Lindus Health launches Cardiovascular CRO offering.
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The global contract research organization (CRO) market is a rapidly evolving industry. It has become increasingly crucial for pharmaceutical, biotech, and medtech industries that rely on these organizations to test, refine, and market their latest drugs and devices. The CRO market is projected to grow at a compound annual growth rate (CAGR) of around 10.7% from 2023 to 2028, reaching an estimated worth of USD 127.3 billion by 2028. This article provides an insightful overview of the top 5 CROs that are currently leading the industry.
Thermo Fisher Scientific, based in Massachusetts, US, emerged as a market leader following its acquisition of PPD in 2021. The acquisition allowed Thermo Fisher to enhance its offerings to biotech and pharma customers, accelerating innovation and increasing productivity within the drug development process.
Thermo Fisher's revenue for laboratory products and biopharma services, including PPD’s reported revenue, is expected to reach $42.7b USD for fiscal year 2023. It provides early development and clinical research management services, site and patient access services, and peri- and post-approval services.
Recent Developments: Thermo Fisher recently acquired CorEvitas for approximately $0.9b USD, further bolstering its clinical research capabilities.
IQVIA, a Connecticut-based company, is a pioneer in blending advanced analytics, technology solutions, and clinical research services. With over half of its total revenue coming from its Research & Development Solutions business unit, IQVIA generated $14.85b USD for the year September 2022- 2023. This unit offers project management and clinical monitoring, clinical trial support services, clinical laboratory services, strategic planning and design, along with decentralized clinical trials.
Recent Developments: IQVIA has recently appointed Richard Staub III, senior advisor to the Chairman and CEO, as president of IQVIA’s Research & Development Solutions (R&DS) business unit.
Lindus Health is an innovative CRO that has gained a reputation for its unique business model that incentivizes speed through success-based milestone payments. It leverages its homegrown technology to quickly set up studies and has robust recruitment capabilities through EHR querying and broad-based digital advertising.
Lindus Health's model is not only cost-effective but also efficient. By aligning the CRO's success with the success of the study, Lindus Health ensures a commitment to delivering high-quality results in a timely manner. Moreover, their use of technology for study setup and patient recruitment significantly reduces the time and costs associated with these critical trial phases, making them an attractive choice for many sponsors.
Recent Developments: Lindus Health raised $18m USD in its Series A found of funding. The funding comes from Spotify-backer Creandum, with participation from PayPal co-founder Peter Thiel and more.
Labcorp Drug Development, formerly known as Covance, is a renowned global CRO known for its comprehensive drug development solutions. In 2021, the company generated revenues of $9.13b USD by the end of Q3.
Labcorp collaborated on 82 percent of the novel drugs and therapeutic products approved in 2021 by the US FDA, including 63 percent of those specific to oncology and 95 percent of those specific to rare and orphan diseases. Its comprehensive offerings and proven track record make it a leading player in the CRO market.
ICON, based in Dublin, Ireland, is a global provider of consulting, outsourced development, and commercialization services to pharmaceutical, biotechnology, medical device, and government and public health organizations. For the twelve-month year ending in September 2023, ICON generated revenues of $8.016b USD.
ICON has proven expertise in running clinical trials from Phase 1 to post-approval studies. In 2021, ICON acquired rival PRA Health Sciences in a $12b USD deal, further strengthening its position in the market.
Each of these top 5 CROs has demonstrated excellence in clinical research, contributing to drug development and medical advancements. Their continued growth and innovation will undoubtedly shape the future of the CRO market.
