A CRO's is a company that provides services to the pharmaceutical, biotechnology, and medical device industries in the area of drug discovery and development. Services provided by CRO's can include research and development, clinical trials, data management, and biostatistics.

The global CRO's market was valued at approximately US$28.5 billion in 2018 and is expected to grow to US$41.9 billion by 2023, at a compound annual growth rate (CAGR) of 8.0% during the forecast period. The major drivers of market growth include the increasing outsourcing of clinical research by pharmaceutical and biotechnology companies, the growth of the global clinical trials market, and the increasing adoption of cloud-based CRO's solutions.

The top three CRO's in the world are Parexel International, Quintiles IMS, and LabCorp. These companies together accounted for approximately 37.5% of the global CRO's market in 2018. The other major players in the market include Charles River Laboratories, ICON plc, Covance, INC Research, and PRA Health Sciences.

Parexel International is a global CRO's that provides a comprehensive range of services to the pharmaceutical, biotechnology, and medical device industries. The company has a network of more than 84 offices in 55 countries and employs over 19,000 people. Parexel reported revenue of US$3.79 billion in 2018 and has a market share of 13.3%.

Quintiles IMS is a global CRO's that provides integrated information and technology solutions to drive healthcare forward. The company employs over 50,000 people in more than 100 countries. Quintiles IMS reported revenue of US$7.61 billion in 2017 and has a market share of 26.5%.

LabCorp is a global life sciences company that provides a comprehensive range of clinical, anatomic, and genetic testing services. The company has a network of more than 1,750 locations in 60 countries and employs over 45,000 people. LabCorp reported revenue of US$11.2 billion in 2018 and has a market share of 39.1%.