Number of pages: 120 | Report Format: PDF | Published date: January 28, 2021
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
Report Attribute |
Details |
Market Size Value in 2022 |
US$ 740 million |
Revenue Forecast in 2031 |
US$ 1817.5 million |
CAGR |
10.5% |
Base Year for Estimation |
2022 |
Forecast Period |
2023-2031 |
Historical Year |
2021 |
Segments Covered |
Type, Services, End User, and Region |
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global cardiac safety services market was valued at US$ 740 million in 2022 and is expected to register a revenue CAGR of 10.5% to reach US$ 1817.5 million by 2031.
Cardiac Safety Services Market Fundamentals
Cardiac safety services are often used to support and develop clinical trials and other necessary investigations to monitor cardiac safety. Additionally, cardiac safety services are aimed at monitoring the full cardiac safety profile across the several clinical trial phases, which range from Phase I to Phase IV. Due to the bundling of services emphasizing end-to-end development instead of the specialty of standalone services, integrated services that provide cardiac safety services are mostly selected. In general, the studies are carried out in accordance with the requirements of the PMDA, FDA, EMA, and several other regulatory authorities.
When creating new pharmaceutical drugs, cardiac safety services are crucial. They support patient safety by assessing possible cardiovascular hazards linked to treatment candidates. These services aid in the early detection of potential arrhythmogenic effects by examining the impact of medications on cardiac parameters, including QT interval prolongation. They are essential in clinical studies when the effectiveness and safety of medications are examined in patients. These services support the monitoring of participants' cardiovascular responses to experimental medications, the identification of any possible anomalies, and the risk assessment for unfavorable cardiac events. They are crucial in assuring the safety of trial participants and establishing the medicine under the test's general safety profile.
Cardiac safety services are important for post-market monitoring even after a medicine has been licensed and put on the market. Any previously unknown cardiovascular concerns that could materialize in practical use are identified by ongoing monitoring and evaluation of the drug's effects on cardiac parameters. This makes it possible to quickly identify, assess, and address potential safety issues. Examining medical devices that interact with the circulatory system can also use cardiac safety services. These services support the evaluation of the possible impacts of medical devices on cardiac function, the identification of any negative effects on the rhythm or structure of the heart, and the general safety and efficiency of the device.
Cardiac Safety Services Market Dynamics
Cardiovascular disorders are increasing, and people are becoming more conscious of cardiac issues and chronic heart ailments, which is largely to blame for the market expansion for cardiac safety services. For instance, according to a BMJ Journals article from November 2021, the average reported prevalence of heart failure was 1.3% in patients of all ages, 3.4% in adults overall, and 8.3% in patients who were older. Congenital heart defects (CHD) impact roughly 1% of babies, or around 40,000 births annually, in the United States, according to statistics provided by the CDC in January 2022. Some CHDs, particularly mild varieties, are more prevalent (measured as the proportion of infants born with a heart defect to all births) than others.
A ventricular septal defect (VSD) is infants' most prevalent type of heart abnormality. As a result, the rising frequency of these cardiovascular illnesses is anticipated to encourage the use of cardiac safety services. For instance, according to the World Health Organization, 17.9 million deaths worldwide in 2019 were attributable to CVDs, or 32% of all fatalities. Heart attack and stroke deaths accounted for 85% of these fatalities.
The majority of CVD fatalities occur in low- and middle-income nations. In 2019, noncommunicable illnesses caused 17 million premature deaths (before age 70), and 38% of those fatalities were attributable to CVDs. As a result, the market growth is anticipated to be boosted by factors including the rising incidence of cardiovascular illnesses and the rising R&D spending by healthcare organizations. Furthermore, leading industry players have been involved in several strategic activities, such as collaborations, partnerships, acquisitions, and product launches, to strengthen their footprints in this market as incidences of heart disease have increased. For instance, in order to improve its cardiological facilities or services for patients who are advised monitoring systems by healthcare professionals, ECG technology and solution supplier AliveCor purchased CardioLabs, an independent diagnostic testing facility (IDTF), in June 2021. However, the high cost of services and a shortage of competent workers, however, are expected to impede market expansion.
Cardiac Safety Services Market Ecosystem
The global cardiac safety services market is analyzed from the following perspectives by type, services, end user, and region.
Cardiac Safety Services Market by Type
Based on the type, the global cardiac safety services market is segmented into Standalone and Integrated.
Integrated Cardiac Safety provides professionals with the necessary advice and approach to evaluate drug cardiac safety at all stages of the drug's life, from discovery and development to post-marketing research. The integrated segment is expected to account for the highest revenue share of the market during the forecast period due to the advantages of its bundled services to manage end-to-end developments as compared to the specificity of standalone services.
Integrated cardiac safety starts with the early detection and assessment of possible cardiovascular hazards throughout the preclinical and early clinical phases of drug development. To evaluate how the medication affects cardiac characteristics such as QT interval prolongation, involves in vitro tests, animal research, and preliminary clinical trials.
Cardiac Safety Services Market by Services
Based on the services, the global cardiac safety services market is segmented into cardiac imaging, ECG/Holter measurement, blood pressure measurement, and thorough QT study.
The ECG/Holter measurement services segment is expected to account for the highest revenue share of the global market during the forecast period. This can be largely attributed to these services’ low cost and wide usage in assessing cardiac activity. The blood pressure measurement was traditionally carried out in clinics and hospitals. With technological advancements, portable models of this technology were launched onto the market. The specialty of these latest models is that they reduce the possibility of damage to the targeted organ.
The rising frequency of cardiovascular illnesses is frequently linked to aging. For instance, aging-related cardiovascular changes make acute coronary syndrome (ACS) more likely to happen and may make diagnosing and treating it more difficult, according to data published by the American Heart Association in December 2022. Older patients also have more pronounced anatomical changes and severe functional impairment during heart diseases. It occurs as a result of aging-related stiffening of the major arteries. Although it often works harder, the heart's muscle pumps less efficiently. Therefore, it is anticipated that the growing problems of cardiovascular illnesses with aging would encourage using ECG/Holter measuring services.
In addition, it is anticipated that crucial advancements by significant market participants would accelerate segment expansion. For instance, to expand its cardiological services to patients prescribed monitoring devices by their healthcare providers, AliveCor, a provider of ECG equipment and services, purchased the independent diagnostic testing facility (IDTF) CardioLab in June 2021.
Cardiac Safety Services Market by End User
Based on the end user, the global cardiac safety services market is segmented into pharmaceutical companies and contract research organizations.
The contract research organizations (CROs) segment is expected to register the fastest revenue growth in the market during the forecast period. This can be attributed to an increase in the number of clinical trials, a rise in the trend of outsourcing R&D activities, and the development of new technologies in the market.
Cardiac Safety Services Market by Region
Based on the region, the global cardiac safety services market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominates the cardiac safety services market and has around 40% market share globally. The significant revenue share of North America in the global market can be recognized by the presence of prominent pharmaceutical and biopharmaceutical companies, increase in investments in R&D activities, rise in the prevalence of cardiovascular diseases, and robust product line in the region. For instance, according to CDC data updated in October 2022, it was estimated that approximately 805,000 people in the United States have a heart attack every year, of which 605,000 were estimated to be first-time heart attacks, and 200,000 occurred in people who had already had a heart attack.
Likewise, it is anticipated that the region's growing senior population will increase cardiovascular disorder prevalence and encourage more people to use cardiac safety services. For instance, the number of Canadians aged 65 or older is anticipated to be about 7,330,605, or 18.8% of the country's total population, according to figures released by Statistics Canada in July 2022.
Europe accounts for the second-largest cardiac safety services market revenue share, with a revenue CAGR of 11.3%. Technological advancements, an increase in the number of market players, a rise in the number of R&D activities, and ongoing clinical studies are key factors contributing to the revenue growth of the market in the region.
Additionally, more than three million deaths in Europe are attributable to CVD yearly, accounting for around 37% of all fatalities. Compared to other regions of the continent, eastern and central Europe has been shown to have higher mortality rates from stroke and ischemic heart disease (IHD). Therefore, it is anticipated that the need for heart care services will continue to grow as a result of the increase in CVD patients.
The Asia Pacific market will likely grow at a significant revenue CAGR, followed by Latin America and, the Middle East & Africa in the forecast period. This can be ascribed to an increase in the focus of governments of several countries in the region on providing improved healthcare facilities, a rise in the trend of subcontracting research activities, a high prevalence of cardiovascular diseases, a substantial increase in the research pool, and availability of services at competitive prices.
Cardiac Safety Services Market Competitive Landscape
Some of the prominent market players in the global cardiac safety services market include,
Cardiac Safety Services Market Strategic Developments
Cardiac safety services are often used to support and develop clinical trials and other necessary investigations to monitor cardiac safety. Additionally, cardiac safety services are aimed at monitoring the full cardiac safety profile across the several clinical trial phases, which range from Phase I to Phase IV.
North America dominated the global cardiac safety services market in 2022.
The estimated market size of the cardiac safety services market in 2031 will be US$ 1817.5 million.
The revenue CAGR of the cardiac safety services market during the forecast period is 10.5%.
The ECG/Holter measurement services segment led the global cardiac safety services market in 2022.
*Insights on financial performance are subject to the availability of information in the public domain