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.
Northbrook, IL -- (SBWIRE) -- 09/06/2022 -- Cardiac Safety Services Market is projected to grow from USD 0.6 billion in 2022 to USD 1.0 billion by 2027, at a CAGR of 11.2% from 2022 to 2027, according to a new report by MarketsandMarkets™. The 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.
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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.
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The North American region is the dominating region of the cardiac safety services market in 2021.
The growth of the cardiac safety services market of the region is mostly driven by the presence of major providers of cardiac safety services in the US and Canada. Furthermore, the high R&D expenditure, growth in the biosimilars and generics market is also contributing to growth of the regional market.
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 Medicilon (China), Pharmaceutical Product Development (US), and SGS (Switzerland).
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