Top 10 Clinical Trials Companies | Meticulously Planned Research

Anurag Sharma
Anurag Sharma

Updated · Oct 18, 2023

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Clinical Trials Market Overview

A Clinical trials is a meticulously planned research study involving human participants to assess the safety and effectiveness of new medical treatments, drugs, therapies, or devices. These trials adhere to a predefined protocol, detailing study objectives, methods, participant eligibility criteria, and treatment procedures. Conducted in phases, they progress from Phase 1 (small-scale safety assessments) to Phase 2 (larger-scale effectiveness studies) and Phase 3 (comprehensive safety and effectiveness evaluation).

Phase 4 trials may follow post-approval to monitor long-term effects. Clinical trials are vital in determining whether new medical interventions should be approved for widespread use, involving pharmaceutical companies, academic institutions, and healthcare professionals collaborating with volunteer participants or patients.

Market Drivers

Increasing Prevalence of Chronic Diseases and Technological Developments

Two major drivers propel the global clinical trials market. Firstly, the increasing prevalence of chronic diseases and complex health conditions worldwide fosters the demand for innovative treatments and therapies. This necessitates a surge in clinical trials to develop and validate new medical interventions to meet the rising healthcare needs.

Secondly, adopting advanced technologies and data-driven approaches, including AI and machine learning, in clinical trial design and execution significantly enhances efficiency, reduces costs, and expedites drug development. These technological advancements are streamlining patient recruitment, optimizing trial protocols, and improving data analysis, thereby driving the growth of the global clinical trials market.

Market Size

The clinical trials market is poised for substantial expansion, with a projected value of around $886.5 billion expected to be reached by 2032. This represents a noteworthy uptick from its 2022 worth of $450.1 billion. This growth is set to transpire at an annual growth rate of 7.2% from 2023 to 2032.

Clinical Trials: Top Key Players

IQVIA

Company Overview

Establishment Year1982
HeadquarterThe U.S.
Key ManagementAri Bousbib (Chairman & CEO)
Revenue (US$ Bn)$13.87 billion (2021)
Headcount~ 79,000 (2021)
Websitewww.iqvia.com

About IQVIA

Established by Dennis Gillings in 1982, IQVIA has established itself as a prominent global presence within the life sciences and healthcare sectors. The company offers a wide array of services, including advanced analytics, technological solutions, and support for clinical research. IQVIA’s primary mission is to enhance human health and revolutionize healthcare approaches. To accomplish this goal, IQVIA harnesses extensive healthcare data resources, incorporates state-of-the-art technologies, and leverages its team’s expertise to provide valuable insights and practical solutions to its clients.

In this capacity, IQVIA aids pharmaceutical firms, healthcare providers, and other stakeholders in making well-informed decisions, streamlining their operations, and ultimately elevating healthcare outcomes. Through its extensive efforts, IQVIA plays a pivotal role in developing groundbreaking therapies, the progression of patient care, and the overall enhancement of global healthcare standards.

Geographical Presence

IQVIA operates globally, with a presence in more than 100 countries worldwide, spanning North America, Europe, Asia-Pacific, Latin America, and the Middle East/Africa.

Recent Developments

  • In October 2023, IQVIA and CEPI collaborated to bolster global research readiness, working together to advance the 100 Days Mission.
  • In October 2023, IQVIA expanded its strategic partnership with Argenx to offer safety systems and services.

Parexel

Company Overview

Establishment Year1982
HeadquarterThe U.S.
Key ManagementJamie Macdonald (CEO)
Revenue (US$ Bn) $2.4 Billion  (2022)
Headcount ~18,900  (2021)
Websitewww.parexel.com

About Parexel

Parexel International, established in 1982 and headquartered in Massachusetts, USA, is a well-known global contract research organization (CRO). It specializes in offering a broad spectrum of services to the pharmaceutical, biotechnology, and medical device sectors. With a presence in multiple countries worldwide, Parexel provides comprehensive support for developing and commercializing healthcare products.

The company’s core functions encompass clinical research, consulting, and technology solutions, contributing significantly to the facilitation of clinical trials, regulatory submissions, pharmacovigilance, market access, and the generation of real-world evidence. Parexel’s overarching mission is to assist clients in delivering transformative therapies that enhance global health, solidifying its position as a key player in contract research and healthcare advancement.

Geographical Presence

Parexel International’s reach extends globally, encompassing North America, Europe, Asia-Pacific, Latin America, and the Middle East/Africa regions. The company’s operations span numerous countries, including the United States, United Kingdom, Germany, France, China, Japan, and others.

Recent Developments

  • In August 2023, Parexel and Partex announced a pioneering collaboration aimed at utilizing Artificial Intelligence and Big Data to accelerate the process of drug discovery and development.
  • In February 2023, Parexel, a leading clinical research organization, introduced a new expert series titled “New Medicines, Novel Insights.”

Labcorp

Company Overview

Establishment Year1968
HeadquarterThe U.S.
Key ManagementPaul Kirchgraber (MD&CEO)
Revenue (US$ Bn) $ 14.9 Billion  (2022)
Headcount ~50,000  (2022)
Websitehttps://biopharma.labcorp.com/

About LabCorp

Labcorp Drug Development, previously known as Covance, is a renowned global contract research organization (CRO) that specializes in providing comprehensive services for drug development and clinical research to the pharmaceutical and biotechnology sectors. With a rich history dating back to 1972, Labcorp Drug Development is headquartered in Princeton, New Jersey, USA, and operates worldwide through an extensive network of research facilities and offices.

The company offers a broad range of services encompassing preclinical and clinical research, laboratory testing, regulatory advisory, and solutions for market access. Labcorp Drug Development is crucial in advancing new therapies, from early-phase research to late-stage clinical trials and regulatory submissions. Their mission is to enhance health and well-being by delivering high-quality scientific solutions, contributing to healthcare progress, and benefiting patients and society.

Geographical Presence

Labcorp Drug Development has a worldwide presence, spanning North America, Europe, Asia-Pacific, Latin America, and the Middle East/Africa regions. The company operates in multiple countries, including the United States, United Kingdom, Germany, France, China, Japan, and many more.

Recent Developments

  • In October 2023, Labcorp introduced a novel test to expedite the diagnosis of Alzheimer’s disease.
  • In October 2023, Labcorp and Baystate Health unveiled a strategic partnership focused on diagnostic laboratory services.

ICON

Company Overview

Establishment Year1990
HeadquarterIreland
Key ManagementSteve Cutler, (CEO)
Revenue (US$ Bn) $7.741 billion (2022)
Headcount ~ 41,160  (2023)
Websitewww.iconplc.com

About ICON

ICON plc is a prominent global provider of specialized services in clinical research and drug development, established in 1990. Headquartered in Dublin, Ireland, the company operates worldwide, catering to pharmaceutical, biotechnology, and medical device firms. ICON offers a wide range of services encompassing clinical trial management, data management, laboratory support, and strategic consultancy.

The company plays a crucial role in aiding clients throughout the journey of bringing new treatments to market, spanning early-phase development to regulatory approval. Their unwavering dedication to enhancing healthcare and improving patient outcomes positions them as a significant player in the clinical research and drug development arena.

Geographical Presence

ICON plc maintains a worldwide footprint, conducting operations in numerous countries that include the United States, Ireland, United Kingdom, Germany, Australia, and many others, reflecting its global geographical presence across North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Recent Developments

  • In September 2023, ICON unveiled a collaboration with the U.S. Biomedical Advanced Research and Development Authority (BARDA) to conduct a clinical trial aimed at assessing the efficacy of advanced COVID-19 vaccines of the future.
  • In September 2023, ICON finalized the purchase of PRA Health Sciences, a contract research firm, for a total transaction value of approximately $12 billion. Following the merger, the combined entity now operates under ICON and boasts 38,000 employees in 150 locations spanning 47 countries.

Medpace

Company Overview

Establishment Year1992
HeadquarterThe U.S.
Key ManagementDr. August J. Troendle, (CEO & Chairman)
Revenue (US$ Bn)$1.46 Billion (2022)
Headcount~ 5,400 (2023)
Websitewww.medpace.com

About Medpace

Medpace Holdings, Inc. is a well-known international contract research organization (CRO) that delivers thorough clinical trial services to pharmaceutical, biotechnology, and medical device firms. Founded in 1992, Medpace provides an extensive array of services encompassing study design, the management of clinical trials, regulatory knowledge, and central laboratory offerings.

With a dedication to achieving excellence in the execution of clinical trials, Medpace supports the advancement of cutting-edge medical treatments and therapies, all while upholding the utmost standards of quality, effectiveness, and compliance within the realm of clinical research.

Geographical Presence

Medpace Holdings, Inc. boasts a worldwide footprint, conducting operations in various countries, encompassing the United States, Canada, multiple European nations, India, China, Japan, Australia, and numerous others, affirming its extensive global presence and broad reach for its clinical research services across North America, Europe, Asia-Pacific, and Latin America.

Recent Developments

  • In October 2022, Medpace unveiled a collaboration with FindMeCure’s TrialHub, to bolster patient education via EUPATI scholarships. This partnership seeks to elevate patient involvement and assistance in clinical trials by enhancing patient engagement.

PPD

Company Overview

Establishment Year1985
HeadquarterThe U.S.
Key ManagementDavid Simmons (CEO)
Revenue (US$ Bn)$4.7 Billion (2020)
Headcount~ 35,000 (2022)
Websitewww.ppd.com

About PPD

PPD, Inc. is a well-known global contract research organization (CRO) that provides a wide range of research and development services to pharmaceutical, biotechnology, and healthcare companies. Established in 1985, PPD offers various solutions, including managing clinical trials, laboratory services, consulting, and regulatory guidance.

With a strong commitment to advancing healthcare through innovation, PPD is crucial in creating new medical treatments and therapies. Leveraging its extensive industry expertise, global presence, and dedicated team of professionals, PPD ensures the delivery of top-quality, efficient, and compliant services to support pharmaceutical and biotech companies in their quest to develop pioneering healthcare solutions.

Geographical Presence

PPD, Inc. has a worldwide footprint, conducting operations in various countries, encompassing the United States, United Kingdom, Canada, China, Japan, Australia, numerous European nations, and more. This extensive global presence ensures broad coverage for its research and development services across North America, Europe, Asia-Pacific, and Latin America.

Recent Developments

  • In September 2023, Thermo Fisher Scientific and the National Minority Quality Forum disclosed a partnership aimed at increasing the accessibility of clinical research to historically underrepresented communities.
  • In August 2023, Thermo Fisher Scientific successfully concluded its acquisition of CorEvitas.

Charles-River

Company Overview

Establishment Year1947
HeadquarterThe U.S.
Key Management James C. Foster (CEO)
Revenue (US$ Bn)$2.98 billion (2022)
Headcount~ 21,400 (2022)
Websitewww.criver.com

About Charles River

Charles River Laboratories is a well-known global firm that provides crucial research and development services to the pharmaceutical, biotechnology, and healthcare sectors. Established in 1947, Charles River offers many solutions, including preclinical research, drug discovery, safety evaluation, and manufacturing support.

With a strong commitment to advancing scientific progress, the company is pivotal in creating new medications, therapies, and medical equipment. Drawing on its extensive industry expertise, cutting-edge facilities, and a team of skilled professionals, Charles River Laboratories delivers top-quality, compliant, and efficient services to assist clients in their quest for innovative healthcare solutions.

Geographical Presence

Charles River Laboratories maintains a worldwide presence, conducting operations in numerous countries, encompassing the United States, Canada, several European nations, China, Japan, Australia, and more. This global reach spans North America, Europe, Asia-Pacific, and Latin America.

Recent Developments

  • In January 2023, Charles River Laboratories unveiled its acquisition of SAMDI Tech, Inc., a prominent provider of top-tier label-free high-throughput screening (HTS) services. This strategic acquisition is anticipated to strengthen Charles River’s capabilities in drug discovery and development.
  • In April 2022, Charles River Laboratories disclosed its acquisition of Explora BioLabs Holdings, Inc., a leading provider of contract vivarium research services. This acquisition aims to broaden Charles River’s portfolio of research models and bolster its position within the preclinical research market.

Syneos-Health

Company Overview

Establishment Year1996
HeadquarterThe U.S.
Key ManagementColin Shannon (CEO)
Revenue (US$ Mn)$266 million (2022)
Headcount~ 28,000 (2022)
Websitewww.syneoshealth.com

About Syneos Health

Syneos Health, Inc. is a well-known global contract research organization (CRO) that is dedicated to providing crucial support to the pharmaceutical, biotechnology, and medical device industries in their endeavors related to clinical research and development. Established in 1996, Syneos Health offers a wide range of comprehensive services, including the management of clinical trials, the generation of real-world evidence, consulting, and solutions for commercialization.

With a strong commitment to advancing innovations in healthcare, the company plays a pivotal role in assisting clients in efficiently and effectively bringing new drugs, therapies, and medical advancements to the market. By leveraging its extensive industry expertise, a vast network of global professionals, and cutting-edge technology, Syneos Health strives to expedite the development of healthcare solutions that profoundly impact people’s lives.

Geographical Presence

Syneos Health, Inc. has a global presence, conducting operations in numerous countries, including the United States, United Kingdom, Canada, Australia, China, Japan, several European nations, and beyond. This extensive global reach covers North America, Europe, Asia-Pacific, and Latin America, ensuring comprehensive coverage for its clinical research and development services.

Recent Developments

  • In September 2023, Syneos Health was purchased by a group of private investment firms, including Elliott Investment Management L.P., Patient Square Capital, and Veritas Capital.
  • In September 2023, Syneos Health, Inc. and Star Parent, Inc. disclosed their plans for a proposed offering of senior secured notes valued at $1.70 billion. The funds generated from this offering are earmarked for general corporate use, which may encompass future acquisitions and investment opportunities.

WuXi-AppTec

Company Overview

Establishment Year2000
HeadquarterChina
Key ManagementSteve Yang (CEO)
Revenue (US$ Mn)$5397.45 million (2022)
Headcount~41,000 (2022)
Websitewww.wuxiapptec.com

About WuXi AppTec

WuXi AppTec is a significant player in the pharmaceutical and biotechnology industries, offering a broad range of services covering research, development, manufacturing, and regulatory assistance. Established in 2000, WuXi AppTec provides solutions across the entire drug development spectrum, from the initial discovery of new medications to preclinical and clinical development, as well as the production of active pharmaceutical ingredients (APIs) and pharmaceutical products.

With an unwavering commitment to advancing scientific and medical progress, the company is pivotal in supporting pharmaceutical, biotechnology, and medical device companies in introducing innovative therapies and treatments to a global audience. By leveraging its cutting-edge facilities, scientific knowledge, and extensive network, WuXi AppTec is dedicated to expediting the development and delivery of healthcare solutions that make a meaningful difference in people’s lives.

Geographical Presence

WuXi AppTec maintains a worldwide presence, conducting operations in numerous countries such as the United States, China, Germany, the United Kingdom, France, and many more. This global reach extends across regions encompassing North America, Europe, Asia-Pacific, and China.

Recent Developments

  • In July 2023, WuXi AppTec revealed its intentions to construct a new facility in Singapore, involving a substantial investment of up to $2 billion (equivalent to approximately US$1.43 billion). This upcoming site is poised to bolster the company’s capacity and capabilities significantly, offering an extensive range of research and development (R&D) and manufacturing services to its global clientele.
  • In August 2021, WuXi AppTec unveiled its acquisition of OXGENE, a trailblazing company specializing in gene therapy. This strategic acquisition will enhance WuXi AppTec’s expertise and capabilities in cell and gene therapy research, development, and manufacturing.

Pfizer

Company Overview

Establishment Year1849
HeadquarterThe U.S.
Key ManagementAlbert Bourla (CEO)
Revenue (US$ Bn)$100.3 billion(2022)
Headcount~83,000 (2022)
Websitewww.pfizer.com

About Pfizer

Founded in 1849 by cousins Charles Pfizer and Charles Erhart, Pfizer Inc. stands as a prominent American multinational pharmaceutical corporation, with its headquarters situated in New York City. With a history of over 170 years, Pfizer has grown into one of the foremost names in the global pharmaceutical and biotechnology sectors. It has gained renown for its unwavering commitment to advancing healthcare through pioneering medicines and vaccines.

Pfizer boasts a comprehensive portfolio that covers a broad spectrum of therapeutic areas, including cardiovascular health, oncology, immunology, and the treatment of rare diseases. Throughout its existence, the company has consistently been a leader in scientific research, striving to enhance human health and overall well-being. Pfizer’s groundbreaking achievements, such as the development of transformative medications like penicillin and Viagra, have left an indelible mark on the world of healthcare, firmly establishing it as a trailblazer within the pharmaceutical industry.

Geographical Presence

Pfizer Inc. maintains a strong foothold in North America, particularly in the United States, where its headquarters are in New York City. Beyond North America, Pfizer has a significant presence in Europe, with key locations in the United Kingdom, Germany, France, and several other European countries. The company’s reach extends to the Asia-Pacific region, where it has established a notable presence in countries like China, Japan, and India. Additionally, Pfizer has a growing footprint in Latin America and the Middle East, contributing to its status as a truly global pharmaceutical powerhouse.

Recent Developments

  • In July 2023, Pfizer and Flagship Pioneering unveiled a collaboration to allocate $100 million to research and develop as many as ten prospective medications. These drugs will target a range of medical fields, encompassing internal medicine, oncology, infectious diseases, and immunology.
  • In March 2023, Pfizer disclosed its commitment to a definitive merger agreement with Seagen Inc., involving an approximate investment of $43 billion, with the shared goal of combating cancer.
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Anurag Sharma

Anurag Sharma

He has been helping in business of varied scales, with key strategic decisions. He is a specialist in healthcare, medical devices, and life-science, and has accurately predicted the trends in the market. Anurag is a fervent traveller, and is passionate in exploring untouched places and locations. In his free time, he loves to introspect and plan ahead.