Number of pages: 120 | Report Format: PDF | Published date: 28 January, 2020
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global cardiac safety services market was pegged at ~US$ 541.68 million in 2021 and is expected to witness a CAGR of ~11.0% during the forecast period.
Cardiac safety services help in designing and supporting clinical trials or other studies that require monitoring of cardiac safety. The cardiac safety services focus on monitoring of entire cardiac safety profile from Phase I–IV for the given study compound in compliance with ICH, EMA, FDA, PMDA, and other regulatory authorities and industry guidelines. Cardiac safety services include ECG/Holter measurement, cardiovascular imaging, blood pressure measurement, QT studies on the time between ventricular depolarization and its repolarization, and other services.
An increasing number of clinical trials mainly drives the global cardiac safety services market, for instance, conferring to a Medical News article, there has been a substantial increase in the number of trials due to enhancements in clinical trial quality, such as compulsory training for all operators. In addition, the NIH stated in 2017 that all researchers and coworkers in NIH-funded trials should be qualified in good clinical practices (GCP), growing Research & Development (R&D) activities in pharmaceutical and biopharmaceutical companies in developing new drugs. Technological advancements in the healthcare industry and growing developments in biosimilars & biologics are also pivotal in contributing to global market growth. However, the high cost of cardiac safety evaluation and late approval of the new products is likely to restrain the market growth to a certain extent.
The global cardiac safety services market has been analyzed from four perspectives: Type, Services, End User, and Region.
Cardiac Safety Services Market by Type
Based on type, the market has been segmented into standalone and integrated. Integrated Cardiac Safety provides professionals with the necessary advice and approach for evaluating drug cardiac safety at all periods of the drug's life, from discovery and development to post-marketing research. This is expected to hold the highest share during the forecast period owing to its advantages of bundled services to manage end-to-end developments as compared to the specificity of standalone services.
Cardiac Safety Services Market by Services
Based on services, the global cardiac safety services market has been segmented into cardiac imaging, ECG/Holter measurement, blood pressure measurement, thorough QT study, and other services. ECG/Holter measurement services segment is expected to hold the highest share during the forecast period. The growth of the segment in the global market can be largely attributed to its low cost and its wide usage in measuring cardiac activity. The blood pressure measurement was traditionally done in clinics and hospitals. But because of technological advancements, portable models of this technological advancements portable models were introduced into the market, which reduces the damage to the targeted organ.
Cardiac Safety Services Market by End User
Based on end-user, the cardiac safety services market has been segmented into pharmaceutical companies, contract research organizations (CROs), and others. The Contract Research Organizations (CROs) segment is expected to be the fastest-growing market for cardiac safety services and is anticipated to contribute significantly to the global market during the forecast period. The growth of the segment can be mainly attributed to the increasing number of clinical trials, improved outsourcing of R&D activities, and the development of new technologies in the market.
Cardiac Safety Services Market by Region
Based on region, the global cardiac safety services market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominates the cardiac safety services market, followed by Europe. The large share of North America in the global market can be recognized by the presence of major pharmaceutical & biopharmaceutical companies, an increase in investments in R&D activities, a rise in the prevalence of cardiovascular diseases in the region, strong product line. Europe holds the second-largest share in the cardiac safety market after North America. Some of the major factors that drive the European market are innovation in the technologies, an increase in the number of players, and increased investment in research and development, also there are many studies taking place which can create competitiveness among the manufacturers by some new and innovative systems. The Asia Pacific is expected to grow at the swiftest rate, followed by Latin America, the Middle East, and Africa. The increasing focus of Asian governments on improving health-care amenities, the increasing focus of market players on Asia Pacific for subcontracting research activities, and the increase in the frequency of cardiovascular diseases, subsidize an increase in the research pool, and the availability of services are competitive prices fuel the cardiac safety services market.
Some of the prominent players operating in the cardiac safety services market includes:-