The global contract research organization 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.
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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.
LabCorp (US) is one of the leading players in the global CRO services market. The company’s strong focus on a broad range of customers, technology-enabled solutions, investments in joint ventures & partnerships, and comprehensive quality systems and processes are factors contributing to the growth of the company’s market share. The company provides clinical laboratory services to more than 220,000 customers, including managed care organizations (MCOs), biopharmaceutical companies, governmental agencies, physicians, hospitals and health systems, food and nutritional companies, and independent clinical laboratories. To enhance its share in the global CRO services market, the company focuses on various growth strategies such as acquisitions, expansions, and collaborations. For instance, in August 2017, LabCorp acquired Chiltern International Limited (UK) to enhance its service offerings for high-growth, emerging, and mid-market biopharma segments.
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