Top 10 largest clinical research organizations
We take a look at the 10 biggest contract research organizations in the pharma sector in 2022
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The drug discovery process is complex. The clinical stage is particularly resource-intensive, something that has led to the rise in demand for contract research organizations (CROs) that can support drug manufacturers at each stage of the process, from discovery to approval. The core activities a CRO can provide include (but are not limited to) clinical trial management, data research and project management.
Despite an initial downturn at the start of the pandemic, Covid-19 created a spike in the number of clinical trials taking place due to the need for vaccines and drugs to tackle the virus. In the coming years, we expect the rise of technologies that enable decentralized clinical trials to help expand the market share of CROs.
Currently the global CRO services market is projected to grow from US$73.38 bn to $163.48 bn by 2029. Here Pharma IQ takes a look at the 10 biggest CROs in pharma today.
Founded in 1982, IQVIA is an American multinational company formed through the merger of Quintiles, a leading provider of product development and integrated healthcare services, and IMS Health, a global information and technology services company. The latter has enabled company to have a strong focus on digital solutions and analytics. In 2017, Quintiles IMS rebranded to IQVIA.
Labcorp
Laboratory Corporation of America Holdings, also known as Labcorp, is an American company that operates one of the largest clinical laboratory networks in the world. In an average week Labcorp processes tests on more than 3 million patient specimens. In 2020 the company earned revenue in excess of $14 bn.
Founded in 1999, Syneos Health was created following the merger of two biopharmaceutical companies: INC Research and inVentive health. Today it has offices in more than 110 countries and offers services as a CRO as well as consultancy.
Founded in 1985 as a one-person consultancy firm, Pharmaceutical Product Development (PPD) is a global contract research organization that provides drug development, lab and lifecycle management services. In 2020 the company made US$4.7bn and the following year it became part of Thermo Fisher Scientific.
Headquartered in Dublin, Icon provides strategic management and support for clinical development from the compound selection stage through to clinical trials. Its services include clinical trials management, biometric activities, investigator recruitment and outcomes research.
Parexel was founded in 1982 and acquired by private equity firm Pamplona Capital in 2017 in a deal worth $5 bn. In 2021 it was bought by EQT Private Equity and Goldman Sachs Asset Management. The company conducts clinical trials and operates in more than 50 countries. It makes around $3 bn in revenue annually.
Charles River Laboratories
Founded in 1947, today this company specializes in cell and gene therapies as well as lab services for the pharmaceutical, medical device and biotech industries. As of 2021 it operates more than 90 facilities in 20 countries and has an annual revenue of $3.54 bn.
MedPace
Award-winning MedPace has offices on six continents, with headquarters in Ohio where it has a clinical research campus and a number of clinical and bioanalytical laboratories. It provides clinical trial services for Phase I-IV studies in the biotech, pharma and medical device industries. Its revenue has been growing steadily year- on-year and is currently almost $1 bn.
CTI Clinical Trial and Consulting Services
This organization was founded in 1999 to provide clinical trial services and bring new drugs to market. It operates in more than 60 countries and since its inception has contributed to the approval of more than 150 new drugs and medical devices around the world.
WuXi AppTec
Founded in 2000 in Shanghai, WuXi AppTec is the newest company in our top 10. It provides services across the entire development cycle including small molecule R&D and manufacturing, biologics R&D and manufacturing, cell and gene therapy. It currently operates in 18 locations across China, Iceland and the US.
Quick links
- How to improve the success rate of clinical trials
- Webinar: The technology enabling decentralized clinical trials
- The challenges of handling and delivering highly potent oncology drugs
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