Introduction 

Contract research organizations (CROs) play a significant role in ensuring clinical trials are run efficiently, ethically, and in compliance with ethical and regulatory requirements. The demand for clinical trials is growing, with recent analysis estimating the value of the clinical trials market to be US$84.7 billion in 2024 and projecting a compound annual growth rate (CAGR) of 6.49% to reach US$123.5 billion in 2030. Analysts identify increasing drugs in the pipeline and growing investment in pharmaceutical research and development (R&D) as growth drivers.   

To address changing market environments and the evolving needs of pharma and biotech companies, CROs have expanded their service areas to include innovations, e.g., decentralized trials, artificial intelligence (AI), and enhanced patient recruitment. 

To learn what our partners value most in CRO relationships, TFS HealthScience conducted a survey in 2023. Our partners seek quality of sites and patients, experience and capabilities, and connection in a CRO relationship.  

Let’s look at the top 10 CROs in the global clinical trials market and what sets them apart.  *The list of CROs is in no particular order.

 

1. IQVIA 

Founding Year: 1982 

Company HQ Location: Durham, NC, U.S. 

Founded in 1982, IQVIA provides advanced analytics, technology solutions, and clinical research services. It operates in over 100 countries and has approximately 87,000 employees. Leveraging its analytics, tech, big data resources, and domain expertise, IQVIA creates connections across different aspects of healthcare and helps accelerate clinical development and commercialization of innovative interventions. Solutions provided include R&D, real-world evidence (RWE), commercialization, safety and regulatory compliance, technologies, e.g., enterprise information management, performance management & insights, and provider reference data network. IQVIA has been recognized for its work, including the recent “Best AI-based Solution for Healthcare” award in the 2023 AI Breakthrough Awards. 

 

2. Pharmaceutical Product Development, Inc. (Thermo Fisher Scientific, Inc.) 

Founding Year: 1985 

Company HQ Location: Wilmington, NC, U.S.  

Founded in 1985, PPD has grown from a one-person consultancy to a global CRO with more than 35,000 employees across 46 countries. PPD supports customers in conducting life sciences research and improving patient outcomes through diagnostics or therapies and has a track record of running clinical trials in over 100 countries. Services provided include clinical development, early development, peri- and post-approval, biotech solutions, functional service partnership solutions, laboratory services, product development and consulting, and site and patient-centric solutions. In 2021, PPD was acquired by Thermo Fisher Scientific Inc., a leader in serving science, committed to making the world healthier, cleaner, and safer. Thermo Fisher Scientific has received numerous accolades, including the most recent “Best Vaccine CRO of the Year” at the 2023 Asia Pacific Vaccine Excellence Awards. 

 

3. ICON plc 

Founding Year: 1990 

Company HQ Location: Dublin, Ireland  

ICON is a healthcare intelligence and clinical research organization. Headquartered in Dublin, Ireland, ICON has grown from a team of five in 1990 to approximately 41,150 employees in 106 locations across 53 countries. Clients include pharmaceutical, biotechnology, medical device, and government and public health organizations. ICON has been recognized for its strengths, including being one of Forbes World’s Top Companies for Women and the Financial Times Leaders in Diversity. Solutions include cardiac safety solutions, clinical and scientific operations, consulting, early clinical, laboratories, language services, medical imaging, site and patient solutions, strategic solutions, technologies, decentralized clinical trial solutions, and real-world intelligence.  

 

4. TFS HealthScience 

Founding Year: 1996 

Company HQ Location: Lund, Sweden 

TFS HealthScience (TFS) is a premier and innovative global mid-size CRO that partners with biotechnology and pharmaceutical companies throughout their clinical development journey. With nearly 800 professionals and entities in North America, Spain, Europe, and Asia Pacific, TFS delivers tailored clinical research services in more than 40 countries. 

TFS offers comprehensive solutions, providing full-service support throughout the clinical development process, expert insourcing, targeted recruitment, and strategic workforce management solutions. Underlining its commitment to leveraging advanced technology for clinical excellence, TFS recently became the first CRO to adopt Medidata Detect, a data surveillance and risk monitoring solution that improves data quality and product development and promotes patient safety in clinical trials. 

For the fifth consecutive year, TFS received a Silver Rating from EcoVadis in 2024, placing it in the top 15% for sustainability excellence, a distinction that reinforces TFS’s commitment to corporate sustainability. TFS services include clinical development (Phase I – III, Phase IV & RWE), resourcing solutions, and functional services (FSP).  

 

5. Laboratory Corporation of America 

Founding Year: 1978 

Company HQ Location: Burlington, NC, U.S. 

Laboratory Corporation of America (LabCorp) is a global provider of innovative and comprehensive laboratory services supporting doctors, hospitals, pharmaceutical companies, researchers, and patients through its diagnostics and drug development lab capabilities. With more than 60,000 employees, LabCorp operates in over 100 countries and has performed more than 600 million tests for patients worldwide. It worked on over 80% of new drugs approved by the US Food and Drug Administration (FDA) in 2022. Last year, Labcorp was awarded the inaugural Forrester Research 2023 Customer Obsession Leadership Award.  

 

6. Charles River Laboratories International, Inc. 

Founding Year: 1947 

Company HQ location: Wilmington, MA, U.S. 

Charles River is steadfastly committed to collaboration, responsibility, and leadership within the global research community. From its beginnings as a one-person laboratory in Boston in 1947, Charles River has grown into a worldwide support network with over 150 facilities in 21 countries. The CRO has worked on over 80% of the FDA-approved drugs in the past five years. Clients include leading pharmaceutical, biotechnology, agrochemical, government, and academic organizations, while services range from basic research to drug discovery and development, manufacturing, and commercialization. Charles River was jointly named “Best Contract Research Organization (with NJ Bio, Inc.) at the 10th Annual World ADC Awards 2023. 

 

7. Syneos Health®  

Founding Year: 1998 

Company HQ Location: Morrisville, NC, U.S. 

Syneos Health® is a fully integrated biopharmaceutical solutions company that translates unique clinical, medical affairs, and commercial insights into outcomes to help clients address market realities. Bringing together professionals who work across more than 110 countries, Syneos Health® shares insights, uses the latest tech, and applies business practices to accelerate the delivery of important patient interventions. Solutions include clinical development (bioanalytical solutions, early phase, Phase II–IV, real-world and late Phase, decentralized solutions, site, and patient access), medical affairs, commercial delivery, and consulting. Syneos Health® has received recognition for its work, including the 2023 ViE (Vaccine Industry Excellence) Award and PM360 2023 Innovator in Clinical Trials.  

 

 

8. Parexel International Corporation 

Founding Year: 1982 

Company HQ Location: Durham, NC, U.S. 

One of the largest CROs worldwide, Parexel provides Phase I to IV clinical development services. From its inception in 1982, Parexel now has a team of more than 21,000 global professionals with expertise in clinical, regulatory, and therapeutic areas. Parexel conducted more than 360 clinical projects in the last five years and enrolled more than 114,000 patients. Among its accolades, it was named Best CRO in 2023 by an independent panel for Citeline and Top CRO to Work With by investigative sites worldwide. Solutions provided include portfolio management and asset valuation, early development and innovation, integrated clinical development, approval and access, and value substantiation lifecycle management. 

 

9. WuXi AppTec, Inc 

Founding Year: 2000 

Company HQ Location: Shanghai, China 

Based in Shanghai, WuXi AppTec is a global company with a presence in Asia, Europe, and North America. WuXi AppTec supports the pharmaceutical and healthcare industry in advancing discoveries and delivering new treatments to patients while helping customers improve productivity. WuXi AppTec’s open-access and integrated platform supports clients through various stages of development and empowers the global healthcare sector to advance discoveries and interventions for patients. Services provided include chemistry drug CRDMO (Contract Research, Development, and Manufacturing Organization), biology discovery, preclinical testing and clinical research services, and cell and gene therapies CTDMO (Contract Testing, Development, and Manufacturing Organization). Last year, WuXi AppTec was recognized by Frost & Sullivan as the 2023 Global CRDMO Company of the Year. 

 

10. Clinipace (Caidya) 

Founding Year: 2004 

Company HQ Location: Morrisville, NC, U.S. 

In 2021, Clinipace and dMed merged, becoming a mid-size CRO with the largest Asia-Pacific presence, later renamed Caidya. Caidya is a global, multi-therapeutic CRO headquartered in Morrisville, North Carolina, emphasizing personalized partnership, international expertise, and knowledge sharing. Striving to impact the future of drug development and healthcare, Clinipace is committed to improving how clinical research is conducted in major therapeutic areas, including oncology, rare disease, gastroenterology, nephrology, and women’s health. Services include clinical development, clinical operations and delivery, regulatory services, and surveillance, and trial data and technology. In 2023, Caidya won the CRO Leadership Award for Overall Capabilities at the CRO Leadership Awards. 

 

Select the Right CRO for Your Clinical Trials 

Selecting the right Contract Research Organization (CRO) for your clinical trials is a critical decision that can significantly impact the success and efficiency of your research. It involves a thorough evaluation of the CRO’s expertise, experience, and capabilities in managing the specific therapeutic area of your study. 

Considerations should include the CRO’s track record in conducting similar trials, their understanding of regulatory requirements, and the quality of their data management and monitoring processes. Effective communication and collaboration are also key factors, as seamless interaction between your team and the CRO is essential for successful trial execution. 

Additionally, evaluating the CRO’s technological infrastructure and innovation capabilities can ensure that your clinical trials leverage the latest advancements in data collection and analysis. Ultimately, a well-informed selection process can lead to a successful partnership that accelerates the development of new therapies and enhances the overall efficiency of your clinical trials. 

  

Would you like more information on how TFS HealthScience can work with you to deliver your next clinical trial? Contact us today to start the conversation!