(PharmaNewsWire.Com, August 14, 2021 ) The cardiac safety services market is expected to reach USD 752 million by 2024, growing at a CAGR of 11.2% during the forecast period between 2019 and 2024. The growing R&D expenditure in the pharmaceutical & biopharmaceutical industry, increased outsourcing of R&D activities, and the increasing number of clinical trials are the major factors driving the growth of this industry.
In 2018, the ECG/Holter measurement segment accounted for the largest share of the cardiac safety services market.
Based on type of service, the cardiac safety services market is categorized into ECG/Holter measurement, blood pressure measurement, cardiovascular imaging, thorough QT studies, and other services. The ECG/Holter measurement segment accounted for the largest market share in 2018. This large share can be attributed to the low cost of ECG/Holter measurement services and their wide usage in measuring cardiac activity.
By type, the integrated services segment accounted for the largest market share in 2018.
Based on type, the cardiac safety services market is categorized into integrated and standalone services. The integrated services segment accounted for the largest market share in 2018. The large share of this segment can be attributed to the benefits of bundled services to oversee end-to-end developments, as compared to the specificity of standalone services.
By end user, the pharmaceutical & biopharmaceutical companies segment accounted for the largest market share in 2018.
Based on end user, the cardiac safety services market is segmented into pharmaceutical & biopharmaceutical companies and contract research organizations (CROs). The pharmaceutical & biopharmaceutical companies segment accounted for the largest market share in 2018. The large share of this segment can be attributed to factors such as the stringent regulations for drug safety and increasing R&D activities to develop new drugs.
North America was the largest regional market for cardiac safety services in 2018.
By region, the cardiac safety services market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World (RoW). In 2018, North America accounted for the largest market share, followed by Europe. This can be attributed to the presence of major pharmaceutical & biopharmaceutical companies and the large number of clinical trials performed in the region.
The prominent players operating in the cardiac safety services 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).
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.
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