Cardiac Safety Services Market: Increase in Prevalence of Cardiovascular Diseases is expected to drive the Market
Cardiac Safety Services Market: Introduction
- Cardiac safety services can be defined as services that deal with supporting and designing clinical trials and other studies required for the monitoring of cardiac safety
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- Cardiac safety services are focused on monitoring the entire cardiac safety profile across various phases of clinical trials, including Phase I to Phase IV. These studies are done in compliance with FDA, PMDA, EMA, and other regulatory bodies.
- Cardiovascular safety assessment services include non-invasive cardiac imaging, physiologic stress testing, platelet aggregation, ambulatory blood pressure monitoring, and other services, along with the QT studies
- Integrated services offering cardiac safety services are mostly preferred owing to the bundling of services with focus on end-to-end development, as compared to the specificity of standalone services
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Key Drivers and Restraints of Global Cardiac Safety Services Market
- Robust expansion of the cardiac safety services market can be attributed to an increase in the number of clinical trials being conducted, significant increase in the outsourcing of clinical trials, and a rise in investments on research and development by pharmaceutical and biotechnology companies
- Considerable expansion of biologics and biosimilars, strong pipeline of drugs, and technological advances in research and development, and drug discovery further boost the global cardiac safety services market
- Increase in prevalence of cardiovascular diseases, rise in focus on the development of personalized medicines, and an increase in focus on research and development for the development of customized drugs propel the cardiac safety services market
- However, the high costs associated with safety evaluation of cardiovascular drugs is projected to hamper the cardiac safety services market
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North America to Lead Global Cardiac Safety Services Market
- In terms of region, the global cardiac safety services market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global cardiac safety services market in 2019, owing to significant presence of leading market players, strong product pipeline, increase in investments on research and development, and a rise in the prevalence of cardiovascular diseases in the region
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- Europe followed North America in terms of share of the global cardiac safety services market in 2019. The market in Asia Pacific is projected to expand at a rapid pace, followed by Latin America and Middle East & Africa. Growing focus of governments of countries in Asia on enhancing health care facilities, increasing focus of market players on Asia Pacific for outsourcing of research activities, arise in the prevalence of cardiovascular diseases contributing to the increase in the research pool, and availability of labor at lower costs fuel the global cardiac safety services market.
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Key Players Operating in Global Cardiac Safety Services Market
Market players are focused on expansion of their presence in the global cardiac safety services market, primarily by adopting inorganic growth strategy. Leading players operating in the global cardiac safety services market are:
- Banook Group
- Certara L.P.
- Celerion, Inc.
- ERT, Inc.
- Laboratory Corporation of America Holdings
- Medpace Holdings, Inc.
- Ncardia AG
- Richmond Pharmacology
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