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
