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Cardiac Safety Services Market worth $1282 million by 2028 | America Holdings (US), Koninklijke Philips N.V. (Netherlands), Clario (US), Banook Group (France)

02-12-2024 09:15 AM CET | Health & Medicine

Press release from: MarketsandMarkets

Cardiac Safety Services Market

Cardiac Safety Services Market

Cardiac Safety Services Market in terms of revenue was estimated to be worth $739 million in 2023 and is poised to reach $1,282 million by 2028, growing at a CAGR of 11.6% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growth of this market is driven by rising incidence of cardiovascular diseases, large number of cardiac issue related clinical trials. Additionally, the increasing outsourcing of cardiac safety services leading to expanded adoption of cardiac safety services.

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The integrated services segment accounted for the largest share, by type in the cardiac safety services market in 2022.

By type, the cardiac safety services market has been further categorized as integrated services and standalone services. The integrated services segment held the largest share of the global cardiac safety services market in 2022. This can be attributed to benefits associated with integrated services. Integrated services offer benefits such as comprehensive data integration and improved data quality. Additionally, these services help enhance and expedite clinical trials in the pharmaceutical and biopharmaceutical development cycle. These advantages make integrated services as preferable option against standalone cardiac safety services.

The ECG/ Holter measurement services segment accounted for the largest share of the service type segment in the cardiac safety services market in 2022.

Based on service type, the global cardiac safety services market has been segmented into ECG/Holter measurement services, blood pressure measurement services, cardiovascular imaging services, thorough QT studies, and other cardiac safety services. The ECG/ Holter measurement services segment held the largest market share in 2022. The large share of this segment can be attributed to the low cost of ECG/Holter services and rigorous regulations for drug safety, increasing research & development activities to develop effective and innovative drugs.

The North America region catered the largest share of the cardiac safety services market in 2022.

The cardiac safety services market in North America has experienced significant growth in recent years, showcasing a robust expansion trajectory, owing to 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. Additionally, growth of the North American cardiac safety services market is driven by significant factors such as a multitude of ongoing clinical trials, the expansion of the biosimilars and generics sector, and the increasing adoption of outsourcing preclinical, clinical, and laboratory testing services by pharmaceutical and biopharmaceutical companies.

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Cardiac Safety Services Market Dynamics:

Drivers:

Rising incidence of cardiovascular diseases

Restraints:

Inadequacy of cardiotoxicity testing

Opportunities:

Emergence of new methods to curb cardiotoxicity

Challenge:

High cost of cardiac safety evaluation services

Key Market Players:

Key players in the cardiac safety services 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 Medical (China), Pharmaceutical Product Development, Inc. (US), and SGS S.A. (Switzerland).

Recent Developments:

In August 2023, Clarion (US) collaborated with Dr. Vince Clinical Research (DVCR) (US). The strategic collaboration helps Clario (US) deliver accurate and cost-efficient cardiac safety data in the early clinical development stages.

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Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
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USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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