When Headlands Research was acquired by THL Partners earlier this year, the deal sent a clear signal: consolidation in the clinical trials sector is accelerating. Investors are taking a hard look at the potential of site networks and multisite clinical research corporations (MCRCs) to deliver the scale, quality, and efficiency demanded by sponsors, CROs, and patients.
To get a better sense of what lies ahead, we spoke with several founding members of the Association of Multisite Research Corporations (AMRC). Their outlook suggests that while the pace of M&A may ebb and flow with market conditions, consolidation is becoming a strategic necessity.
“We still have a lot of fragmentation”
The sustained momentum for M&A activity is no surprise to Mohammad Millwala, CEO of DM Clinical Research. He believes deal activity will only continue to rise in the coming years.
“We need it, in part because we still have a lot of fragmentation in our market,” he says.
Millwala argues that scaling and consolidation, if pursued with the right intent, will ultimately benefit patients and sponsors: “It will improve on operational efficiencies, the breadth of technologies available, and all the benefits you find when you are under one big umbrella.”
Consolidation drivers: scale, coverage, and competition
Kurt Mussina, CEO of Paradigm Clinical Research, expects to see heightened activity particularly among smaller CROs and within the site space.
“Competitive pressures, the need for scale, and the push for broader geographic and therapeutic coverage are all driving consolidation,” Mussina explains.
Asked whether CROs will increasingly buy up site networks or individual sites, Mussina offered a cautious take: “I wouldn’t be surprised to see more CROs picking up site businesses, and/or those already owning site businesses adding others. However, I personally don’t see that playing out too well. CROs and sites are two different businesses altogether with different interests and motivations. This is the basis, in my view, of why we formed AMRC.”
A cooling-off before the next wave?
Not everyone is convinced activity will rise without interruption. Sean Stanton, founder and CEO of K2 Medical Research, predicts a short-term slowdown before another wave of consolidation.
“My gut feeling is it may cool for the next year or so, but it will get hot again after the short lull,” he says.
Stanton points to 2025 as a “tough year” for many in the industry, citing curtailed federal grants and regulatory scrutiny of vaccines as sources of uncertainty. Even so, he remains bullish on the long-term outlook for MCRCs: “I’m a firm believer in the multisite model and that it can transform how we do trials in a positive way.”
Strategic necessity, not just a trend
Despite differences on timing, AMRC members are aligned on one point: consolidation is now a structural feature of the clinical trials industry, not a passing phase. The long-term drivers are clear—scale, efficiency, geographic reach, and access to specialized talent.
As Millwala puts it, “Scaling and consolidation, with the right intent, will ultimately benefit patients and sponsors.”
AMRC members overwhelmingly agree that thoughtful, purpose-driven M&A, particularly within site networks, can unlock meaningful value across the ecosystem. As investor interest builds and the MCRC model gains traction, the future of clinical trials may well be shaped by those bold enough to build together.
