Global Cardiac Safety Services Market, By Services (ECG/Holter Measurements, Blood Pressure Measurements, In Vitro Cardiac Safety Assessment Services, Cardiovascular Imaging, Real-Time Telemetry Monitoring, Central Over-Read of ECGS, Non-Invasive Cardiac Imaging, Physiologic Stress Testing, Thorough QT Studies, TQT and Exposure Response Modeling, Platelet Aggregation and Other Services), Phase (Phase 1, Phase 2 and Phase 3), Type (Integrated Services and Standalone Services), End User (Pharmaceuticals & Biopharmaceuticals Companies, Contract Research Organizations and Academic and Research Institute) Industry Trends and Forecast to 2029.
Market Analysis and Insights
Global cardiac safety services market is driven by the factors such as an increase in the development of new drugs, a growing number of the up-coming players and the innovation in technology, which enhance its demand, as well as increasing investment in research and development, leads to the market growth. Currently, various research studies are taking place, which is expected to create a competitive advantage for manufacturers to develop new and innovative cardiac safety services systems, which is expected to provide various other opportunities in the cardiac safety services market. However, the strict government regulations on approval are expected to hamper the growth.
Global cardiac safety services market report provides details of market share, new developments, and product pipeline analysis, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographical expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an analyst brief, our team will help you create a revenue impact solution to achieve your desired goal. The scalability and business expansion of the retail units in the developing countries of various regions and partnership with suppliers for safe distribution of machine and drugs products are the major drivers that propelled the market's demand in the forecast period.
Global cardiac safety services market is supportive and aims to reduce the progression of the disease. Data Bridge Market Research analyses that global cardiac safety services market will grow at a CAGR of 15.4% during the forecast period of 2022 to 2029.
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million, Pricing in USD
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Segments Covered
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By Services (ECG/Holter Measurements, Blood Pressure Measurements, In Vitro Cardiac Safety Assessment Services, Cardiovascular Imaging, Real-Time Telemetry Monitoring, Central Over-Read of ECGS, Non-Invasive Cardiac Imaging, Physiologic Stress Testing, Thorough QT Studies, TQT and Exposure Response Modeling, Platelet Aggregation and Other Services), Phase (Phase 1, Phase 2 and Phase 3), Type (Integrated Services and Standalone Services), End User (Pharmaceuticals & Biopharmaceuticals Companies, Contract Research Organizations and Academic and Research Institute)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina and Rest of South America, South Africa, Saudi Arabia, UAE, Israel, Egypt and Rest of Middle East and Africa, Germany, France, U.K., Italy, Spain, Turkey, Russia, Netherlands, Switzerland, Belgium and Rest of Europe, China, Japan, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines and Rest of Asia-Pacific
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Market Players Covered
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Koninklijke Philips N.V., Laboratory Corporation of America Holdings, IQVIA, Medpace, Ncardia, Certara, Eurofins Scientific, SGS SA, Banook, Celerion, Biotrial, NEXEL Co., Ltd, Richmond Pharmacology, PhysioStim, Shanghai Medicilon Inc, Clario, PPD Inc among others.
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Market Definition
Cardiac safety services generally help support and design clinical trials and other research needed to monitor heart safety. The demand for cardiac safety services market has been increased in both developed well as in developing countries and the reason behind this is the increasing number of clinical trials and product launch. The cardiac safety services market is growing due to introduction of innovative products, increasing in technological products and rising disposable income. The market will grow in forecasted period due to exploration of emerging markets, strategic initiatives by market players, increasing healthcare expenditure.
Global Cardiac Safety Services Market Dynamics
Drivers
- Increase in the number of clinical trials
A clinical trial is a well-structured system that is way back hundreds of years and is still the backbone of the regulatory requirements required for a drug to be approved. Recently there has been much advancement in the clinical trial field, which has increased the number of clinical trials and is expected to propel the market growth.
There have been various changes in the regulatory of the clinical trials, which has increased the number of clinical trials and their positive results-
For instance,
- According to the article by Medical News, there has been a significant increase in the number of trials due to the rise in the quality of clinical trials, such as mandatory training of all staff. Also, in 2017, NIH stated that all investigators and staff should be trained on good clinical practice (GCP) in trials that NIH funds
Increase in healthcare expenditure and funding
The expanse of money used by a country on its healthcare and its growth rate over time is inclined by a wide variety of economic and social factors, including the financing arrangements and structure of the organization of the health system.
Healthcare expenditure has increased across developed countries and emerging economies as the disposable income of people are growing. The more money is spent on healthcare, the healthier a country's population is.
Opportunity
- Increase in new drug development
The clinical trials are vital for discovering and developing new drugs for disease treatment. It is the best way researchers can find out what treatments work or don't work on humans. The drug development is characterized as forming new treatment as medicines or devices for curing various diseases such as cancer, endocrine, metabolic, and others.
- Thus, clinical trials are the most effective way to ensure the safety and efficacy of the therapeutic drug before launching in the market and human consumption that includes cardiac safety evaluation which is an essential part before any medical product goes into the market
Restraint/Challenge
The proper assessment and reporting of clinical cardiac safety data is essential. Approval and product recall for any medical products depend on cardiac safety evaluation. So it is necessary to provide and conduct cardiac safety evaluation according to the legal procedure, otherwise it leads to late approval of the product which is expected to restrain the market growth.
For instance,
- According to the article by IQVIA, there were 47 instances of post-marketing withdrawal of drugs between 1957 and 2007, in which 45% of these were due to concerns regarding cardiovascular toxicity. Similarly, 27% of the potential new drug molecules that failed in the preclinical phase in the last two decades did so because of cardiovascular toxicity as they did not meet the required regulatory
Global Cardiac Safety Services Market Segmentation
Global cardiac safety services market is categorized into type, services, phase and end user. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
Services
- ECG/holter measurements
- Blood pressure measurements
- In vitro cardiac safety assessment services
- Cardiovascular imaging
- Real-time telemetry monitoring
- Central over-read of ECGS
- Non-invasive cardiac imaging
- Physiologic stress testing
- Thorough QT studies
- TQT and exposure response modeling
- Platelet aggregation
- Other services
On the basis of services, the cardiac safety services market is segmented into ECG/Holter measurements, blood pressure measurements, in vitro cardiac safety assessment services, cardiovascular imaging, real-time telemetry monitoring, central over-read of ECGS, non-invasive cardiac imaging, physiologic stress testing, thorough QT studies, TQT and exposure response modeling, platelet aggregation and other services
Phase
- Phase 1
- Phase 2
- Phase 3
On the basis of phases, the cardiac safety services market is segmented into phase 1, phase 2, and phase 3.
Type
- Integrated services
- Standalone services
On the basis of type, the cardiac safety services market is segmented into integrated services and standalone services.
End User
- Pharmaceuticals & Biopharmaceuticals Companies
- Contract Research Organizations
- Academic and Research Institute
On the basis of end user, the cardiac safety services market is segmented pharmaceuticals & biopharmaceuticals companies, contract research organizations, and academic and research institute.
Cardiac Safety Services Regional Analysis/Insights
The cardiac safety services are analysed and market size insights and trends are provided by type, services, phase and end user as referenced above.
The countries covered in the cardiac safety services report are U.S., Canada, Mexico, Brazil, Argentina and Rest of South America, South Africa, Saudi Arabia, UAE, Israel, Egypt and Rest of Middle East and Africa, Germany, France, U.K., Italy, Spain, Turkey, Russia, Netherlands, Switzerland, Belgium and Rest of Europe, China, Japan, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines and Rest of Asia-Pacific
The U.S. is expected to dominate due to increase in technological advancement in the developing areas.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Cardiac Safety Services Analysis
Global cardiac safety services market competitive landscape provides details by the competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus on cardiac safety services market.
Some of the major players in the market are Koninklijke Philips N.V., Laboratory Corporation of America Holdings, IQVIA, Medpace, Ncardia, Certara, Eurofins Scientific, SGS SA, Banook, Celerion, Biotrial, NEXEL Co., Ltd, Richmond Pharmacology, PhysioStim, Shanghai Medicilon Inc, Clario, PPD Inc among others.
Research Methodology
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analysed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global Vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
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