The cardiac safety services market is projected to register a CAGR of 11.2% during the forecast period. The cardiac safety services market is projected to reach USD 752 million by 2024 from USD 442 million in 2019, at a CAGR of 11.2%. Growth in this industry is driven by the growing R&D expenditure in the pharmaceutical & biopharmaceutical industry, increased outsourcing of R&D activities, and the increasing number of clinical trials. On the other hand, the high cost of cardiac safety evaluation is the burning issue in this market. In addition, the introduction of new technologies & methods and growth in the biosimilars and biologics market are offering growth opportunities for players in the market.
The ECG/Holter measurement services segment is anticipated to grow at the fastest growth rate during the forecast period. The cardiac safety services market based on the type of service is categorized into ECG/Holter measurement, blood pressure measurement, cardiovascular imaging, thorough QT studies, and other services.The ECG/Holter measurement segment is expected to register the highest CAGR during the forecast period.
The low cost of ECG/Holter measurement services and their wide usage in measuring cardiac activity are the key factors driving the growth of this market.
The integrated services segment is estimated to dominate the market during the analysis period.
By type, the cardiac safety services market is categorized into integrated and standalone services.The integrated services segment accounted for the largest share of the cardiac safety services market.
The large share of this segment can be attributed to the benefits of bundled services to oversee end-to-end developments, as opposed to the specificity of standalone services. This helps reduce the time to market for manufacturers.
The pharmaceutical & biopharmaceutical companies segment is estimated to grow at a rapid rate during the analysis period.
Based on end user, the cardiac safety services market is segmented into pharmaceutical & biopharmaceutical companies and CROs.The pharmaceutical & biopharmaceutical companies segment is expected to be the fastest-growing segment of the global cardiac safety services market during the forecast period.
Factors such as the stringent regulations for drug safety and increasing R&D activities to develop new drugs are driving the growth of this segment.
North America is estimated to register the highest CAGR during the study period.
Geographically, the cardiac safety services market was dominated by North America, followed by Europe in 2018. North Americ is estimated to grow at the fastest rate due to presence of major pharmaceutical & biopharmaceutical companies and the large number of clinical trials performed in the region.
Breakdown of Profiles of Primary Participants: • By Company Type: Tier 1: 20%, Tier 2: 45%, and Tier 3: 35% • By Designation: C-level: 30%, Director-level: 20%, and Others: 50% • By Region: North America: 35%, Europe: 24%, Asia Pacific: 25%, and the Rest of the World: 16%
Key players in the cardiac safety services market include Biotrial (France), Banook Group (France & Canada), Bioclinica (US), Certara L.P. (US), Celerion, Inc. (US), ERT, Inc. (US), Laboratory Corporation of America Holdings (US), Medpace Holdings, Inc. (US), Ncardia AG (Belgium), Richmond Pharmacology (UK), PhysioStim (France), Shanghai Medicilon Inc. (China), SGS S.A. (Switzerland), BioTelemetry, Inc. (US), IQVIA (US), and Pharmaceutical Product Development LLC (US).
Research Coverage: The report analyzes the cardiac safety services market by type of service, type, end user, and region.Apart from comprehensive geographic services analysis and market sizing, the report also provides a competitive landscape that covers the growth strategies adopted by market players over the last three years.
In addition, the company profiles include the services portfolios, developments, and strategies adopted by prominent market players to maintain and increase their shares in the market. Market research data, current market size, and forecast of future trends will help key market players and new entrants to make the necessary decisions regarding service offerings, geographic focus, change in strategic approach, and levels of output to remain successful in the market.
Key Benefits of Buying the Report: This report will enable both established firms and new entrants/smaller firms to gauge the pulse of the market, which, in turn, will help these firms garner greater market shares. Firms purchasing the report can use anyone, or a combination of the below mentioned five strategies for strengthening their market shares.
The report provides insights on the following pointers: • Market Penetration: Comprehensive information on the services portfolios of the top players in the cardiac safety services market • Services Development/Innovation: Detailed insights on the R&D activities, and services launches, partnerships & agreements in the cardiac safety services market • Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments, and services portfolios of the leading players in the cardiac safety services market • Market Development: Detailed information about emerging markets. The report analyzes the market for various cardiac safety services across geographies • Market Diversification: Exhaustive information about new services, untapped geographies, recent developments, and investments in the cardiac safety services market
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