Cardiac Safety Services Market: Introduction
- Cardiac safety services can be defined as services that deal with supporting and designing clinical trials and other studies required for the monitoring of cardiac safety
- Cardiac safety services are focused on monitoring the entire cardiac safety profile across various phases of clinical trials, including Phase I to Phase IV. These studies are done in compliance with FDA, PMDA, EMA, and other regulatory bodies.
- Cardiovascular safety assessment services include non-invasive cardiac imaging, physiologic stress testing, platelet aggregation, ambulatory blood pressure monitoring, and other services, along with the QT studies
- Integrated services offering cardiac safety services are mostly preferred owing to the bundling of services with focus on end-to-end development, as compared to the specificity of standalone services
Key Drivers and Restraints of Global Cardiac Safety Services Market
- Robust expansion of the cardiac safety services market can be attributed to an increase in the number of clinical trials being conducted, significant increase in the outsourcing of clinical trials, and a rise in investments on research and development by pharmaceutical and biotechnology companies
- Considerable expansion of biologics and biosimilars, strong pipeline of drugs, and technological advances in research and development, and drug discovery further boost the global cardiac safety services market
- Increase in prevalence of cardiovascular diseases, rise in focus on the development of personalized medicines, and an increase in focus on research and development for the development of customized drugs propel the cardiac safety services market
- However, the high costs associated with safety evaluation of cardiovascular drugs is projected to hamper the cardiac safety services market
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North America to Lead Global Cardiac Safety Services Market
- In terms of region, the global cardiac safety services market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global cardiac safety services market in 2019, owing to significant presence of leading market players, strong product pipeline, increase in investments on research and development, and a rise in the prevalence of cardiovascular diseases in the region
- Europe followed North America in terms of share of the global cardiac safety services market in 2019. The market in Asia Pacific is projected to expand at a rapid pace, followed by Latin America and Middle East & Africa. Growing focus of governments of countries in Asia on enhancing health care facilities, increasing focus of market players on Asia Pacific for outsourcing of research activities, arise in the prevalence of cardiovascular diseases contributing to the increase in the research pool, and availability of labor at lower costs fuel the global cardiac safety services market.
Key Players Operating in Global Cardiac Safety Services Market
Market players are focused on expansion of their presence in the global cardiac safety services market, primarily by adopting inorganic growth strategy. Leading players operating in the global cardiac safety services market are:
- Banook Group
- Certara L.P.
- Celerion, Inc.
- ERT, Inc.
- Laboratory Corporation of America Holdings
- Medpace Holdings, Inc.
- Ncardia AG
- Richmond Pharmacology
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Global Cardiac Safety Services Market: Research Scope
Global Cardiac Safety Services Market, by Service Type
- Cardiovascular Imaging
- Thorough QT studies
- Blood Pressure Measurement
- ECG Measurement
Global Cardiac Safety Services Market, by Type
- Standalone Services
- Integrated Services
Global Cardiac Safety Services Market, by End-user
- Pharmaceutical & Biotechnology Companies
- Academic & Research Centers
Global Cardiac Safety Services Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.