Top contract research organizations by revenue 2022 | Statista (2024)
In 2022, the leading contract research organizations worldwide included Laboratory Corporation of America Holdings, ThermoFisher Scientific, and IQVIA. The second ranked company, Laboratory Corporation of America Holdings had nearly 15 billion U.S. dollars in revenue during that year. Comparatively, the first ranked company ThermoFisher Scientific, which recently acquired Pharmaceutical Product Development (PPD), generated 22.5 billion U.S. dollars in revenue through its clinical research business.
Contract research organizations (CROs) are companies that are contracted by larger pharmaceutical companies to manage select aspects of clinical trials. Today, CROs are essential for pharmaceutical research and development. Pharmaceutical companies are spending more money than ever on research and development and there is no indication that spending will decrease in the future. Evidence suggests that CROs will become even more valuable. The clinical CRO market is expected to increase over 60 billion U.S. dollars by 2024.
In 2022, the leading contract research organizations
contract research organizations
In the life sciences, a contract research organization (CRO) is a company that provides support to the pharmaceutical, biotechnology, and medical device industries in the form of research services outsourced on a contract basis.
https://en.wikipedia.org › wiki › Contract_research_organization
worldwide included Laboratory Corporation of America Holdings, ThermoFisher Scientific, and IQVIA. The second ranked company, Laboratory Corporation of America Holdings had nearly 15 billion U.S. dollars in revenue during that year.
In a 2023 report by Statista, the largest CROs worldwide were Thermo Fisher Scientific Inc., Labcorp, IQVIA, ICON, and WuXi Clinical (based on 2022 annual revenue).
The global contract research organization services market in terms of revenue was estimated to be worth $82.0 billion in 2024 and is poised to reach $129.8 billion by 2029, growing at a CAGR of 9.6% from 2024 to 2029. The new research study consists of an industry trend analysis of the market.
By averaging the data from all the research reports, the global contract research organization (CRO) market is estimated to average USD $64.42 Billion for 2023 and is expected to reach over USD $102.57 Billion in 2028, with an average growth rate of 9.75% from 2023 to 2028.
1. IQVIA. Formerly known as Quintiles and IMS Health, IQVIA is one of the largest CROs in the world, with a large range of service offerings to help advance clinical research. The company was founded in North Carolina in 1982, and has since grown to over 88,000 employees in more than 100 countries.
The Global Contract Research Organization (CRO) market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. In 2023, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
The great thing for investors is that the CRO makes money on the drug basically no matter what the outcome is. If a drug fails to live up to its expectations, the CRO still gets paid for conducting a trial.
For this reason, sponsors may choose to outsource all or part of the trial-related tasks to a company called a contract research organization (CRO) – sometimes called a clinical research organization – to manage the clinical trial on their behalf, without sponsors having to maintain a staff for these services.
For 2022, it is estimated that the global CRO market stood at some 57 billion U.S. dollars. This statistic shows the market size of contract research organizations (CROs) globally in 2022 and a forecast for 2032.
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