Market Trends of Cardiac Safety Service Industry
This section covers the major market trends shaping the Cardiac Safety Service Market according to our research experts:
The ECG/Holter Measurement Segment is Expected to Hold a Significant Market Share Over the Forecast Period
A Holter monitor is a battery-operated portable ECG device that can be worn by a patient for 24 to 48 hours, records heart activity (electrocardiogram) continuously, and monitors the heart rhythm. This portable device provides several advantages over traditional ECG devices, such as fewer leads, and the patient is free to move and go around their usual daily routines, which has increased its usage among patients and physicians. The rising geriatric population and the increasing prevalence of cardiovascular diseases are expected to boost segment growth.
Old age is often associated with the increasing prevalence of cardiovascular diseases. For instance, according to the data published by the American Heart Association in December 2022, older patients have more pronounced anatomical changes and more severe functional impairment during heart diseases, and cardiovascular changes that occur with aging make acute coronary syndrome (ACS) more likely to occur and may make diagnosing and treating it more complex. It happens because large arteries become stiffer in older people. The heart muscle often works harder but pumps less effectively. Hence, the increasing complications of cardiovascular diseases with old age is expected to boost the adoption of ECG/Holter measurement services.
Furthermore, the rising prevalence of cardiovascular diseases is also expected to boost the segment growth. For instance, according to the data published by WHO in October 2022, it is observed that the lifetime risk of developing a stroke has increased by 50% over the last 17 years and currently 1 in 4 people is estimated to have a stroke in their lifetime.
Furthermore, the key developments by major market players are also expected to boost the segment growth. For instance, in June 2021, AliveCor, an ECG technology and service provider, acquired the independent diagnostic testing facility (IDTF) CardioLab to expand its cardiological services to patients who are prescribed monitoring devices by their healthcare providers.
North America is Expected to Hold a Significant Market Share Over the Forecast Period
North America is expected to account for a significant share of cardiac safety services during the forecast period, owing to the rise in the number of geriatric patients and the high prevalence of cardiovascular diseases. For instance, according to data updated by the CDC in October 2022, it was estimated that about 805,000 people in the United States have a heart attack every year, of which 605,000 were estimated to be a first heart attack, and 200,000 heart attacks happened to people who have already had a heart attack.
Furthermore, the rising geriatric population in the region is also expected to increase the prevalence of cardiovascular diseases, thus leading to more adoption of cardiac safety services. For instance, according to the data published by Statistics Canada in July 2022, it is estimated that around 7,330,605 people are aged 65 years or older in Canada, and this accounts for 18.8% of the total population.
Furthermore, the key developments by major market players in the region are also expected to boost market growth. For instance, in November 2021, ERT and Bioclinica merged to form Clario, a United States-based company. The transaction combines Bioclinica's expertise in imaging, eClinical software, and drug safety solutions with ERT's expertise in eCOA, cardiac safety, respiratory, and wearables.
