Leading global contract research organizations based on revenue 2023

In 2023, the leading contract research organizations worldwide included Laboratory Corporation of America Holdings, Thermo Fisher Scientific, and IQVIA. The first ranked company, Thermo Fisher Scientific, which acquired Pharmaceutical Product Development (PPD) in 2021, generated over 23 billion U.S. dollars in revenue through its clinical research business. 

Contract research organizations

Contract research organizations (CROs) are companies that are contracted by larger pharmaceutical companies to manage select aspects of clinical trials. Today, CROs are essential for pharmaceutical research and development. Pharmaceutical companies are spending more money than ever on research and development, and there is no indication that spending will decrease in the future. Evidence suggests that CROs will become even more valuable. The clinical CRO market is expected to increase to over 100 billion U.S. dollars by the beginning of the next decade. 

Pharmaceutical research and development

Globally, Roche and Johnson & Johnson will be the top pharmaceutical companies based on their projected research and development spending. There are regional differences in research and development among pharmaceutical companies. Of all pharmaceutical companies globally, those based in the U.S. develop the highest number of new chemical or biological entities.