Industry map/Healthcare & Consumer Goods
CRO & Clinical Testing industry map
Who earns the money in CRO & Clinical Testing, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 32 companies · ¥820.2B
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥820.2B
- Companies
- 32
- Avg. salary（parent only）
- ¥7.3M
- Industry weather
- Rainy
YoY -0.5%
Avg. age 43.3
Operating income -30.4%
H.U. Group Holdings[4544]
Clinical Lab Testing Business
- Revenue
- ¥157.3B▲2.8%
- Operating income
- ¥31MBack to profit
Margin 0.0%
Whole company: Revenue ¥247.4B · Net income ¥6.82B
Avg. salary ¥8.1M · 43.2（parent only）
BML[4694]
- Revenue
- ¥150.3B▲4.9%
- Operating income
- ¥10.4B▲11.3%
Margin 6.9%
Avg. salary ¥5.5M · 41.4（parent only）
Falco Holdings[4671]
Clinical Testing Business
- Revenue
- ¥26.7B▲1.0%
- Operating income
- ¥1.82B▲13.9%
Margin 6.8%
Whole company: Revenue ¥43.6B · Net income ¥2.02B
Avg. salary ¥7.5M · 55.7（parent only）
- BML owns 9.8%
AGC[5201]
Lifescience
- Revenue
- ¥129.4B▼5.8%
- Operating income
- -¥22.3B
Margin -17.2%
Whole company: Revenue ¥2.06T · Net income ¥69.2B
Avg. salary ¥9.1M · 43.4（parent only）
PHC Holdings[6523]
Healthcare Solutions
- Revenue
- ¥128.4B▲0.1%
- Operating income
- ¥6.23B▼32.8%
Margin 4.9%
Whole company: Revenue ¥364.4B · Net income ¥492M
Avg. salary ¥9.8M · 49.0（parent only）
Takara Holdings[2531]
Takara Bio Group
- Revenue
- ¥40.3B▼10.5%
- Operating income
- -¥4.69BTurned to loss
Margin -11.6%
Whole company: Revenue ¥394.3B · Net income ¥11.7B
Avg. salary ¥7.6M · 49.8（parent only）
Shin Nippon Biomedical Laboratories[2395]
CRO Services
- Revenue
- ¥31.2B▼1.0%
- Operating income
- ¥6.91B▼4.8%
Margin 22.1%
Whole company: Revenue ¥32.5B · Net income ¥4.57B
Avg. salary ¥6.7M · 38.5（parent only）
Suzuken[9987]
The Healthcare-Related Services Business
- Revenue
- ¥24.6B▲1.2%
- Operating income
- ¥1.28B▲21.6%
Margin 5.2%
Whole company: Revenue ¥2.49T · Net income ¥38.1B
Avg. salary ¥7.4M · 47.3（parent only）
M3[2413]
Evidence Solution
- Revenue
- ¥24.4B▲1.4%
- Operating income
- ¥5.12B▲17.8%
Margin 21.0%
Whole company: Revenue ¥351.4B · Net income ¥49.1B
Avg. salary ¥9.8M · 34.8（parent only）
Astena Holdings[8095]
Fine Chemicals
- Revenue
- ¥22.3B▲5.7%
- Operating income
- ¥909M▲315.1%
Margin 4.1%
Whole company: Revenue ¥62.7B · Net income ¥2.19B
Avg. salary ¥6M · 46.2（parent only）
Qol Holdings[3034]
BPO
- Revenue
- ¥14.3B▲5.1%
- Operating income
- ¥1.9B▲11.3%
Margin 13.3%
Whole company: Revenue ¥290.8B · Net income ¥7.41B
Avg. salary ¥7.2M · 45.8（parent only）
DyDo GROUP HOLDINGS[2590]
Pharmaceutical-related business
- Revenue
- ¥13.2B▲2.8%
- Operating income
- ¥829M▲199.3%
Margin 6.3%
Whole company: Revenue ¥241.2B · Net income -¥30.3B
Avg. salary ¥8.5M · 40.8（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: Intage Holdings · Linical · Morishita Jintan · WDB Holdings · WDB coco · CellSource · Trans Genic Group · ReproCELL · PhoenixBio · Human Metabolome Technologies · Nippon Chemiphar · Fronteo · Kohjin Bio · Medinet · Chiome Bioscience · Carna Biosciences · Japan Tissue Engineering · Soiken Holdings · ASKA Pharmaceutical Holdings · CellSeed
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | H.U. Group HoldingsClinical Lab Testing Business | ¥157.3B | 19.2% | 0.0% | -3.3% | ¥16.7B |
| 2 | BML | ¥150.3B | 18.3% | 6.9% | -5.2% | ¥10.6B |
| 3 | AGCLifescience | ¥129.4B | 15.8% | -17.2% | — | ¥64.9B |
| 4 | PHC HoldingsHealthcare Solutions | ¥128.4B | 15.7% | 4.9% | -1.5% | ¥33.4B |
| 5 | Takara HoldingsTakara Bio Group | ¥40.3B | 4.9% | -11.6% | -12.2% | -¥4.85B |
| 6 | Shin Nippon Biomedical LaboratoriesCRO Services | ¥31.2B | 3.8% | 22.1% | +16.5% | ¥2.99B |
| 7 | Falco HoldingsClinical Testing Business | ¥26.7B | 3.3% | 6.8% | -5.7% | ¥1.28B |
| 8 | SuzukenThe Healthcare-Related Services Business | ¥24.6B | 3.0% | 5.2% | -10.9% | ¥15.7B |
| 9 | M3Evidence Solution | ¥24.4B | 3.0% | 21.0% | — | ¥58.3B |
| 10 | Astena HoldingsFine Chemicals | ¥22.3B | 2.7% | 4.1% | -0.7% | ¥218M |
| 11▲1 | Qol HoldingsBPO | ¥14.3B | 1.7% | 13.3% | — | ¥10.6B |
| 12▲1 | DyDo GROUP HOLDINGSPharmaceutical-related business | ¥13.2B | 1.6% | 6.3% | +5.5% | -¥1.28B |
| 13▼2 | Intage HoldingsMarketing Support(Healthcare) | ¥12.4B | 1.5% | 17.2% | -4.1% | ¥5.12B |
| 14 | Linical | ¥8.67B | 1.1% | -23.9% | -6.9% | -¥1.64B |
| 15▲1 | Morishita JintanSolution business division | ¥7.96B | 1.0% | 10.0% | — | -¥77M |
| 16▼1 | WDB HoldingsCRO business | ¥6.76B | 0.8% | 15.5% | +1.7% | -¥1.03B |
| 17 | WDB coco | ¥4.82B | 0.6% | 19.9% | +7.4% | ¥521.2M |
| 18 | CellSource | ¥3.71B | 0.5% | 4.5% | — | ¥283M |
| 19▲1 | Trans Genic GroupDrug discovery support business | ¥2.25B | 0.3% | -7.3% | -17.0% | -¥42.6M |
| 20▼1 | ReproCELLResearch Support Business | ¥1.95B | 0.2% | 4.9% | +9.0% | -¥481.7M |
| 21 | PhoenixBio | ¥1.57B | 0.2% | 5.3% | +4.3% | ¥54.2M |
| 22 | Human Metabolome Technologies | ¥1.46B | 0.2% | 17.2% | +6.7% | ¥224.8M |
| 23 | Nippon ChemipharOther | ¥1.22B | 0.1% | -0.6% | +5.0% | -¥329M |
| 24▲5 | FronteoLife science artificial intelligence | ¥1.03B | 0.1% | -1.6% | — | -¥568.2M |
| 25▼1 | Kohjin BioCell process business | ¥974.8M | 0.1% | 8.2% | +11.8% | -¥271.6M |
| 26▼1 | MedinetContracted Cell Manufacturing Business | ¥810.1M | 0.1% | -58.6% | +4.4% | -¥1.45B |
| 27▲1 | Chiome BioscienceDrug Discovery Support | ¥593.3M | 0.1% | 59.9% | -0.7% | -¥976.1M |
| 28▼1 | Carna BiosciencesDrug discovery support business | ¥579.1M | 0.1% | -8.8% | -10.2% | -¥2.17B |
| 29▼3 | Japan Tissue EngineeringCustom Development and Manufacturing Business | ¥546.4M | 0.1% | 59.9% | +8.7% | -¥565.7M |
| 30▲1 | Soiken HoldingsClinical evidence service | ¥242.3M | 0.0% | 3.5% | -18.0% | ¥520.5M |
| 31▼1 | ASKA Pharmaceutical HoldingsOther | ¥225M | 0.0% | -5.8% | +5.0% | ¥3.43B |
| 32 | CellSeedLaboratory consumables and equipment | ¥81.8M | 0.0% | -128.1% | — | -¥1.02B |
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- SG&A
- Other
- Operating profit
- M3503021
- WDB coco641620
- Human Metabolome Technologies374617
- Fronteo494110
- WDB Holdings77149
- Shin Nippon Biomedical Laboratories50428
- BML68257
- Kohjin Bio62317
- AGC7618
- PHC Holdings5540
- Falco Holdings6826
- Intage Holdings6331
- Astena Holdings6530
- Qol Holdings869
- Morishita Jintan5243
- PhoenixBio2372
- Takara Holdings6828
- CellSource4452
- H.U. Group Holdings7127
- Suzuken92
- DyDo GROUP HOLDINGS5543
- Trans Genic Group8217
- Nippon Chemiphar7525
- Linical8737loss ¥24
- ReproCELL5584loss ¥39
Showing the 25 largest companies by revenue.
Ownership links
From the major-shareholder section of annual securities reports.
- WDB HoldingsIn industry
- SubsidiaryWDB coco67.7%
- 帝人株式会社Outside
- SubsidiaryJapan Tissue Engineering57.7%
- ソニーグループ株式会社Outside
- AffiliateM334.5%
- 株式会社メディパルホールディングスOutside
- AffiliateQol Holdings20.2%
- 三井物産株式会社Outside
- StakePHC Holdings14.7%
- 株式会社ニデックOutside
- StakeJapan Tissue Engineering10.4%
- BMLIn industry
- StakeFalco Holdings9.8%
- 株式会社フォーカスシステムズOutside
- StakeFronteo9.3%
- ロート製薬株式会社Outside
- StakeMorishita Jintan8.6%
- 武田薬品工業株式会社Outside
- StakeASKA Pharmaceutical Holdings7.8%
- ゼリア新薬工業株式会社Outside
- StakeASKA Pharmaceutical Holdings6.6%
- StakeNippon Chemiphar3.3%
- パナソニックホールディングス株式会社Outside
- StakePHC Holdings6.1%
- M3In industry
- StakeHuman Metabolome Technologies4.0%
- 光通信株式会社Outside
- StakeWDB coco4.0%
- 第一三共株式会社Outside
- StakeQol Holdings3.5%
- 松本油脂製薬株式会社Outside
- StakeFalco Holdings3.0%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
All companies in CRO & Clinical Testing (by revenue)
All 32 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- H.U. Group Holdings¥157.3B · 0.0%
- BML¥150.3B · 6.9%
- AGC¥129.4B · -17.2%
- PHC Holdings¥128.4B · 4.9%
- Takara Holdings¥40.3B · -11.6%
- Shin Nippon Biomedical Laboratories¥31.2B · 22.1%
- Falco Holdings¥26.7B · 6.8%
- Suzuken¥24.6B · 5.2%
- M3¥24.4B · 21.0%
- Astena Holdings¥22.3B · 4.1%
- Qol Holdings¥14.3B · 13.3%
- DyDo GROUP HOLDINGS¥13.2B · 6.3%
- Intage Holdings¥12.6B · 21.3%
- Linical¥8.67B · -23.9%
- Morishita Jintan¥7.96B · 10.0%
- WDB Holdings¥6.76B · 15.5%
- WDB coco¥4.82B · 19.9%
- CellSource¥3.71B · 4.5%
- Trans Genic Group¥2.25B · -7.3%
- ReproCELL¥1.95B · 4.9%
- PhoenixBio¥1.57B · 5.3%
- Human Metabolome Technologies¥1.42B · 14.8%
- Nippon Chemiphar¥1.22B · -0.6%
- Fronteo¥1.03B · -1.6%
- Kohjin Bio¥974.8M · 8.2%
- Medinet¥810.1M · -58.6%
- Chiome Bioscience¥593.3M · 59.9%
- Carna Biosciences¥579.1M · -8.8%
- Japan Tissue Engineering¥546.4M · 59.9%
- ASKA Pharmaceutical Holdings¥225M · -5.8%
- Soiken Holdings¥215.3M · 7.0%
- CellSeed¥81.8M · -128.1%
Revenue · Op. margin
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