Cardiac Safety Services Market is Expected to Reach $1,282 million | MarketsandMarkets.

Chicago, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The cardiac safety services industry is poised for significant growth and transformation in the near future. With advances in medical technology, a growing emphasis on remote monitoring, and an aging global population, the demand for comprehensive cardiac safety solutions is expected to soar. This industry will see a surge in innovative approaches to cardiac monitoring, including wearable devices, telehealth solutions, and AI-driven predictive analytics, offering more personalized and efficient cardiac care. Furthermore, stringent regulatory requirements for drug development will continue to drive the need for robust cardiac safety assessments, ensuring the industry's sustained relevance and expansion in the years to come.

Cardiac Safety Services market in terms of revenue was estimated to be worth $739 million in 2023 and is poised to reach $1,282 million by 2028, growing at a CAGR of 11.6% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. The growth of this market is majorly driven by the increasing incidence of cardiovascular diseases, coupled with the large number of cardiac issues related clinical trials is expected to support the growth of the cardiac safety services market in the coming years.

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Cardiac Safety Services Market Scope:

Report Coverage	Details
Market Revenue in 2023	$739 million
Estimated Value by 2028	$1,282 million
Growth Rate	Poised to grow at a CAGR of 11.6%
Market Size Available for	2021–2028
Forecast Period	2023–2028
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Type, Service Type, and End User
Geographies Covered	North America, Europe, Asia Pacific, Latin America (LATAM) and The Middle East and Africa (MEA)
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunities	Emergence of new methods to curb cardiotoxicity
Key Market Drivers	Rising incidence of cardiovascular diseases

Cardiac Safety Services market major players covered in the report, such as:

• Laboratory Corporation of America Holdings (US)
• Medpace (US)
• Koninklijke Philips N.V. (Netherland)
• Clario (US)
• Ncardia (Netherlands)
• IQVIA (US)
• Certara (US)
• PPD Inc. (Part of Thermo Fisher Scientific) (US)
• SGS S.A. (Switzerland)
• ICON Plc (Ireland)
• WuXi AppTec (China)
• Charles River Laboratories (US)
• Eurofins Scientific (Luxembourg)
• Frontage Labs (US)
• Banook Group (France)
• Biotrial (France)
• Celerion (US)
• Richmond Pharmocology (UK)
• PhysioStim (France)
• Shanghai Medicilon (China)
• ACM Global Laboratories (India)
• Worldwide Clinical Trials (US)
• Nova Research Laboratories LLC (US)
• Biobeat (Israel)
• CRS. Experts. Early Phase. (Germany)
• and Among Others

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This report categorizes the Cardiac Safety Services Market into the following segments and subsegments:

Cardiac Safety Services Market, by Type

• Integrated Services
• Standalone Services

Cardiac Safety Services Market, by Service Type

• ECG/Holter Measurement Services
• Blood Pressure Measurement Services
• Cardiovascular Imaging Services
• Thorough QT Studies Services
• Other Cardiac Safety Services

Cardiac Safety Services Market, by End User

• Pharmaceutical & Biopharmaceutical Companies
• Contract Research Organization (CROs)

Cardiac Safety Services Market, by region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia Pacific (APAC)
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia Pacific (RoAPAC)
• Latin America (LATAM)
  • Brazil
  • Rest of Latin America (RoLATAM)
• Middle East
• Africa

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The key stakeholders in the Cardiac Safety Services market include:

• Pharmaceutical & Biopharmaceutical Companies
• Cardiac Safety Service Providers
• Hospitals
• Contract Research Organizations (CROs)
• Academic & Research Institutes
• Government Associations
• Healthcare Associations/Institutes
• Business Research & Consulting Service Providers
• Venture Capitalists & Investors

Recent Developments:

• In August 2023, Clarion (US) collaborated with Dr. Vince Clinical Research (DVCR) (US). The strategic collaboration helps Clario (US) deliver accurate and cost-efficient cardiac safety data in the early clinical development stages.
• In October 2022, IQVIA (US) launched its first self-collection safety lab panel for US clinical trial participants by a leading global clinical trial laboratory.

Frequently Asked Questions (FAQs) of Cardiac Safety Services Market:

Question 1. Who are the key players in the cardiac safety services market?
Answer: Key players in the cardiac safety services market include Laboratory Corporation of America Holdings (US), Medpace (US), Koninklijke Philips N.V. (Netherland), Clario (US), Ncardia (Netherlands), IQVIA (US), Certara (US), PPD Inc. (Part of Thermo Fisher Scientific, Inc.) (US), SGS S.A. (Switzerland), ICON Plc (Ireland), WuXi AppTec (China), Charles River Laboratories (US), Eurofins Scientific (Luxembourg), Frontage Labs (US), Banook Group (France), Biotrial (France), Celerion (US), Richmond Pharmacology (UK), PhysioStim (France), Shanghai Medicilon Inc. (China), ACM Global Laboratories (India), Worldwide Clinical Trials (US), Nova Research Laboratories LLC (US), Biobeat (Israel), and CRS. Experts. Early Phase. (Germany).

Question 2: Which type segment dominates the cardiac safety services market?
Answer: The integrated cardiac safety services segment held the largest share of the global cardiac safety services market by type segment in 2022. This is primarily attributed to rising demand for integrated cardiac safety services in biopharmaceutical industry to study drug kinetic.                  

Question 3: Which service type segment dominates the cardiac safety services market?
Answer: The ECG/Holter measurement services segment held the largest market share by service type in 2022. Increasing research and development activities for the development of novel cardiovascular drugs and the increasing adoption digital technology are the factors driving growth of this market.

Question 4: Which end user segment of the cardiac safety services market is expected to dominate the market?
Answer: The pharmaceutical and biopharmaceutical companies segment held the largest share by end user in 2022 due to extensive use of cardiac safety services by pharmaceutical & biopharmaceutical companies for studying biomolecular interactions in drug discovery, toxicology, and clinical studies.

Question 5: What is the market size for the cardiac safety services market?
Answer: The global cardiac safety services market is projected to reach USD 1,282 million by 2028 from USD 739 million in 2023, at a CAGR of 11.6% during the forecast period of 2023 to 2028.

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Report Objectives:

• To define, describe, and forecast the global Cardiac Safety Services Market based on type, service type, end user, and region
• To provide detailed information regarding the major factors influencing the growth of the market (such as drivers, restraints, opportunities, and challenges)
• To strategically analyze micro markets with respect to individual growth trends, prospects, and contributions to the overall market
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
• To forecast the size of the market segments with respect to six main regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa
• To profile the key players and comprehensively analyze their service portfolios, market positions, and core competencies
• To track and analyze competitive developments such as acquisitions, service launches, expansions, agreements, partnerships, and collaborations in the market

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