Cardiac Safety Services Market Is Expected To Reach USD 895.7...

Cardiac Safety Services Market Is Expected To Reach USD 895.7 million By 2026.

Posted 2024-01-24 06:47:50

Market Overview: The global Cardiac Safety Services Market achieved a valuation of USD 384.9 million in 2018 and is anticipated to reach USD 895.7 million by 2026, registering a Compound Annual Growth Rate (CAGR) of 11.0%. The monitoring of cardiac safety plays a pivotal role in clinical trials, addressing issues such as trial delays and drug abandonment. Essential for detecting heart abnormalities, cardiac safety services are integral to the healthcare industry.

Market Forces: Despite facing obstacles such as the elevated expenses associated with cardiac safety assessment, the market is driven by a rise in Research and Development (R&D) investments within the pharmaceutical and biopharmaceutical industry. Furthermore, an upswing in R&D initiatives and an expanding number of clinical trials play a role in expanding the market. The integration of novel technologies into cardiac services also presents growth prospects for participants in the market.

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Global Impact: Cardiovascular diseases (CVDs) are a leading global cause of death, responsible for approximately 17.9 million fatalities annually, as reported by the World Health Organization (WHO). The Asia Pacific region experiences significant growth due to government initiatives supporting clinical trials and advancements in drug development.

Report Highlights: The market report encompasses:

Region and country-wise assessment spanning 2016-2026
Clinical pipeline analysis of regional competitors
Demand and Supply GAP Analysis
Market share analysis of key industry players
Strategic recommendations for new entrants
Market forecasts for a minimum of 6 years across segments and regions
Exploration of market trends, including drivers, constraints, opportunities, threats, challenges, and recommendations

Innovative Trends: In 2019, notable trends in the cardiac safety services market included the launch of a wearable blood pressure monitor by OMRON Healthcare, a smartphone-based blood pressure estimation method by Kang Lee, FDA clearance for a patient-monitoring device from Biobeat, and the introduction of the BPBIO 320S by InBody USA.

Key Players: Major companies in the Cardiac Safety Services market include Biotrial, Banook Group, Bioclinica, Certara L.P., Celerion, ERT, Laboratory Corporation of America Holdings, Medpace Holdings, Ncardia AG, Richmond Pharmacology, PhysioStim, Shanghai Medicilon Inc., Pharmaceutical Product Development LLC, SGS S.A., BioTelemetry, IQVIA, OMRON Healthcare, Biobeat, InBody USA, and Microsoft.

Market Insights: The market witnessed ECG or Holter devices securing the largest market share (31.5%) in 2018, driven by increased cardiac abnormalities attributed to lifestyle factors. Pharmaceutical companies dominated the end-use segment, achieving a market value of USD 171.8 million in 2018, with an expected CAGR of 11.2%. Integrated Standalone devices showed the highest growth in the application segment, offering centralized safety for cardiac trials.

Regional Breakdown: The Asia Pacific held a 19.3% market share in 2018, driven by an expanding patient pool and lifestyle factors like smoking. Expected to grow at a CAGR of 12.1% by 2026, the Asia Pacific region is poised for significant market expansion.

Segmentation: The report segments the Cardiac Safety Services Market based on products and services, applications, end-use, and region, providing a comprehensive analysis of trends from 2019 to 2026. Key segments include ECG/Holter Measurement, Blood Pressure Measurement, Cardiovascular Imaging, Thorough Q.T. Studies, and Other Services.

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