Contract research organisations (CROs) have proven to be increasingly vital partners for the global biopharmaceutical industry guaranteeing efficient and compliant clinical trials that help to advance their candidates towards regulatory approvals. CROs have also demonstrated their ability to adapt to the industry’s changing needs by enlarging their geographical reach and embracing new technologies like artificial intelligence (AI). We look at ten of the companies currently dominating the global CRO landscape.
IQVIA
With 2023 revenues of USD 14.98 billion and growth of 4 percent with respect to the previous year, US-headquartered IQVIA is the world’s largest CRO. Renamed after Quintiles and IMS Health became one, IQVIA has operations in over 100 countries and offers solutions across various areas of expertise, including R&D, real-world evidence (RWE), safety and regulatory compliance, information management, performance management and insights.
Parexel
Parexel is another US-based company on the list of top CROs. Providing a full range of Phase I to IV clinical development services, Parexel has over 21,000 collaborators worldwide. Acquired by EQT Private Equity and Goldman Sachs for USD 8.5 billion in 2021, the firm then expanded its facilities in China and partnered with Palantir to leverage its clinical research technology. Parexel also recently strengthened its ability to gather real-world data by bringing on board a new VP and global head of real-world research.
ICON
Global heavyweight ICON also holds a solid position among the world’s leading CROs. Offering services that range from adaptive trials, biosimilars, clinical research services, commercialization, consulting, and strategic support, ICON has its global headquarters in Ireland and operations in over 50 countries across the globe. ICON garnered 2023 revenues of USD 8,120.2 million and according to Clinical Trials Arena, of the more than 500 clinical trials initiated in 2024 through a CRO, ICON was the most used.
Syneos Health
The American CRO, Syneos Health, founded in 2018 through a merger between INC Research and inVentiv, remains a major player in the CRO market despite the economic headwinds that led to a revenue drop of some USD 260 million in 2022. Looking to accelerate growth, Syneos has been in search of a buyer and was finally acquired by three private investment firms for USD 7.1 billion. The move followed the launch of two new Syneos brands, Spherico, focused on market access, and Genicos, centred on oncology.
PPD
Yet another important actor is Pharmaceutical Product Development (PPD), a global CRO providing solutions for integrated drug discovery and development founded in 1985. A division of Thermo Fisher Scientific since 2021, PPD became part of the larger group’s Laboratory Products and Biopharma Services Segment, enabling it to leverage Thermo Fisher’s broad capabilities. PPD also has a long-standing collaboration with clinical trials solutions provider Medidata and is co-developing an artificial intelligence solution for clinical trials.
WuXi AppTec
Founded in 2000, the Chinese CRO holds a strong position with a global presence at 32 sites in Asia, Europe, and North America. While WuXi AppTec’s 2023 revenues surpassed RMB 40 Billion (USD 5.64 billion), WuXi AppTec has been pinpointed by the US Biosecure Act, a bill aimed at restricting business with Chinese companies that has recently been passed by the US House of Representatives. In the first half of 2024, WuXi AppTec’s sales fell by 9 percent although the firm maintains that it has kept its existing base of more than 6,000 active clients.
Fortrea
Fortrea, a publicly traded company spun off from Labcorp in July 2023, has forged a place for itself among the world’s leading CROs. With 2023 revenues of USD 3.1 billion, Fortrea sharpened its focus on Phase I to IV Clinical Services by divesting its Endpoint Clinical patient randomization and clinical supply management business and Fortrea Patient Access, providing patient support and pharmacy hub services.
Charles River Laboratories
With 2023 revenues of USD 4.13 billion, representing a 3.9 percent increase over the previous year, Wilmington, MA-based Charles River Laboratories has been holding its own among global CROs. This year, however, after a second quarter that saw a revenue decline of 3.2 percent, the company announced that it would be laying off 3 percent of the 21,000 workers at is over 150 locations in 21 countries, a measure the company claims will help it emerge as a stronger partner for its clients.
LabCorp Drug Development
Labcorp became a leading CRO after buying up Covance for USD 6 billion in 2015 and its subsequent acquisitions of LipoScience, Bode Technology Group, Sequenom, MNG Laboratories, and Personal Genome Diagnostics (PGDx) to further reinforce its position in the global CRO market. LabCorp reported 2023 revenues of USD 12.16 billion as it continued its M&A activity, signing a deal with Legacy Health last year to acquire select assets from Legacy’s outreach laboratory business.
Medpace
A full service CRO with over 30 years of experience under its belt, Cincinnati, OH-headquartered Medpace maintains its spot among leading global CROs. Having gone public in 2016, the company has positioned itself as the preferred research partner for small to mid-sized biotechs with 90 percent of its clients coming from that sector. Present in 42 countries, Medpace reported 2023 revenues of USD 1.89 billion.
This list does not represent a company ranking and is solely intended for informational purposes.
