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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Key Market Players

The prominent players operating in this 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). Expansion and acquisitions are the key growth strategies undertaken by these companies to maintain their positions in the market.

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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.

Recent Developments

• In February 2021, Koninklijke Philips N.V. (Netherlands) acquired Biotelemetry (US). This acquisition enhanced the company’s cardiac care portfolio and transformed care delivery along the health continuum with integrated solutions.
• In March 2019, BioTelemetry acquired Geneva Healthcare, Inc., a leading provider of remote monitoring for implantable cardiac devices.

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The cardiac safety services market is segmented into four major regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2021, North America commanded the largest share of the global cardiac safety services market, followed by Europe. The large share of the North American market is attributed to factors such as the large pharmaceutical & biopharmaceutical industry in the region, the rising R&D expenditure, stringent regulations, and the presence of major providers of cardiac safety services in the US and Canada.

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