Market Size of Cardiac Safety Service Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 9.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Cardiac Safety Service Market Analysis
The cardiac safety service market is expected to register a CAGR of 9% during the forecast period.
The COVID-19 pandemic imposed a high burden on the healthcare industry, increasing its focus on providing better healthcare facilities, monitoring devices, services, and teleconsultation. It has been found that COVID-19 increased the risk of all types of cardiovascular ailments. For instance, according to an article published by BMJ Journals in October 2022, a study was conducted which showed that individuals hospitalized with COVID-19 had an increased risk of incident cardiovascular diseases such as myocardial infarction (MI), stroke, heart failure, atrial fibrillation (AF), venous thromboembolism (VTE), and pericarditis among others. Hence, the COVID-19 pandemic had a significant impact on the studied market. However, as the pandemic has subsided currently, fewer people are experiencing cardiovascular complications related to COVID-19. Thus, the market is expected to lose some traction and have stable growth during the forecast period of the study.
The growth of the cardiac safety service market is mainly due to the rising prevalence of cardiovascular diseases and growing awareness among people regarding cardiac problems and chronic heart diseases. For instance, according to an article published by BMJ Journals in November 2021, it is estimated that the average reported prevalence of heart failure was 8.3% among older people, 3.4% among all adults, and 1.3% in patients of all ages.
Furthermore, according to the data updated by the CDC in January 2022, congenital heart defects (CHD) affect nearly 1% of newborns, or about 40,000 births per year in the United States. The prevalence (the number of babies born with a heart defect compared to the total number of births) of some CHDs, especially mild types, is increasing, while the prevalence of other types has remained stable. The most common type of heart defect in newborns is a ventricular septal defect (VSD). Hence, the increasing prevalence of such cardiovascular disorders is expected to boost the adoption of cardiac safety services.
Thus, factors such as the rising prevalence of cardiovascular diseases and the increasing R&D expenditure by healthcare companies are expected to boost the market growth. However, the huge cost of services and lack of skilled persons are likely to hinder the market growth.
Cardiac Safety Service Industry Segmentation
As per the scope of this report, the cardiac safety service market provides services to monitor and reduce the risk associated with cardiovascular diseases. The Cardiac Safety Service Market is Segmented 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 Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
| By Type | |
| Integrated Services | |
| Stand-alone Services |
| By Service Type | |
| ECG/Holter Measurement | |
| Blood Pressure Measurement | |
| Cardiovascular Imaging | |
| Thorough QT Studies | |
| Other Service Types |
| By End User | |
| Pharmaceutical and Biopharmaceutical Companies | |
| Contract Research Organizations | |
| Other End Users |
| Geography | ||||||||
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Cardiac Safety Service Market Size Summary
The cardiac safety service market is poised for significant growth, driven by the increasing prevalence of cardiovascular diseases and heightened awareness of cardiac health issues. The market's expansion is further supported by advancements in healthcare technology and services, such as teleconsultation and monitoring devices, which gained prominence during the COVID-19 pandemic. Although the pandemic initially boosted the market due to the increased risk of cardiovascular complications, the subsequent stabilization of these complications has led to a more steady growth trajectory. The rising geriatric population, coupled with the complexities of diagnosing and treating heart conditions in older adults, is expected to further propel the adoption of cardiac safety services, including ECG and Holter monitoring.
North America is anticipated to hold a substantial share of the market, attributed to the high prevalence of cardiovascular diseases and a significant geriatric demographic. The region's market growth is also fueled by strategic developments and mergers among key players, enhancing their service offerings and market reach. The market remains highly fragmented, with numerous players employing strategies like product launches, partnerships, and acquisitions to strengthen their positions. Despite challenges such as high service costs and a shortage of skilled professionals, the market is expected to continue its upward trajectory, supported by ongoing research and development efforts in the healthcare sector.
Cardiac Safety Service Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increase in Prevalence of Cardiovascular Diseases
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1.2.2 Rising Focus on Developing Personalized Medicines
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1.2.3 Growth in the Analysis and Development Investment in Pharma
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1.3 Market Restraints
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1.3.1 High Cost of Cardiac Safety Evaluation
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD Million)
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2.1 By Type
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2.1.1 Integrated Services
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2.1.2 Stand-alone Services
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2.2 By Service Type
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2.2.1 ECG/Holter Measurement
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2.2.2 Blood Pressure Measurement
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2.2.3 Cardiovascular Imaging
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2.2.4 Thorough QT Studies
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2.2.5 Other Service Types
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2.3 By End User
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2.3.1 Pharmaceutical and Biopharmaceutical Companies
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2.3.2 Contract Research Organizations
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2.3.3 Other End Users
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle East and Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle East and Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Cardiac Safety Service Market Size FAQs
What is the current Cardiac Safety Service Market size?
The Cardiac Safety Service Market is projected to register a CAGR of 9% during the forecast period (2024-2029)
Who are the key players in Cardiac Safety Service Market?
Biotrial , Clario, Ncardia AG, Banook Group and Koninklijke Philips N.V.(BioTelemetry) are the major companies operating in the Cardiac Safety Service Market.
