Global Cardiac Safety Services Market to record 11.2% CAGR through 2020-2027

January 06, 2021

As per the report titled ‘Global Cardiac Safety Services Market Size study with COVID-19 impact, by Type (Integrated services and Standalone services), by Services (ECG/Holter Measurement Services, Blood Pressure Measurement Services, Cardiovascular Imaging Services, Thorough QT Studies and Other Services), by End-user (Pharmaceutical & Biopharmaceutical Companies and Contract Research Organizations) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global cardiac safety services market size reached USD 442 million in 2019 and is projected to expand at a healthy growth rate of 11.2% over 2020-2027.

Rising prevalence of cardiovascular diseases is the key factor driving global cardiac safety services market growth. In fact, the WHO states that CVDs were the leading cause of death in 2017, claiming the lives of 17.9 million individuals. This number is expected to increase to a staggering 23.6 million by the year 2030, indicating an upsurge in the demand for cardiac safety services in the near future.

Further, increasing R&D expenditure in pharmaceutical & biopharmaceutical industry is enhancing the industry outlook. On the contrary, high costs of cardiac safety evaluation will negatively impact overall cardiac safety services market remuneration during the forecast period.

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For those unfamiliar, cardiac safety services involve services that deal with designing and assisting medical trails, and other studies pertaining to monitoring of cardiac protection. These services include ambulatory blood pressure monitoring, non-invasive cardiac imaging, platelet aggregation, and physiologic stress testing among others, along with QT studies.

On the geographical front, North America currently accounts for majority of global cardiac safety services industry share, creditable to rise in R&D expenditure in pharmaceutical & biopharmaceutical industries across the regions.

Meanwhile, Asia Pacific market is expected to showcase tremendous growth over the projected timeline, largely driven by proliferating cases of CVDs, along with escalating risk factors among the populace due to rising obesity, increased alcohol intake, and others.

Speaking of the competitive landscape, Ncardia, Richmond Pharmacology, Medpace Holdings, Inc., Celerion, Inc., Certara, L.P., Biotrial, Banook Group, BioTelemetry, Inc., LabCorp, and Bioclinica are the top contenders in global cardiac safety services industry.

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