Dublin, Dec. 04, 2019 (GLOBE NEWSWIRE) -- The "Cardiac Safety Services Market by Type (Standalone, Integrated), Services (ECG/Holter measurement, Blood Pressure, Cardiac Imaging, Thorough QT Study, Other Services), End User (Pharmaceutical & Biopharmaceutical Companies, CRO) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The cardiac safety services market is projected to reach USD 752.4 million by 2024 from USD 442.5 million in 2019, at a CAGR of 11.2% from 2019 to 2024.
Growth in this industry is driven by the growing R&D expenditure in the pharmaceutical & biopharmaceutical industry, increased outsourcing of R&D activities, and the increasing number of clinical trials. On the other hand, the high cost of cardiac safety evaluation is the burning issue in this market. In addition, the introduction of new technologies & methods and growth in the biosimilars and biologics market are offering growth opportunities for players in the market.
The ECG/Holter measurement services segment is anticipated to grow at the fastest growth rate during the forecast period
The cardiac safety services market based on the type of service is categorized into ECG/Holter measurement, blood pressure measurement, cardiovascular imaging, thorough QT studies, and other services. The ECG/Holter measurement segment is expected to register the highest CAGR during the forecast period. The low cost of ECG/Holter measurement services and their wide usage in measuring cardiac activity are the key factors driving the growth of this market.
The integrated services segment is estimated to dominate the market during the analysis period
By type, the cardiac safety services market is categorized into integrated and standalone services. The integrated services segment accounted for the largest share of the cardiac safety services market. The large share of this segment can be attributed to the benefits of bundled services to oversee end-to-end developments, as opposed to the specificity of standalone services. This helps reduce the time to market for manufacturers.
The pharmaceutical & biopharmaceutical companies segment is estimated to grow at a rapid rate during the analysis period
Based on end-user, the cardiac safety services market is segmented into pharmaceutical & biopharmaceutical companies and CROs. The pharmaceutical & biopharmaceutical companies segment is expected to be the fastest-growing segment of the global cardiac safety services market during the forecast period. Factors such as the stringent regulations for drug safety and increasing R&D activities to develop new drugs are driving the growth of this segment.
North America is estimated to register the highest CAGR during the study period
Geographically, the cardiac safety services market was dominated by North America, followed by Europe in 2018. North Americ is estimated to grow at the fastest rate due to the presence of major pharmaceutical & biopharmaceutical companies and the large number of clinical trials performed in the region.
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Cardiac Safety Services Market Overview
4.2 North America: Market, By End User & Country (2018)
4.3 Market: Geographic Growth Opportunities
5 Market Overview
5.2 Market Dynamics
220.127.116.11 Growing R&D Expenditure in the Pharmaceutical & Biopharmaceutical Industry
18.104.22.168 Increased Outsourcing of R&D Activities
22.214.171.124 Increasing Number of Clinical Trials
126.96.36.199 Introduction of New Technologies and Methods
188.8.131.52 Growth in the Biosimilars and Biologics Markets
184.108.40.206 High Cost of Cardiac Safety Evaluation
6 Cardiac Safety Services Market, By Type of Service
6.2 ECG/Holter Measurement Services
6.2.1 ECG/Holter Measurement Services Help in the R&D of Novel Methods for Clinical Trials and Drug Discovery
6.3 Blood Pressure Measurement Services
6.3.1 Increasing R&D Activities to Drive the Growth of the Blood Pressure Measurement Services Segment
6.4 Cardiovascular Imaging Services
6.4.1 Cardiovascular Imaging Services Help in Drug Evaluation
6.5 Thorough QT Studies
6.5.1 Need to Meet Stringent Regulatory Requirements is Driving the Demand for Thorough QT Studies
6.6 Other Services
7 Cardiac Safety Services Market, By Type
7.2 Integrated Services
7.2.1 Integrated Services Dominate the Market
7.3 Standalone Services
7.3.1 Standalone Services Segment Witnessing Growth Due to Cost-Effectiveness
8 Cardiac Safety Services Market, By End User
8.2 Pharmaceutical & Biopharmaceutical Companies
8.2.1 Increasing R&D By Pharmaceutical & Biopharmaceutical Companies to Drive the Demand for Cardiac Safety Services
8.3 Contract Research Organizations
8.3.1 Increasing Outsourcing of Drug Discovery Processes to Support the Growth of This End-User Segment
9 Cardiac Safety Services Market, By Region
9.2 North America
220.127.116.11 US Dominates the Global Market for Cardiac Safety Services
18.104.22.168 Canada has High-Quality Clinical Trial Infrastructure and Expertise
22.214.171.124 Availability of Skilled Staff and Flexible Labor Laws Have Made Germany A Popular Hub in the Eu for Clinical Trials
126.96.36.199 Steady Growth of Pharmaceutical R&D Expenditure Indicates Favorable Prospects for Cardiac Safety Services
188.8.131.52 A Large Number of Cancer Therapy-Focused Clinical Trials are Conducted in France
184.108.40.206 Italy's Strong Pharma Industry and Availability of Funding for Drug Development Have Fueled Market Growth
220.127.116.11 Growing Investment in Pharmaceutical R&D and Favorable Climate for Approvals are Driving Market Growth
9.3.6 Rest of Europe
9.4 Asia Pacific
18.104.22.168 China Dominates the APAC Market for Cardiac Safety Services
22.214.171.124 Strong Ip Rights and Supportive Policies Have Strengthened the R&D Sector in Japan
126.96.36.199 Lack of Language Barriers and Availability of Trained Resources Make India an Attractive Destination for Clinical Trials
188.8.131.52 Favorable R&D Tax Incentives and Cash Rebates Have Driven Clinical Trial Activity in Australia
9.4.5 Rest of Asia Pacific
9.5 Rest of the World
10 Competitive Landscape
10.2 Market Player Ranking
10.3 Competitive Situation and Trends
10.3.1 Services Launches & Upgrades
10.3.4 Partnerships, Alliances, and Agreements
10.3.5 Other Strategies
10.4 Competitive Leadership Mapping - Overall Market (2019)
10.4.1 Visionary Leaders
10.4.2 Dynamic Differentiators
10.4.4 Emerging Companies
11 Company Profiles
Business Overview, Services Offered, Recent Developments
11.1 Bioclinica (A Subsidiary of Cinven)
11.3 BioTelemetry, Inc.
11.4 ERT, Inc.
11.5 Banook Group
11.8 Certara, L.P.
11.9 Celerion, Inc.
11.12 Richmond Pharmacology
11.14 Shanghai Medicilon Inc.
11.15 Pharmaceutical Product Development LLC
11.16 SGS S.A.
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