Cardiac Safety Services Market by Type (Standalone and Integrated), Services (Cardiac Imaging, ECG/Holter Measurement, Blood Pressure Measurement and Thorough QT Study), End User (Pharmaceutical Companies and Contract Research Organizations (CROs)) – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+ Reports, the global cardiac safety services market was pegged at ~US$ 488 million in 2020. The market is expected to witness a CAGR of ~11.0% from 2021 to 2031.
Increasing number of clinical trials, growing R&D activities in pharmaceuticals & biopharmaceutical companies, and growing developments in the biosimilars & biologics are some of the pivotal factors propelling the growth of the cardiac safety services market. However, high cost of cardiac safety evaluation is likely to hamper the growth of the market to a certain extent.
Prominent players are progressively implementing several strategies such as technological advancements and collaborative initiatives with several organizations, research centers & companies in order to be competitive in the market. For instance, in May 2020, ERT partnered with AliveCor, a company specializing in artificial intelligence (AI) based personal electrocardiogram (ECG) technology. This partnership has enabled ERT to capture digital cardiac safety data via KardiaMobile 6L, currently only FDA-cleared personal ECG for patient-administered 6-lead data collection.
According to WHO, around 17.9 million people dies each year globally from cardiovascular diseases (CVDs). It accounts for almost 31% of all deaths globally. Moreover, increasing number of patients and their unmet clinical needs has increased the demand for new curable drugs for the treatment. These factors have led to increase in R&D activities in pharmaceuticals & biopharmaceutical companies and the clinical trials conducted which in turn is expected to support the growth of the market over the forecast period.
In 2019, around 45 brand-name drugs were slated to lose patent whereas around 56 drug patents are expected to expire between 2020 to 2022. Owing to this, many pharmaceutical companies are investing in drug development process to develop new and more effective products, which in turn is likely to grow the biosimilars & biologics market and cardiac safety services market concomitantly.
Each new large-scale cardiovascular clinical trial is accompanied by high financial costs that add directly or indirectly to the overall health care budget and potentially divert funding away from new research efforts. This may discourage the companies for future innovations, and thereby may hamper the growth of the market to a certain extent.
The Asia Pacific region is expected to be the fastest growing cardiac safety services market. Factors such as increasing outsourcing of research activities by prominent players in the region, large patient pool and developing healthcare infrastructure can be attributed to the growth of the market. Countries such as India, China, and Japan in the APAC region, are expected to offer significant growth opportunities owing to the increasing prevalence of cardiovascular diseases and lower labor cost in the region.
Some of the prominent players operating in the cardiac safety services market are Medpace, Inc., Celerion, Biotrial, IQVIA, ERT Clinical, BioTelemetry, Inc, Laboratory Corporation of America® Holdings, Bioclinica, Ncardia, Richmond Pharmacology, among others.