(PharmaNewsWire.Com, June 02, 2020 ) 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%. Market growth is largely driven by factors such as the growing R&D expenditure in the pharmaceutical & biopharmaceutical industry, increased outsourcing of R&D activities, and the increasing number of clinical trials.
The prominent players operating in this 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). Players in this market focused on service launches & upgrades, expansions, mergers & acquisitions, and partnerships & agreements to develop and expand their market presence between 2016 and 2019.
Laboratory Corporation of America Holdings (US) is the leading player in the cardiac safety services market. LabCorp has built its expertise in entering new markets and successfully impacting them. The company has pursued competitive strategies such as acquisitions and expansions in order to solidify its presence in the market. In 2015, LabCorp acquired Covance, a prominent player in the cardiac safety services market, thus helping the firm enter this market and expand its presence. This development has significantly helped LabCorp in tapping into new revenue streams and diversifying its economic cycle. This free cash flow helps LabCorp expand into new projects; this edge over other companies is expected to strengthen its leadership position in the market.
BioTelemetry (US) is the second-largest player in the cardiac safety services market. The company holds this position owing to its strong and comprehensive global service portfolio, which includes a wide array of services such as ECG, event, blood pressure, and Holter monitoring, as well as ECHO and MUGA studies for clinical trials. BioTelemetry is a part of one of the biggest global cardiac data networks. This significantly helps the firm in enhancing its reach and revenue since it caters to a wider range of pharma & biopharma companies, thus making it a prominent player in the cardiac safety services market.
Bioclinica (US) is the third-leading player in the cardiac safety services market. It is a subsidiary of Cinven (UK). Bioclinica maintains its position in this market owing to its high brand value and strong brand recognition amongst its clientele, which further establishes the firm as a key player in the niche market for cardiac safety services. Bioclinica’s synergy with Cinven and the strength of its operational network is expected to provide the firm with financial benefits and additional support, thus expanding its business into new markets and witnessing sustainable growth during the forecast period.
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