Laboratory Corporation of America Holdings (US) and Koninklijke Philips N.V. (Netherlands) are Leading Players in the Cardiac Safety Services Market
The cardiac safety services 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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Laboratory Corporation of America Holdings (US)
Laboratory Corporation of America Holdings is a healthcare diagnostics company providing comprehensive clinical laboratory services and end-to-end drug development support to various clients, including hospitals, managed care organizations, and biotechnology & pharmaceutical companies. The company operates through two key segments: LabCorp Diagnostics (Dx) and LabCorp Drug Development (DD).
The company provides cardiac safety services through its LabCorp Drug Development segment. This segment provides end-to-end drug development, medical device, and companion diagnostic development solutions from early-stage research to clinical development and commercial market access. Its customers comprise pharmaceutical, biotechnology, medical device, and diagnostic companies.
Koninklijke Philips N.V. (Netherlands)
The company offers cardiac safety services through its connected care business segment. In 2021, Philips acquired BioTelemetry, Inc., a medical technology company providing remote cardiac monitoring services, remote blood glucose monitoring services, centralized core lab services for clinical trials, and original equipment manufacturing for healthcare and clinical research customers.
Clario (US)
In November 2021, ERT merged with Bioclinica, and the combined company was renamed Clario. Clario is a technology company that generates clinical evidence by fusing scientific knowledge and global scale into the endpoint technology platform. The company focuses on therapeutic areas such as cardiovascular & metabolic, dermatology, gastroenterology, hepatology, infectious diseases, musculoskeletal, neuroscience, oncology, and respiratory diseases. Since 1990, Clario has completed more than 19,000 clinical trials and contributed to 870 regulatory approvals. Between 2019 and 2020, Clario supported 70% of all Federal and Drug Administration (FDA) approvals.
Related Reports:
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 2027
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