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.” The cardiac safety services market 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. The growing R&D expenditure in the pharmaceutical & biopharmaceutical industry is likely to drive the market growth. Furthermore, factors like, outsourcing of R&D activities by the pharma companies along with a surge in the number of clinical trials is also likely to boost market growth.
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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.
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.
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Key Market Players
Key players in the 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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