IQVIA (US) and LabCorp (US) are Leading Players in the Contract Research Organization Services Market
The global Contract Research Organization services market is projected to reach USD 73.77 billion by 2025 from USD 47.77 billion in 2020, at a CAGR of 9.1% from 2020 to 2025. Growing R&D expenditure, increased outsourcing of R&D activities, and an increasing number of clinical trials are some of the major factors driving the growth of the CRO services market. Growth in the biosimilar and biologics market, rising demand for specialized services, and emerging Asian markets are also expected to offer growth opportunities for players seeking to venture into the CRO services market.
The medical device companies segment is expected to witness the highest growth rate in the CRO services market, by end user, during the forecast period
Based on end user, the medical device segment is expected to register the highest CAGR during the forecast period. Increasing incidence of chronic diseases, technological advancements in medical devices, and adoption of point-of-care (POC) testing are the major factors supporting the growth of this segment.
North America dominated the CRO services market in 2019
North America accounted for the largest share of the CRO services market in 2019, followed by Europe and Asia Pacific. High quality standards in the pharmaceutical industry, rising demand among pharmaceutical and biopharmaceutical companies for outsourcing services, and increase in clinical trial activities in the region are the major factors responsible for the large share of North America in the CRO services market.
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The global CRO services market is fragmented with the presence of many regional and global players. The leading market players are based in the US. IQVIA (US), LabCorp (US), Syneos Health (US), PAREXEL (US), and PPD (US) are the major players in this market. These companies are majorly focusing on strategies such as agreements, collaborations, partnerships, and service launches to remain competitive and further increase their share in the market. Some of the prominent players in the market namely, LabCorp, PAREXEL, Syneos Health, ICON plc, PPD, and WuXi AppTech, are primarily focusing on these strategies to enhance its presence in the global market.
IQVIA (US) dominates the CRO services market, led by its strong performance in the biopharmaceutical services industry with wide geographical coverage. The company’s foothold in the market is primarily attributed to various factors such as strong technical and service capabilities, good client relationships, diversified service offerings, and its ability to expand the penetration of its offerings to a broad range. The company has registered significant growth in the biopharmaceutical services industry, and has a presence in all major markets, including the US, Japan, Germany, France, Spain, and Italy, in addition to Brazil, Russia, India, and China (BRIC countries). To increase its geographic presence and customer base, the company focused on expansion as a key growth strategy. Over the past three years, the company has made three major expansions. For instance, in February 2019, IQVIA launched IQVIA Biotech to help the emerging Biotech and Biopharma Industry to achieve their drug development and commercialization milestone easily.
LabCorp (US) is one of the leading players in the global CRO services market. The company’s strong focus on a broad range of customers, technology-enabled solutions, investments in joint ventures & partnerships, and comprehensive quality systems and processes are factors contributing to the growth of the company’s market share. The company provides clinical laboratory services to more than 220,000 customers, including managed care organizations (MCOs), biopharmaceutical companies, governmental agencies, physicians, hospitals and health systems, food and nutritional companies, and independent clinical laboratories. To enhance its share in the global CROs services market, the company focuses on various growth strategies such as acquisitions, expansions, and collaborations. For instance, in January 2020, LabCorp adopted the Ion torrent genexus system and Oncomine precision assay from Thermo Fisher Scientific by collaborating with them so that it could use them for their research and development of companion diagnostics, oncology and precision medicine.
- swapnil shitole