Projected to achieve a significant milestone, The Cardiac Safety Services Market is expected to surge from USD 0.6 billion in 2022 to USD 1.0 billion by the year 2027, exhibiting a remarkable compound annual growth rate (CAGR) of 11.2% throughout the forecast period. The primary catalyst behind this impressive growth lies in the escalating research and development (R&D) investments within the pharmaceutical and biopharmaceutical industry, which is anticipated to propel the market’s expansion.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=174488627
Browse in-depth TOC on “Cardiac Safety Services Market”
113 – Tables
28 – Figures
132 – Pages
Key Market Players
The prominent players operating in this market include Laboratory Corporation of America Holdings (US), Koninklijke Philips N.V. (Netherlands), Clario (US), Banook Group (France), IQVIA (US), Biotrial (France), Certara (US), Celerion (US), Medpace (US), Ncardia (Netherlands), Richmond Pharmacology (UK), PhysioStim (France), Shanghai Medicilon (China), Pharmaceutical Product Development (US), and SGS (Switzerland). Expansion and acquisitions are the key growth strategies undertaken by these companies to maintain their positions in the market.
Driving Forces: One of the key factors propelling this market growth is the increasing research and development (R&D) expenditure within the pharmaceutical and biopharmaceutical industry. As these sectors continue to invest in innovative therapies and drug development, the demand for cardiac safety services rises in tandem.
Outsourcing Trends: Additionally, the outsourcing of R&D activities by pharmaceutical companies plays a pivotal role in boosting the market. More and more companies are entrusting specialized cardiac safety service providers to ensure efficient and accurate assessments, further fueling the market’s expansion.
Surge in Clinical Trials: Another factor contributing to the market’s upward trajectory is the surge in the number of clinical trials worldwide. With the rising demand for reliable cardiac safety evaluations during these trials, the need for comprehensive cardiac safety services experiences a significant upswing.
Overall, the cardiac safety services market is poised for substantial growth, driven by increased R&D investments, growing outsourcing trends, and the escalating number of clinical trials. As pharmaceutical and biopharmaceutical companies prioritize patient safety and regulatory compliance, the demand for reliable cardiac safety services is expected to remain strong, paving the way for market advancement in the coming years.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=174488627
The Integrated services segment is expected to have the dominant share of the market by type
Integrated services are provided as a bundle of services to pharmaceutical and biopharmaceutical companies. These state-of-the-art core lab services offer an end-to-end suite of cardiac safety services, such as imaging services, TQT studies, and profile QT studies. They also monitor off-target cardiovascular liability and onsite multichannel telemetry conducted by certified nurses to aid in the real-time assessment of heart rate and rhythm. As a result, these services help enhance and expedite clinical trials in the pharmaceutical and biopharmaceutical development cycle.
The pharmaceutical & biopharmaceutical accounted for the largest share of the end user segment in the cardiac safety services market in 2021. Pharmaceutical & biopharmaceutical companies primarily use cardiac safety services to manage clinical trials for newly developed drugs. Companies are engaged in the development of novel drugs for the treatment of various diseases. Cardiac safety issues are among the most common reasons promising drugs can be halted during development. As a result, there is a high demand for cardiac safety services among pharmaceutical and biopharmaceutical companies.
Recent Developments
- In February 2021, Koninklijke Philips N.V. (Netherlands) acquired Biotelemetry (US). This acquisition enhanced the company’s cardiac care portfolio and transformed care delivery along the health continuum with integrated solutions.
- In March 2019, BioTelemetry acquired Geneva Healthcare, Inc., a leading provider of remote monitoring for implantable cardiac devices.
Report Link: Cardiac Safety Services Market
The cardiac safety services market is segmented into four major regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2021, North America commanded the largest share of the global cardiac safety services market, followed by Europe. The large share of the North American market is attributed to factors such as the large pharmaceutical & biopharmaceutical industry in the region, the rising R&D expenditure, stringent regulations, and the presence of major providers of cardiac safety services in the US and Canada.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 Micro Quadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/cardiac-safety-services.asp
Related Reports:
