The global contract research organization (CRO) market continues to grow after the COVID-19 pandemic in 2020, estimated to reach $127.3 billion by 2028 at a rate of 10.7% annual growth, according to a recent market report. In Europe, the market is projected to reach $40 billion by 2030 at a rate of 9.0%, with Scandinavian CROs like TFS HealthScience at the forefront of drug development.  

Top drivers of this significant growth include the increased prevalence of chronic diseases, such as cancer and cardiovascular disease, greater need for the development of novel treatments, rising investment in research and development (R&D) programs to drive pertinent clinical trials, and higher demand for expert support in designing complex trials for more targeted cell- and gene therapies.  

Scandinavian excellence in clinical research 

CROs are attractive partners to pharma and biotech companies for their substantial expertise in conducting trials efficiently and cost-effectively. In the Nordics, there is a strong emphasis on life sciences, which has led to the development of specialized capability in relevant areas.  

CROs in countries like Sweden, Denmark, Norway, and Finland have a reputation for conducting successful trials for several reasons, including:  

1. a research-friendly environment conducive to innovation that keeps Scandinavian CROs at the forefront of technological and methodological advancements in drug discovery and development,  
2. robust regulatory frameworks and accompanying expertise to ensure high ethical and quality standards to produce reliable clinical data, and  
3. close and frequent collaboration between different stakeholders within the clinical development landscape to produce a rich network of specialists and resources that allow CROs access to a broad range of expert knowledge and support.  

These qualities represent a significant advantage in global partnering in the international clinical research arena.  

Top global CROs driving innovative therapies 

Of the global leaders active in the Nordic region and contributing to the vibrant clinical research landscape, here are a few CROs to watch out for in 2024 to support your clinical development pipeline: 

1. CTI Clinical Trials and Consulting (US): A full-service CRO founded in 1999 as the “Cincinnati Transplant Institute,” with associates in more than 60 countries across the world. They have worked on more than 10,000 projects, contributed to more than 150 new drug and device approvals, and are currently working with approximately 250 pharmaceutical and emerging biotech and medical device companies. In 2021, they acquired the European strategic consulting company Dynakin to create a more robust full-service CRO.
2. ICON plc (Ireland): A large CRO founded in Dublin, Ireland, in 1990. ICON has over 41,000 employees across more than 90 locations in 45 countries and offers a full range of services from consulting to outsourced development and commercialization services to pharma, biotech, medical device, government, and public health organizations. ICON established a global clinical research network called Accellacare to boost patient recruitment and give their clients access to decentralized trials and launched a new company, Oncacare Limited, in 2020 to accelerate and retain patients for oncology trials. 
3. TFS HealthScience (Sweden): As a mid-size global CRO based in Lund, Sweden, TFS epitomizes Nordic excellence in clinical research, supporting biotechnology and pharmaceutical companies with tailored clinical development and resource solutions. Since its foundation in 1996, TFS has been breaking barriers in clinical research, expanding its portfolio and global footprint to scale its capabilities. Today, TFS has more than 800 employees, supporting operations in over 750 countries. TFS uniquely combines the full-service capabilities and global reach of a large CRO with the flexibility and personal approach only a mid-size CRO can deliver. They offer expertise in multiple therapeutic areas and tailor solutions throughout the entire clinical development journey.  
4. IQIVIA™ (US): One of the largest, top CROs globally, founded in 1982 with roughly 85,000 employees in over 100 countries. As leaders in advanced analytics, technology solutions, and clinical research services, IQVIA brings value to its clients by leveraging its proprietary information assets in combination with capabilities in advanced analytics, transformative technology, and domain expertise. They have over 500 studies in more than 75 countries covering 30+ indications using IQVIA decentralized trials and boast access to an exceptional collection of healthcare information.
5. Labcorp (US): A global leader in life sciences with innovative capabilities in diagnostics and comprehensive laboratory services. Labcorp has more than 60,000 employees worldwide, serving clients in over 100 countries – having worked on over 80% of the new drugs approved by the FDA in 2022 and performed over 600 million tests for patients across the world. In 2022, Labcorp created a spin-off clinical development business, NewCo, to operate as a CRO providing phase I-IV clinical trial management, market access, and technology solutions to pharma- and biotech companies.  
6. Parexel® (Ireland): Parexel is among the world’s largest CROs, offering innovative trial designs to optimize trials for maximum impact and providing a full range of phase I-IV clinical development services. They have more than 21,000 employees and access to 45,600+ sites worldwide to support clinical trials quickly and efficiently. Over the last 5 years, they have delivered 360+ clinical projects with 114,000 patients enrolled. In 2022, Parexel launched its Community Alliance Network to expand access to patient populations and increase diversity in clinical trials.  
7. Pharmaceutical Product Development (PPD)® (US): PPD is a global provider of clinical development and laboratory services, established in 1985. Since then, they have conducted clinical trials in over 100 countries with over 30,000 employees globally. They offer end-to-end, full-service solutions to clients in the pharma, biotech, medical device, consumer health, and government and public health sectors, supported by a strong network of investigators, clinicians, patients, and testing sites worldwide. In 2021, PPD was officially acquired by ThermoFisher, becoming part of their Laboratory Products and Services Segment, and is still operating as a CRO.  
8. Syneos Health® (US): A leading, fully-integrated global biopharmaceutical solutions organization that includes a CRO with unique clinical-, medical affairs-, and commercial insights. They have over 29,000 employees supporting operations in 110+ countries. In 2022, Syneos Health expanded its partnership with Datavant, a health information technology company, to develop advanced analytics and artificial intelligence-driven technologies to conduct clinical trials more efficiently and improve patient, site, and client experience. Additional partnerships in 2023 with Fosun Pharma, Cryopart, and Haystack Health have levelled up Syneos Health’s capabilities to accelerate their strategy and enhance its scalability.  

Are you looking to partner with a CRO? Consider these key points when making your decision.  

If you are searching for a trusted CRO partner to support your research journey, TFS is here to help. With TFS, you get a shared commitment to your success. Reach out today or place a request for a proposal to find out how we can help.