The global market for cardiac safety services is projected to have considerable CAGR of around 6.1% during the forecast period. The market is mainly driven due to growing investment in the pharmaceutical R&D and drug discovery and strict regulations related to the drug safety across the globe. Government grants and funding is projected to boost the research programs for the prevention, diagnosis, treatment, intervention, and discovery of new drugs. R&D budget has been increased around the globe owing to increasing funding, grants and other government support in R&D for drug discovery. The increase in R&D expenditure is also driven by increasing pharmaceutical sales coupled with technological advancement. A significant increase in government funding for R&D programs has boosted the drug discovery industry and other associated markets such as cardiac safety services. Numerous investments in the industry have inspired significant financial resources into drug discovery space, enabling healthcare companies and organizations the opportunity of investing in R&D programs for various drug discovery and treatments coupled with adopting assessment services such as cardiac safety services.

 Segmental Outlook  

The global market for cardiac safety services market is segregated based on service type and end-user. Based on the service type, the market is further classified into blood pressure measurement services, cardiovascular imaging services, ECG/holter measurement services, thorough QT Studies, and others(protocol design and expert reporting). The ECG/holter measurement services segment is estimated to have significant growth during the forecast period. There is a significant application of ECG and cardiovascular data on drug development including protocol design to reporting. Based on end-user the market is further classified into pharmaceutical & biopharmaceuticals companies and contract research organization(CRO).  

 Global cardiac safety services Market Share by End-User, 2019(%)

Global cardiac safety services market to be driven by pharmaceutical and biopharmaceuticals companies

Among end-user, the pharmaceutical and biopharmaceuticals companies segment held a considerable share in the market. The pharmaceutical industry is greatly benefited by the significant R&D activities performed at the clinical labs. The validation of the drug and designing of a more effective drug is the leading factor that is responsible for adopting the cardiac safety services in pharmaceutical and biopharmaceutical companies. The companies  invest heavily in the R&D area, in order to provide novel technologies to the consumer and to retain their position in the market. Moreover, the R&D sector contributes towards the sustainability of the business in the highly competitive market. R&D are the major area in the healthcare sector, owing to increasing prevalence of new diseases and disorders across the region. The R&D sector of pharmaceuticals and biopharmaceuticals companies are constantly developing novel drugs and therapies for the diseases therefore creating significant demand of cardiac safety services. 

Regional Outlook 

Based on geography, the global cardiac safety services market is further classified into North America, Europe, Asia-Pacific and the Rest of the World. Asia-Pacific is projected to have significant CAGR in the global market during the forecast period. The market growth is attributed to the significant adoption of R&D services in economies such as China, Japan, India, South Korea, Thailand, and Australia. The major cause for the growth of cardiac safety services in the region is increasing R&D in the pharmaceutical sector and the rising demand for personalized medicine.

Global Cardiac Safety Services Market Growth, by Region 2020-2026

North America to hold a considerable share in the global cardiac safety services market

Geographically, North America is projected to hold a significant market share in the global cardiac safety services market. Major economies which are anticipated to contribute to the North America cardiac safety services market are the US and Canada. The cardiac safety services market in the US is being driven by the increased outsourcing of large pharma companies to improve profit margins. Further, the large pharma companies in the US is also developing their contract research organization to develop a network in foreign countries. There are a large number of CMOs in working in association with large pharma companies. These contract manufacturers have involved formulation, clinical trial manufacturing, and API development primarily. In 2018, more than 77% was invested by the biopharmaceutical for the development of drugs, targeted drugs, personal medicines and other advanced drugs and medicines for different diseases including CVD. 

 Market Players Outlook

The key players in the cardiac safety services market contributing significantly by providing different types of services and increasing their geographical presence across the globe. The key players of the market include Bioclinic, BioTelemetry, Inc., Certara, L.P., ERT, Inc., SGS SA, Ncardia, IQVIA Inc., and others. These market players adopt various strategies such as service launch, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market. 

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global cardiac safety services market. Based on the availability of data, information related to pipeline services, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.