, Mexico, Germany, the U.S., Canada, and Australia. Some of the company’s major subsidiaries include Advanced Biologics LLC (U.S.) and Kendall International B.V. (Netherlands).
Parexel International Corporation (U.S.)
Founded in 1982 and headquartered in Massachusetts, U.S., Parexel is engaged in providing a suite of biopharmaceutical services that can help clients across the globe to transform scientific discoveries into new treatments. The company offers services ranging from clinical trials to regulatory, consulting, and market access. The company has a presence in over 100 countries around the world.
Note: Since September 2017, Parexel International Corporation is a privately held company, and no financial information is available in the public domain. Hence, financial details are not added in this section.
PPD, Inc. (U.S.)
PPD is a provider of comprehensive, integrated drug development, laboratory, and lifecycle management services. The company’s major customers include pharmaceutical, biotechnology, medical device, academic, and government organizations. PPD operates through two segments, namely, Clinical Development Services and Laboratory Services.
As of December 2019, the company had 186 offices in 46 countries. The company-owned facilities are located in the U.S., the U.K., Belgium, China, and leased facilities in India and the Philippines.
ICON plc (Ireland)
ICON is a provider of outsourced drug development services to the pharmaceutical, biotechnology, and medical device industries. The company operates through one business segment and offers services for all drug development stages ranging from compound selection to Phase I-IV clinical studies. The company outsources scientific and therapeutic expertise to support its customers in specific areas, including oncology, orphan & rare diseases, CNS, dermatology, infectious disease, and women’s health. ICON has offices in 89 locations in 37 countries.
Popular Mentions: Envigo, and SGS S.A.
Authoritative Research on the contract research organizations market – Global Opportunity Analysis and Industry Forecast (2020-2027)
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