IQVIA (US) and LabCorp (US) are the Leading Player in the Contract Research Organization Services (CROs) Market

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The global contract research organization (CRO) services market is projected to reach USD 56.34 Billion by 2023 from USD 39.13 Billion in 2018, at a CAGR of 7.6%. Growing R&D expenditure, increased outsourcing of R&D activities, and increasing number of clinical trials are some of the major factors driving the growth of the CRO services market. Growth in the biosimilars and biologics market, rising demand for specialized training services, and emerging Asian markets are also expected to offer growth opportunities for players seeking to venture into the CRO services market.
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 the strategies such as agreements, collaborations, partnerships, and joint ventures, and service launches in order 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 PharmaTech 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 a 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 expansions as a key growth strategy. Over the past three years, the company has made three major expansions. For instance, in June 2016, IQVIA expanded its presence in the US by opening Solution Design Studio in North Carolina (US). Moreover, IQVIA also focused on mergers and acquisitions to enhance and strengthen its position in the market. For instance, in October 2016, Quintiles Translational Holdings (US) merged with IMS Health (US) and formed IQVIA in order to provide end-to-end clinical and commercial packages to pharmaceutical and biopharmaceutical companies.

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