Northbrook, IL 60062 -- (SBWIRE) -- 06/19/2023 -- The Global Cardiac Safety Services Market in terms of revenue was estimated to be worth $0.6 billion in 2022 and is poised to reach $1.0 billion by 2027, growing at a CAGR of 11.2% from 2022 to 2027. The growing R&D expenditure in the pharmaceutical & biopharmaceutical industry coupled with surge in outsourcing of R&D activities are the key factors driving the growth of this market.

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The cardiac safety services market is expected to grow at a CAGR of 11.2% during the forecast period. Growth in the outsourcing research activities by pharmaceutical companies to academic organizations and private CROs is expected to fuel the market for cardiac safety services.

Cardiac Safety Services Market Dynamics

Drivers: Rising R&D expenditure in pharmaceutical & biopharmaceutical industry

Pharmaceutical companies invest in R&D to deliver high-quality and innovative products in the market. Current trends suggest that top pharmaceutical companies are increasing their R&D efficiencies through heavy R&D investments to see returns on their investment in the longer term and through collaborative R&D efforts. This will contribute to the increased demand for preclinical and clinical services including cardiac safety evaluation.

Opportunities: Growth in biosimilars and biologics markets
Many companies are investing heavily in the development of biologics and biosimilar molecules. More than half of the drug candidates in the discovery stage are biologics, such as proteins, peptides, and monoclonal antibodies. As newer biologics are being discovered or are in the pipeline, pharmaceutical and biopharmaceutical companies are heavily investing in their R & D. Further, biosimilars are cost-effective because they are not required to comply with stringent regulatory requirements, as they are generic versions of patented biologic drugs. Thus, compared to small molecules, biologics and biosimilars require specialized testing services. This will bring opportunities for safety assessment providers to expand their portfolios and capabilities

Restraints: High cost of cardiac safety services

The rising costs of drug development and the decline in the number of new drugs approved in the US are significant problems that threaten public health. Cardiac safety evaluations of off-target drug effects are generally expensive, time-consuming, and contribute to the termination of many new molecular entities. This affects the demand for cardiac safety evaluation studies and hinders overall drug development.

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Key Market Players

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.

Drivers: Rising R&D expenditure in pharmaceutical & biopharmaceutical industry

Pharmaceutical companies invest in R&D to deliver high-quality and innovative products in the market. Current trends suggest that top pharmaceutical companies are increasing their R&D efficiencies through heavy R&D investments to see returns on their investment in the longer term and through collaborative R&D efforts. This will contribute to the increased demand for preclinical and clinical services including cardiac safety evaluation.

Opportunities: Growth in biosimilars and biologics markets

Many companies are investing heavily in the development of biologics and biosimilar molecules. More than half of the drug candidates in the discovery stage are biologics, such as proteins, peptides, and monoclonal antibodies. As newer biologics are being discovered or are in the pipeline, pharmaceutical and biopharmaceutical companies are heavily investing in their R&D. Further, biosimilars are cost-effective because they are not required to comply with stringent regulatory requirements, as they are generic versions of patented biologic drugs. Thus, compared to small molecules, biologics and biosimilars require specialized testing services. This will bring opportunities for safety assessment providers to expand their portfolios and capabilities

Restraints: High cost of cardiac safety services

The rising costs of drug development and the decline in the number of new drugs approved in the US are significant problems that threaten public health. Cardiac safety evaluations of off-target drug effects are generally expensive, time-consuming, and contribute to the termination of many new molecular entities. This affects the demand for cardiac safety evaluation studies and hinders overall drug development.

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.

Report Link: Cardiac Safety Services Market

The cardiac safety services market is segmented into four major regions—North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2021, North America commanded the largest share of the global cardiac safety services market, followed by Europe. The large share of the North American market is attributed to factors such as the large pharmaceutical & biopharmaceutical industry in the region, the rising R&D expenditure, stringent regulations, and the presence of major providers of cardiac safety services in the US and Canada.

Table of Content:

1.1 NORTH AMERICA

North America, comprising the US and Canada, commanded the largest share of the global cardiac safety services market in 2021. The major factors influencing the growth of the North American cardiac safety services market include the presence of a well-established pharmaceutical industry, many ongoing clinical trial studies, high R&D expenditure, growth in the biosimilars and generics market, and rising outsourcing of preclinical, clinical, and laboratory testing services by pharmaceutical and biopharmaceutical companies.

1.1.1 US

1.1.1.1 US dominates global cardiac safety services market
The US is a global hub for clinical trials. Most drug development research is conducted in the US, as the country has a well-defined & stringent regulatory system and a well-equipped research infrastructure. According to ClinicalTrials.gov, around 49% of clinical trials on oncology are being conducted in the US. This is mainly attributed to the increasing number of cancer patients in the US and huge R&D spending by pharmaceutical and biopharmaceutical companies to develop novel cancer drugs.

1.2 EUROPE

The European market includes Germany, the UK, France, Italy, Spain, and the RoE. In 2021, Europe accounted for second largest share of the global cardiac safety services market. After North America, Europe is the second-largest regional pharmaceutical market globally.
Other important considerations include demographic changes, such as the growing incidence of chronic diseases. This is attributed to the rising geriatric population in the region. As per the European Commission, by 2025, more than 20% of Europeans are expected to be 65 years and above, with a rapid increase in the number of people aged 80 years and above, indicating strong demand growth for healthcare services. This will drive pharmaceutical and biopharmaceutical clinical trial activity for novel drug discovery and directly contribute to the growth of associated markets, such as cardiac safety services.

1.2.1 GERMANY

1.2.1.1 Availability of skilled staff and flexible labor laws have made Germany a popular EU hub for clinical trials

In 2021, Germany dominated the cardiac safety services market in Europe. A strong medical technology sector and the availability of government support & funding for biomedical sciences have made Germany a prominent hub for clinical trials. Most trials in Germany are focused on oncology, cardiovascular disease, inflammatory diseases, metabolic disorders, and Alzheimer's disease. As many as 17 of 42 member companies of the German Association of Research-based Pharmaceutical Companies (vfa) run laboratories to research active ingredients or galenics in Germany. These companies spend around EUR 6.2 billion (~USD 6.8 billion) annually on R&D in Germany alone, equaling a daily spending rate of EUR 15 million (~USD 16.6 million) (Source: vfa, 2019). The high spending by global pharmaceutical players is a clear indication of Germany's importance as a clinical trial and R&D hub.