(PharmaNewsWire.Com, November 22, 2023 ) The report "Cardiac Safety Services Market by Type (Standalone, Integrated), Services (ECG/Holter Measurement, Blood Pressure Measurement, Cardiac Imaging, Thorough QT Studies), End User (Pharmaceutical & Biopharma, CROs), Region - Global Forecast to 2028", 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. The growth of this market is driven by rising incidence of cardiovascular diseases, large number of cardiac issue related clinical trials. Additionally, the increasing outsourcing of cardiac safety services leading to expanded adoption of cardiac safety services.
The integrated services segment accounted for the largest share, by type in the cardiac safety services market in 2022.
By type, the cardiac safety services market has been further categorized as integrated services and standalone services. The integrated services segment held the largest share of the global cardiac safety services market in 2022. This can be attributed to benefits associated with integrated services. Integrated services offer benefits such as comprehensive data integration and improved data quality. Additionally, these services help enhance and expedite clinical trials in the pharmaceutical and biopharmaceutical development cycle. These advantages make integrated services as preferable option against standalone cardiac safety services.
The ECG/ Holter measurement services segment accounted for the largest share of the service type segment in the cardiac safety services market in 2022.
Based on service type, the global cardiac safety services market has been segmented into ECG/Holter measurement services, blood pressure measurement services, cardiovascular imaging services, thorough QT studies, and other cardiac safety services. The ECG/ Holter measurement services segment held the largest market share in 2022. The large share of this segment can be attributed to the low cost of ECG/Holter services and rigorous regulations for drug safety, increasing research & development activities to develop effective and innovative drugs.
The North America region catered the largest share of the cardiac safety services market in 2022.
The cardiac safety services market in North America has experienced significant growth in recent years, showcasing a robust expansion trajectory, owing to 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. Additionally, growth of the North American cardiac safety services market is driven by significant factors such as a multitude of ongoing clinical trials, the expansion of the biosimilars and generics sector, and the increasing adoption of outsourcing preclinical, clinical, and laboratory testing services by pharmaceutical and biopharmaceutical companies.
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