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 - Forecast to 2028

The global cardiac safety services market is projected to reach USD 1,282 million by 2028 from USD 739   million in 2023, at a CAGR of 11.6%  during the forecast period of 2023 to 2028. The growth of this market can be attributed to the rising incidence of cardiovascular diseases, increasing research and development activities, and increasing outsourcing of cardiac safety services. For instance, The active pharmaceutical drug pipeline is increasing annually, primarily led by an increase in research activities. Pharmaceutical companies are increasingly outsourcing research activities to academic organizations and Contract Research Organizations (CROs) to stay competitive and retain focus on core functions. The R&D tasks primarily outsourced range from basic research to late-stage development, genetic engineering, target validation, assay development, hit exploration & lead optimization (hit candidates-as-a-service), safety studies/tests in animal models, and clinical trials involving humans. The growing pipeline of pharmaceutical companies is a key reason attributing to the high outsourcing of services.

The pharmaceutical and biopharmaceutical companies segment accounted for the largest share by end user during the forecast period

In 2022, pharmaceutical & biopharmaceutical companies segment accounted for the largest share by end user in the global cardiac safety services market. Cardiac safety services are utilized by pharmaceutical and biopharmaceutical companies to oversee clinical trials for newly developed drugs, with these companies dedicated to the development of innovative treatments for diverse medical conditions and diseases. These companies are required to provide precise data pertaining to drug development and subsequently complete applications for submission to regulatory authorities. Cardiac safety concerns frequently lead to the discontinuation of potentially promising drugs during their development, creating a substantial demand for cardiac safety services within the pharmaceutical and biopharmaceutical companies.

Europe: The second largest region in the cardiac safety services market

Europe accounted for the second-largest market for cardiac safety services market after North America. The European cardiac safety services market has witnessed significant growth in recent years, driven by demographic changes, such as the growing incidence of chronic diseases. This is attributed to the rising geriatric population in the region. As per the European Commission, by 2025, more than 20% of Europeans are expected to be 65 years and above, with a rapid increase in the number of people aged 80 years and above, indicating strong demand growth for healthcare services. This will drive pharmaceutical and biopharmaceutical clinical trial activity for novel drug discoveries and directly contribute to the growth of associated markets, such as cardiac safety services.

The primary interviews conducted for this report can be categorized as follows:

• By Respondent: Supply Side - 70% and Demand Side - 30%
• By Designation: C-level - 50%, D-level - 20%, and Others - 30%
• By Region: North America - 35%, Europe - 24%, Asia-Pacific - 25%, Latin America - 10%, Middle East - 4% & Africa - 2%

List of Companies Profiled in the Report:

• Laboratory Corporation of America Holdings (US)
• Medpace (US)
• Koninklijke Philips N.V. (Netherland)
• Clario (US)
• Ncardia (Netherlands)
• IQVIA (US)
• Certara (US)
• PPD Inc. (Part of Thermo Fisher Scientific, Inc.) (US)
• SGS S.A. (Switzerland)
• ICON Plc (Ireland)
• WuXi AppTec (China)
• Charles River Laboratories (US)
• Eurofins Scientific (Luxembourg)
• Frontage Labs (US)
• Banook Group (France)
• Biotrial (France)
• Celerion (US)
• Richmond Pharmacology (UK)
• PhysioStim (France)
• Shanghai Medicilon Inc. (China)
• ACM Global Laboratories (India)
• Worldwide Clinical Trials (US)
• Nova Research Laboratories LLC (US)
• Biobeat (Israel)
• CRS. Experts. Early Phase. (Germany)

Research Coverage:

This report provides a detailed picture of the cardiac safety services market. It aims at estimating the size and future growth potential of the market across different segments such as the type, service type, end user and region. The report also includes an in-depth competitive analysis of the key market players along with their company profiles recent developments and key market strategies.

Key Benefits of Buying the Report:

The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market's pulse and provide them with information on the key market drivers, restraints, opportunities, and challenges

The report provides insights on the following pointers:

• Analysis of key drivers (Rising incidence of cardiovascular diseases, Increasing outsourcing of cardiac safety services related activities, and Large number of clinical trials pertaining to the cardiac-related issues), restraints (Stringent regulations and compliance guidelines, The Iinadequacy of cardiotoxicity testing), opportunities (Emergence of new methods to curb cardiotoxicity, Growth in biosimilars and biologics), and challenges (High cost of cardiac safety evaluation services) influencing the growth of the market.
• Service Development/Innovation: Detailed insights on newly launched service platform and technological assessment of the cardiac safety services market
• Market Development: Comprehensive information about lucrative markets - the report analyses the market across varied regions.
• Market Diversification: Exhaustive information about new services, untapped geographies, recent developments, and investments in the cardiac safety services market
• Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Laboratory Corporation of America Holdings (US), Medpace (US), Koninklijke Philips N.V. (Netherland), Clario (US), Ncardia (Netherlands), IQVIA (US), Certara (US), PPD Inc. (Part of Thermo Fisher Scientific, Inc.) (US), SGS S.A. (Switzerland), ICON Plc (Ireland), WuXi AppTec (China), Charles River Laboratories (US), Eurofins Scientific (Luxembourg), Frontage Labs (US), Banook Group (France), Biotrial (France), Celerion (US), Richmond Pharmacology (UK), PhysioStim (France), Shanghai Medicilon Inc. (China), ACM Global Laboratories (India), Worldwide Clinical Trials (US), Nova Research Laboratories LLC (US), Biobeat (Israel), and CRS. Experts. Early Phase. (Germany).