A contract research organisation (CRO) is a service provider organisation that provides different drug development and clinical data management services to the pharmaceutical and biotechnology sectors that are involved in clinical trials (for both drugs and medical devices). CROs are classified as major, medium, small, or specialised speciality groups. In order to strengthen their market position, key industry players are focused on inorganic development techniques such as mergers and acquisitions. The key elements that are predicted are price fluctuations and the hidden cost of clinical research services will limit the market growth throughout the forecast period. Furthermore, with the increased use of technical platforms, such as software for clinical data management, database management, document management, and others, extra expenditures are included in the services. The use of such modern technology improves the whole process and delivers quality data; nevertheless, it raises the cost of outsourcing services, which is likely to impede the growth of the contract research organisation (CROs) market in the United States over the forecast period.
According to Coherent Market Insights, U.S. Contract Research Organization (CROs) Market is estimated to be valued at US$ 15,918.6 million in 2022 and is expected to exhibit a CAGR of 9.6% during the forecast period (2022-2030). Some of the companies highlighted by Coherent Market Insights are:
Top Companies in the U.S. Contract Research Organization (CROs) Industry
1. Laboratory Corporation of America Holdings (Covance)
The company is Provider of contract research services to the drug, medical device and diagnostics, crop protection and chemical industries. The company offers drug development, nonclinical safety assessment, bioanalytical service, clinical trial testing, toxicology, clinical trial management and other consulting services, providing end-to-end drug development support to a wide range of industries. The company was founded in 1996, headquartered in U.S.
2. IQVIA
IQVIA is the result of the 2016 merger of Quintiles, a leading global contract research organization, and IMS Health, a leading healthcare data and analytics provider. The Research & Development segment focuses primarily on providing outsourced late-stage clinical trials for pharmaceutical, device, and diagnostic firms. The Technology & Analytics segment provides aggregated information and technology services to clients in the healthcare industry. The company was founded in 1982, headquartered in Durham, U.S.
3. Paraxel International Corporation
PAREXEL APEX International providing clients with a wide range of clinical research service. In Sep 26, 2007 PAREXEL acquired PAREXEL APEX International Co., Ltd. The company was founded in 1999, headquartered in Taiwan.
4. Syneos Health
Syneos Health® (Nasdaq:SYNH) is the only fully integrated biopharmaceutical solutions organization. The Company, including a Contract Research Organization (CRO) and Contract Commercial Organization (CCO), is purpose-built to accelerate customer performance to address modern market realities. The company was founded in 1985, headquartered in North Carolina. U.S. In , March 27, 2023 Syneos Health® announced the launch of Medical Affairs Digital Amplifier, a program designed to drive smarter and more effective scientific exchange. This integrated program seeks to ensure customers, and the clinicians they serve, have access to the latest education to optimize patient outcomes. Syneos Health and KX Partner to Pioneer Data-Driven Transformation in Biopharmaceutical Asset Development in Mar 22, 2023
5. PRA Health Sciences
PRA Health Sciences is a full-service global contract research organization providing a broad range of product development and data solution services to pharmaceutical and biotechnology companies around the world. PRA Health Sciences' global operations span more than 90 offices across North America, Europe, Asia, Latin America, South Africa, Australia, and the Middle East. The company was founded in 1976, headquartered in North Carolina, U.S. the company is acquired in ICON.
6. Charles River Laboratoires International Inc. (CRL)
Charles River Laboratories International, Inc. provides solutions that accelerate the drug discovery and development process, including research models and associated services, and outsourced preclinical services. Segments. The company has two segments: Research Models and Services (RMS) and Preclinical Services (PCS), which includes Phase I clinical services. The company was founded in 1947, headquartered in Wilmington, U.S.
7. Pharmaceutical Product Development (PPD)
Pharmaceutical Product Development provides discovery, development, post-approval services, and compound partnering programs. The company was founded in 1985, headquartered in Wilmington, U.S. The company is acquired by Thermo Fisher scientific.
8. Wuxi Apptec
WuXi AppTec Co., Ltd., an investment holding company, provides research, development, and manufacturing services to discover, develop, and manufacture small molecule drugs, and cell and gene therapies in the People's Republic of China, rest of Asia, the United States, Europe, and internationally. The company operates through six segments: WuXi Chemistry, WuXi Testing, WuXi Biology, WuXi ATU, WuXi DDSU, and Others. WuXi AppTec Co., Ltd. was founded in 2000 and is headquartered in Shanghai, the People's Republic of China.
*Definition- Growing technical breakthroughs in clinical research, such as the use of artificial intelligence and machine learning, are likely to fuel the expansion of the contract research organisation (CROs) market in the United States over the forecast period.
