Maximizing Cardiac Safety Market Size 2022-2027: A Comprehensive Service


Posted February 3, 2023 by Prachi001

Cardiac Safety Service Market is projected to reach USD 1.0 billion by 2027 from USD 0.6 billion in 2022, at a CAGR of 11.2% during the forecast period.

 
Cardiac safety services are designed to help keep your heart healthy. These services provide a range of tests and treatments that help to assess and manage risk factors associated with heart disease. From stress tests to electrocardiograms (ECGs) and cholesterol tests, cardiac safety services provide the tools to help you maintain a healthy heart.

Stress tests, also known as exercise stress tests, are used to measure how well your heart functions during physical activity. During the test, a technician monitors your heart rate, blood pressure, and breathing as you exercise. This test helps to determine if there is any damage to the heart, if the heart is working too hard, or if the heart is not getting enough oxygen.

Currently, Cardiac Safety Service Market is projected to reach USD 1.0 billion by 2027 from USD 0.6 billion in 2022, at a CAGR of 11.2% during the forecast period. The growing R&D expenditure in the pharmaceutical & biopharmaceutical industry is likely to drive the market growth. Furthermore, factors like, outsourcing of R&D activities by the pharma companies along with a surge in the number of clinical trials is also likely to boost market growth.

The prominent players operating in this market include Laboratory Corporation of America Holdings (US), Koninklijke Philips N.V. (Netherlands), Clario (US), Banook Group (France), IQVIA (US), Biotrial (France), Certara (US), Celerion (US), Medpace (US), Ncardia (Netherlands), Richmond Pharmacology (UK), PhysioStim (France), Shanghai Medicilon (China), Pharmaceutical Product Development (US), and SGS (Switzerland). Expansion and acquisitions are the key growth strategies undertaken by these companies to maintain their positions in the market.

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The standalone segment accounted for the second largest share of the type segment in the cardiac safety services market in 2021.

Standalone services are single or specific cardiac safety services offered by cardiac safety service providers. Some end users choose specific services to be performed at different phases of clinical trials per their needs. During preclinical and clinical trials and drug discovery, standalone services are mainly used by CROs and pharmaceutical and biopharmaceutical companies. These services are preferred due to their cost-efficiency.

The pharmaceutical & biopharmaceutical accounted for the largest share of the end user segment in the cardiac safety services market in 2021.

Pharmaceutical & biopharmaceutical companies primarily use cardiac safety services to manage clinical trials for newly developed drugs. Companies are engaged in the development of novel drugs for the treatment of various diseases. Cardiac safety issues are among the most common reasons promising drugs can be halted during development. As a result, there is a high demand for cardiac safety services among pharmaceutical and biopharmaceutical companies.

The growing demand for cardiac safety services is driven by the increasing prevalence of cardiac conditions, such as heart disease and stroke. As the number of patients requiring cardiac treatments and devices increases, so does the need for cardiac safety services. Additionally, the rising cost of healthcare has also increased demand for cardiac safety services as a way to reduce costs.

Advances in technology have also boosted the demand for cardiac safety services. For example, remote monitoring systems have become increasingly popular in recent years, allowing cardiac care teams to monitor patients remotely and provide timely interventions when needed. Additionally, artificial intelligence and machine learning are being used to improve the accuracy and efficacy of cardiac safety services.

Overall, the demand for cardiac safety services is expected to grow in the coming years, as the number of patients with cardiac conditions continues to rise and new technologies become available. Companies providing such services have the potential to benefit from this trend, as long as they are able to provide quality services and remain competitive in the market.

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Recent Developments

In February 2021, Koninklijke Philips N.V. (Netherlands) acquired Biotelemetry (US). This acquisition enhanced the company’s cardiac care portfolio and transformed care delivery along the health continuum with integrated solutions.
In March 2019, BioTelemetry acquired Geneva Healthcare, Inc., a leading provider of remote monitoring for implantable cardiac devices
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Tags cardiac safety services market share , cardiac safety services market demand , cardiac safety services market by application
Last Updated February 3, 2023