Cardiac Safety Services Market by Type (Standalone, Integrated), Services (ECG/Holter measurement, Blood Pressure measurement, Cardiac Imaging, Thorough QT Studies), End User (Pharmaceutical, Biopharma, CROs), Region – Global Forecast to 2027″, is projected to reach USD 1.0 billion by 2027 from USD 0.6 billion in 2022, at a CAGR of 11.2% during the forecast period of 2022 to 2027.
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The cardiac safety services market is expected to grow at a CAGR of 11.2% during the forecast period. Growth in the outsourcing research activities by pharmaceutical companies to academic organizations and private CROs is expected to fuel the market for cardiac safety services.
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.
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Drivers: Rising R&D expenditure in pharmaceutical & biopharmaceutical industry
Pharmaceutical companies invest in R&D to deliver high-quality and innovative products in the market. Current trends suggest that top pharmaceutical companies are increasing their R&D efficiencies through heavy R&D investments to see returns on their investment in the longer term and through collaborative R&D efforts. This will contribute to the increased demand for preclinical and clinical services including cardiac safety evaluation.
Opportunities: Growth in biosimilars and biologics markets
Many companies are investing heavily in the development of biologics and biosimilar molecules. More than half of the drug candidates in the discovery stage are biologics, such as proteins, peptides, and monoclonal antibodies. As newer biologics are being discovered or are in the pipeline, pharmaceutical and biopharmaceutical companies are heavily investing in their R&D. Further, biosimilars are cost-effective because they are not required to comply with stringent regulatory requirements, as they are generic versions of patented biologic drugs. Thus, compared to small molecules, biologics and biosimilars require specialized testing services. This will bring opportunities for safety assessment providers to expand their portfolios and capabilities
Restraints: High cost of cardiac safety services
The rising costs of drug development and the decline in the number of new drugs approved in the US are significant problems that threaten public health. Cardiac safety evaluations of off-target drug effects are generally expensive, time-consuming, and contribute to the termination of many new molecular entities. This affects the demand for cardiac safety evaluation studies and hinders overall drug development.
The standalone segment accounted for the second largest share of the type segment in the cardiac safety services market in 2021.
Standalone services are single or specific cardiac safety services offered by cardiac safety service providers. Some end users choose specific services to be performed at different phases of clinical trials per their needs. During preclinical and clinical trials and drug discovery, standalone services are mainly used by CROs and pharmaceutical and biopharmaceutical companies. These services are preferred due to their cost-efficiency.
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.
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