Lindus Health launches Cardiovascular CRO offering.
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The contract research organization (CRO) market is witnessing an unprecedented surge, with the global CRO market reaching an impressive valuation of US$56.5 billion in 2022. Expected to almost double by 2028, the CRO landscape is thriving, with research and development (R&D) expenditures and clinical trials powering the industry's growth.
CROs have become indispensable players in the healthcare sector, offering a wide range of R&D services to support the clinical trial process and advance healthcare innovations. Here, we delve into the top 10 CROs that are shaping the future of healthcare, driving innovation, and accelerating R&D across the globe.
Founded in 1982, IQVIA is a leading global CRO with a strong focus on digital solutions and analytics. The company operates across 100 countries, offering comprehensive services including protocol design, clinical trial management, data research, and project management.
IQVIA is known for its advanced analytics, technology solutions, and clinical research services, making it an indispensable partner for life sciences industries. In 2021, the company generated revenues of $14,410 million, demonstrating its strong foothold in the CRO industry.
Labcorp, a leading global life sciences company, offers a wide range of clinical services for efficient and effective execution of clinical trials. The company operates in nearly 100 countries, supporting clinical trial activities and helping companies bring new drugs to the market.
In 2022, Labcorp announced its plans to spin off its CRO segment, creating an independent, publicly-traded CRO named Fortrea. With this strategic move, Labcorp aims to enhance its drug development solutions and augment its market position.
Rapidly gaining traction in the CRO industry is Lindus Health. With a unique business model that sets them apart from traditional CROs, Lindus Health labels itself as an "anti-CRO," owing to its fee-for-success approach. This innovative strategy allows them to offer their clients a more efficient and cost-effective solution to traditional CRO services.
Lindus Health leverages in-house technology, including artificial intelligence (AI) and connections to electronic health records (EHRs), to expedite the startup and recruitment of studies. Their rapid growth and unique capabilities firmly position them as a game-changer in the CRO industry, securing their place in the top 3.
Syneos Health is a global biopharmaceutical solutions organization that provides both CRO and consulting services. Operating in over 110 countries, the company offers a wide range of clinical development services, including decentralized solutions, early phase, phase II–III, phase IIIb – IV, real-world and late phase, and medical device and diagnostics.
In 2022, Syneos generated revenues of $5,393 million, marking a significant increase compared to the previous year. Their strategic partnerships and innovative service offerings make them a standout player in the CRO industry.
Pharmaceutical Product Development (PPD) is a leading global CRO that offers a wide range of clinical research services to pharmaceutical and biotech companies. Founded as a one-person consulting firm in 1985, PPD now operates in over 100 countries, providing comprehensive, integrated drug development, laboratory, and lifecycle management services.
In 2021, PPD was officially acquired by ThermoFisher, further strengthening their capabilities to bring life-changing therapies to the market.
ICON is a top-tier CRO offering a full range of consulting, clinical development, and commercialization services. Headquartered in Ireland, ICON operates in over 40 countries, working on various therapeutic areas including cardiovascular disease, oncology, and infectious diseases.
In 2021, ICON acquired PRA Health Sciences, another leading CRO, enhancing their clinical research services and expanding their global reach.
Charles River Laboratories is a global CRO providing essential products and services that help pharmaceutical and biotechnology companies accelerate their R&D efforts. The company operates more than 110 facilities across 20+ countries and offers a wide range of clinical services, including drug development, lab services, and regulatory affairs consulting.
MedPace is a globally-operating CRO that provides medical and regulatory leadership and guidance throughout the clinical development life cycle. With operations in over 45 countries, MedPace offers clinical trial services for Phase I-IV studies in the biotech, pharma, and medical device industries.
CTI Clinical Trial and Consulting Services is a global CRO that provides clinical trial services and helps bring new drugs to market. Operating in over 60 countries, CTI has contributed to the approval of more than 150 new drugs and medical devices around the world.
Founded in 2000 in Shanghai, WuXi AppTec is a leading global CRO that provides a broad portfolio of R&D and manufacturing services. Operating in 18 locations across China, Iceland, and the US, WuXi AppTec supports pharmaceutical and healthcare companies in advancing discoveries and delivering ground-breaking treatments.
In conclusion, these top 10 CROs are facilitating the drug development process, allowing pharmaceutical, biotech, and medical device companies to bring life-saving therapies to patients more efficiently. As the demand for CRO services continues to rise, these companies are well-positioned to drive the future of healthcare, fostering innovation, and accelerating R&D across the globe.
