PUBLISHER: The Business Research Company | PRODUCT CODE: 1414088
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414088
“Cardiac Safety Services Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cardiac safety services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cardiac safety services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The cardiac safety services market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Cardiac safety services encompass a range of support dedicated to monitoring and ensuring heart safety throughout various clinical trials and research endeavors. These services aid in the design and execution of trials while maintaining a focus on cardiac safety protocols.
Key services within cardiac safety offerings include ECG or Holter measurements, blood pressure assessments, in vitro cardiac safety evaluations, cardiovascular imaging, real-time telemetry monitoring, central over-reading of ECGs, non-invasive cardiac imaging, physiologic stress testing, and comprehensive QT studies, among others. Holter measurements, for instance, involve the continuous recording of the heart's electrical activity for 24 hours or more, allowing remote monitoring away from medical facilities. The phases involved in these services typically span Phase 1, Phase 2, and Phase 3, primarily utilized by pharmaceutical and biopharmaceutical companies, contract research organizations, as well as academic and research institutes to ensure cardiac safety standards in clinical research and trials.
The cardiac safety services market research report is one of a series of new reports from The Business Research Company that provides cardiac safety services market statistics, including cardiac safety services industry global market size, regional shares, competitors with cardiac safety services market share, detailed cardiac safety services market segments, market trends, and opportunities, and any further data you may need to thrive in the cardiac safety services industry. This cardiac safety services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The cardiac safety services market size has grown rapidly in recent years. It will grow from $0.94 billion in 2023 to $1.05 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth observed in the previous period can be credited to several contributing factors. These include advancements in drug development and the conduct of clinical trials, stricter adherence to regulatory compliance requirements, a notable rise in the prevalence of cardiovascular disorders, the globalization of clinical trials to diverse geographical regions, and an increased emphasis on personalized medicine approaches within the healthcare landscape. These factors collectively contributed to the growth witnessed during that timeframe in the realm of cardiac safety services.
The cardiac safety services market size is expected to see rapid growth in the next few years. It will grow to $1.55 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. Anticipated growth in the upcoming period is expected to be fueled by several key drivers. These encompass the increasing adoption of remote patient monitoring practices, a notable shift towards decentralized clinical trials, a rise in orphan drug development initiatives, the expanding outsourcing of clinical trials, and regulatory frameworks emphasizing patient-centric approaches within healthcare.
The rise in cardiovascular diseases is anticipated to drive the expansion of the cardiac safety services market. These diseases encompass various heart and blood vessel disorders, such as peripheral arterial disease and coronary heart disease. Cardiac safety services primarily focus on monitoring heart health and identifying factors contributing to cardiovascular issues before their onset, aiding in preventive measures and reducing mortality risks. Notably, a journal published by Oxford University Press in March 2023 reported that over 200 million individuals were affected by peripheral artery diseases in 2020, with an expected 50% increase by 2045. Additionally, data from the UK's Office for National Statistics showed a rise in heart attack-related deaths from 19,440 in 2020 to 20,061 in 2021. These statistics underscore how the surge in cardiovascular diseases fuels the cardiac safety services market.
The burgeoning aging population is poised to propel the growth of the cardiac safety services sector. An aging population, characterized by increased median age due to longer life expectancies and declining fertility rates, often faces elevated incidences of cardiovascular diseases. This demographic requires specialized care and management for cardiac conditions in geriatric care settings, which necessitates robust cardiac safety services. The World Health Organization projected that by 2030, one in six individuals globally will be aged 60 or older, totaling 1.4 billion, compared to one billion in 2020. Additionally, the number of people aged 80 or older will double to 2.1 billion by 2050, signifying a significant rise. Hence, the expanding elderly demographic drives the growth of cardiac safety services.
Innovations in product offerings stand as a pivotal trend gaining momentum within the cardiac safety services market. Notably, prominent market players are dedicated to crafting novel solutions to fortify their market presence. For instance, in March 2022, CATHI, a Germany-based technology-driven company, unveiled the CATHIS RHC 2, an updated version of their Right Heart Catheter (RHC) simulator. This improved model retains the original simulator's features and includes additional benefits such as wire-assisted navigation and compatibility with real liquids (S-HUB), enabling the performance of thermodilution.
Major companies operating in the cardiac safety services sector are leveraging advancements such as AI and ML-powered cardiac safety tools to gain a competitive edge. These tools utilize electrocardiogram (ECG) data to furnish detailed insights into continuous ECG data, assessing its quality and accuracy. Notably, Clario, a US-based healthcare company, introduced its AI-powered ECG quality score tool in November 2023. This tool employs machine learning and artificial intelligence to enhance cardiac safety data quality, enabling sponsors to proactively address any anomalies in the data and potentially allowing waivers for conventional Thorough QT (TQT) investigations. The integration of AI technology enhances Clario's Early Precision QT (EPQT) early phase solution, elevating data quality assurance in cardiac safety assessments.
In February 2021, Philips, a renowned health technology company headquartered in the Netherlands, completed the acquisition of BioTelemetry Inc. The specific financial details of the transaction remain undisclosed. This strategic move by Philips involved the integration of its patient care management portfolio within hospital settings with BioTelemetry's extensive portfolio specializing in cardiac diagnostics and monitoring, which predominantly operates outside traditional hospital environments.
Major companies operating in the cardiac safety services market report are Laboratory Corporation of America Holdings, Banook Group Limited, Pharmaceutical Product Development LLC, Biotrial S.A., Certara Inc., Celerion Inc., Medpace Holdings Inc., Ncardia AG, Richmond Pharmacology Limited, PhysioStim, SGS Societe Generale de Surveillance SA, Koninklijke Philips N.V., Clario, NEXEL Co. Ltd., Eurofins Scientific SE, InBody USA Inc., Spaulding Clinical Research LLC, OMRON Healthcare Inc., ERT Inc., IQVIA Holdings Inc., Bioclinica Inc., ICON plc, BioTelemetry Inc., Medidata Solutions Inc., SYNEXUS Clinical Research, PPD Inc., Parexel International Corporation, Chiltern International Limited, ACI Clinical Inc., Biomedical Systems, High Point Clinical Trials Center, Maastricht University Medical Centre+, CCBR-SYNARC, Cytel Inc., CardioSecur Ltd., Medicalgorithmics S.A., Advarra Inc.
North America was the largest region in the cardiac safety services market in 2023. The regions covered in the cardiac safety services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the cardiac safety services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The cardiac safety services market includes revenues earned by companies by providing cardiac safety monitoring, ventricular arrhythmias, and cardiovascular performance services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.