Cardiac Safety Services Market, by Type (Integrated Service and standalone Service), Service Type (ECG/Holter Measurement, Blood Pressure Measurement, Cardiovascular Imaging, Thorough QT Studies, and Other Service Types), End User (Pharmaceutical and Biopharmaceutical Companies, Contract Research Organizations, and Other End Users) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Cardiac Safety Services Market Overview
The Cardiac Safety Services market size was estimated at USD 0.67 billion in 2023 and is projected to reach USD 1.41 billion in 2030 at a CAGR of 11.26% during the forecast period 2023-2030.
Cardiac Safety Services refer to a set of specialized series and assessments conducted to evaluate and monitor the potential effects of drugs or medical treatments on the cardiovascular system. These services are primarily employed during the development and clinical trials of new medications, as well as in post-marketing surveillance to ensure the safety of patients.
Cardiac safety services may include services such as ECG (Electrocardiogram) analysis, QT/QTc Interval assessment, Thorough QT (TQT) Studies, Heart monitoring, cardiac imaging and safety pharmacology studies. Cardiac safety services are crucial in the pharmaceutical industry to ensure the safety and effective use of medication, particularly those that may have an impact on the cardiovascular system. By monitoring and evaluating cardiac parameters during drug development, researchers can identify and manage potential risks to patient’s health, ultimately leading to safer and more reliable treatments.
Cardiac safety services market can be segmented based on type into integrated service and standalone services. Based on service type the market can be segmented into ECG/Holter measurement, blood pressure measurement, cardiovascular imaging, thorough QT studies, and other service types. Based on the end user, the market is segmented into pharmaceutical and biopharmaceutical companies, contract research organizations, and other end users. Lastly, based on region, the market is bifurcated into North America, Europe, Asia-Pacific, Middle East and Africa and South America. The market is being driven by factors such as rising prevalence of cardiovascular diseases and growing awareness among people regarding cardiac problems and chronic heart diseases. Moreover, increasing R&D expenditure by healthcare companies are expected to drive the growth of the market further during the forecast period.
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The COVID-19 pandemic had a huge impact on the cardiac safety services market as the disease exerted a high load on the existing healthcare industry. Though the virus majorly affected the respiratory system, studies showed that the lung damage prevented oxygen rich blood to reach the heart muscles which caused tissue damage leading to serious heart ailments. Hence, this led to increased demand of cardiac safety services which helped the market sustain during the pandemic.
Delvens Industry Expert's Standpoint
The Cardiac Safety Services market is expected to grow during the forecast period. This growth can be attributed to factors such as rising prevalence of cardiovascular diseases due to changing dietary and lifestyle habits, increased awareness among the population regarding cardiac problems and chronic heart diseases. However, certain factors such as the high prices of the services may cause hinderance to the growth of the market.
Key Findings
- Based on type, the market is bifurcated into Integrated Service and standalone Service. The integrated services dominated the market in this segment. Integrated services are provided as a bundle of services to pharmaceutical and biopharmaceutical companies. These services help enhance and expedite clinical trials in the pharmaceutical and biopharmaceutical development cycles.
- Based on service type, the market can be segmented into ECG/Holter measurement, blood pressure measurement, cardiovascular imaging, thorough QT studies, and other service types. The ECG/Holter Measurement Segment dominated the market in this segment and is expected to continue to dominate the market during the forecast period. A Holter monitor is a portable ECG device that is used to monitor heart activity. It has fewer leads and the patient is free to move and go around their usual routines, which is an added advantage over traditional ECG devices. Because of this advantage, its use is increasing among patients and physicians. Moreover, the increasing number of ageing population as well as increased prevalence of cardiovascular diseases is contributing to the growth of this segment.
- Based on end user, the market is segmented into pharmaceutical and biopharmaceutical companies, contract research organizations, and other end users. Pharmaceutical and biopharmaceutical companies have dominated the market in this segment due to rising prevalence of cardiovascular diseases, increased research and development expenditure for the development of more efficient and cost-effective cardiac safety services.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period. This growth can be attributed to increasing number of clinical trials in the region, rising number of geriatric patients and high prevalence of cardiovascular disease in the region.
Cardiac Safety Services Market Regional Analysis
North America to Dominate the Market
- North America is estimated to account for the largest market share during the forecast period. This growth can be attributed to increased number of geriatric patients and the rising prevalence of cardiovascular diseases.
- Moreover, key developments by major players in the market in the region and increased research and development is expected to drive the growth of the market further during the forecast period.
Cardiac Safety Services Market Competitive Landscape
· Biotrial
· Clario
· Ncardia AG
· Richmond Pharmacology
· PhysioStim
· Koninklijke Philips N.V.(BioTelemetry)
· Certara
· Laboratory Corporation of America Holdings
· Celerion
· Medpace
· Shanghai Medicilon Inc
· Banook Group
· SGS
· Pharmaceutical Product Development
· Eurofins Scientific SE
· NEXEL Co., Ltd
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Cardiac Safety Services Market Recent Developments
- In August 2022, FIFPRO and IDOVEN launched a strategic partnership to improve player health safeguards against cardiac arrest and other heart-related risks. The FIFPRO x IDOVEN Player Heart Monitoring Service pilot programme will provide players with a complimentary resource to perform voluntary heart monitoring.
- In May 2022, Novocardia launched an innovative heart failure program that combines individualized health coaching and remote patient monitoring to improve heart failure patients' lives and decrease the need for hospitalizations.
Reasons to Acquire in the Cardiac Safety Services Market
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Cardiac Safety Services Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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Aug 09, 2019 (AB Digital via COMTEX) -- Market Trends
The global Cardiac Rehabilitation Devices Market is projected to reach over USD 2,839.9 million by 2023 at 6.2% CAGR during the review period of 2018 to 2023.
Cardiac rehabilitation is a medically managed program designed to improve cardiovascular health.
The rising prevalence of cardiac diseases, adoption of an unhealthy lifestyle and increasing geriatric population are driving the growth of the global cardiac rehabilitation devices market.
However, the factor such as the high cost of cardiac rehabilitation devices and stringent government regulations hinders market growth.
Cardiac Rehabilitation Devices Market Leading Companies:
