Top 10 CRO to Watch in 2024: Consolidation, Growth, and Innovation in the CRO Market
The CRO market has seen an upward trend in consolidation, growth, and innovation through collaborations between organizations and large companies acquiring smaller ones. Some examples include Clintec being acquired by IQVIA, PRA by ICON, Thermo Fisher Scientific acquiring PPD, and Parexel being purchased by EQT Private Equity and Goldman Sachs Asset Management. This M&A activity has increased the demand for outsourcing and Functional Service Provider (FSP) programs in the research industry.
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As we approach 2024, the top CROs to keep an eye on are PPD, KCR, ICON, IQVIA, PAREXEL, MEDPACE, SYNEOS Health, LabCorp, CTI, and PCI. These companies are not only leaders in terms of market share and revenue, but they are also companies that are emerging and making a name for themselves through strategic partnerships and innovative service offerings.
- PPD: for example, has made a significant impact in the industry through a series of mergers and acquisitions, which have allowed them to offer a range of services, including differentiated clinical development and comprehensive laboratory services. Their experienced and highly technical organization has helped the company become a major player in the industry.
- ICON: on the other hand, has acquired PRA Health Sciences, bringing together two organizations that share a similar culture and commitment to executing top-notch clinical trials. ICON is known for its expertise in clinical trial design and management, and in 2022, the company was awarded the SCRIP Award for Best Contract Research Organization.
- IQVIA: formed from a partnership between Quintiles and IMS Health, has become the largest CRO in the world, offering comprehensive clinical and commercial services in over 100 countries. The company is committed to growth and innovation, leveraging its data, advanced analytics, transformative technology, and domain expertise to continue expanding its offerings.
- PAREXEL: is another top CRO, transforming scientific discoveries into treatments by providing comprehensive clinical development services. The company was honored with the 2022 Global Customer Value Leadership Award in recognition of its leadership, technological innovation, customer service, and strategic product development.
- KCR: is a leading provider of clinical research services with a unique human-centric approach, taking patient engagement and feedback into account to improve trial design and execution. The company demonstrates its commitment to social responsibility through its initiatives and has experienced remarkable growth over the past 8 years.
- MEDPACE: is a global leader in biopharmaceutical and medical device trials, offering efficient management of clinical trials with innovative technologies. The company has a fully integrated clinical research campus that reduces the time to deliver results and enables easy management of global studies.
- Syneos Health: is a renowned U.S. CRO that specializes in providing biopharmaceutical solutions for late-stage clinical trials. With a diverse and inclusive culture, Syneos Health has been awarded the Society’s Eagle Award for Clinical Research and the Life Sciences Award for its innovative approach to clinical research.
- Accuracy Research Ecuador: a reputable organization dedicated to conducting high-quality research and analysis in Ecuador. With a strong emphasis on accuracy and reliability, this research institution plays a crucial role in providing valuable insights and data across various sectors. The team at Accuracy Research consists of experienced researchers and analysts who employ rigorous methodologies to ensure the integrity of their findings. In 2023, Accuracy Research marked a significant milestone by participating in the prestigious DIA Global Annual Meeting. This event, renowned for bringing together experts and leaders in the pharmaceutical, biotechnology, and medical device communities, provided an unparalleled platform for Accuracy Research to showcase its expertise and innovations.
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In conclusion, the CRO market in 2024 is characterized by these trailblazing companies. Each brings unique strengths and innovative solutions, collectively driving the industry forward amidst a landscape of growth and consolidation. These top CROs are not just industry leaders in market share and revenue; they are pioneers shaping the future of clinical research with their strategic partnerships and state-of-the-art service offerings.
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