Pharmaceutical R&D spending in across the globe is significantly improving the healthcare sector and the life of patients. With the substantial spending on the research activities; medical discoveries, drug development, and technological integration are being accelerated with a rapid pace. Various region such as North America, Europe and Asia-pacific further experience significant growth in the pharmaceutical R&D that further encourages the demand of cardiac safety services. Public and private investments are supporting the R&D spending of the European countries. According to the Organization for Economic Co-operation and Development (OECD), Russia recorded the highest expenditure of 28.8% of the GDP in the European pharmaceutical industry in 2016. Further, Spain, Italy, Belgium, Germany, France, and UK accounted expenditure of 19.1%, 17.7%, 14.7%, 14.3%, 13.9%, and 11.4% respectively in 2016. The substantial expenditure is promoting the pharmaceutical industry in the European region as industry players are focused on core research work while manufacturing is being outsourced with other organizations.
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Moreover, the industrial R&D investment has grown significantly during the period from 2013 to 2016. According to the Research America organization, there has been an increase in spending on R&D in the healthcare sector by the industrial segment of the US. There are several operations sectors that cover the healthcare industrial sector, such as biopharmaceuticals, medical technology, healthcare services, and other sectors. During 2016, the healthcare expenditure in the R&D sector was more than 116,000 million. In 2016, more than 77% was invested by the biopharmaceutical for the development of drugs, targeted drugs, personal medicines and other advanced drugs and medicines for different diseases including cancer. More than 14% was invested by medical technology for new advanced technologies for treatment.
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Growing outsourcing of pharmaceutical services boost the cardiac safety services market
The growing trend for the outsourcing of pharmaceutical services has been observed in the market that may propel the growth of the market. This shift is attributed to the availability of a skilled workforce at low cost in emerging economies such as India and China. Overall, Indian healthcare outsourcing industry stands to gain from growing healthcare infrastructure, established pharmaceuticals, and medical education system. Further, China is one of the countries with lower labor cost. Therefore, the workforce in China is enormous and the combination of this competitive job market with a lower cost of living than many Western countries encourages Chinese workers to work at a low cost. This encourages the consumer to shift towards countries such as India and China for pharmaceutical outsourcing. Therefore, by providing a skilled workforce at a low cost, the US market can have a hold on its customers and may strengthen its growth in the market.
Global Cardiac Safety Services Market Segmentation
By Service Type
- Blood Pressure Measurement Services
- Cardiovascular Imaging Services
- ECG/Holter Measurement Services
- Thorough QT Studies
- Others (Protocol Design And Expert Reporting)
By End-User
- Pharmaceutical and Biopharmaceuticals Companies
- Contract Research Organization(CRO)
