Cardiac Safety Service Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022-2027)

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. The report offers the value (in USD million) for the above segments.

Market Snapshot

Cardiac Safety Service Market Size
Study Period: 2020-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: North America
CAGR: 9 %

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Market Overview

The cardiac safety service market is expected to register a CAGR of 9% during the forecast period (2022-2027).

The COVID-19 pandemic has imposed a high burden on the healthcare industry, increasing its focus on providing better healthcare facilities, monitoring devices, services, and teleconsultation. According to the World Health Organization, 2020, more than half (53%) of the countries surveyed have partially or completely disrupted services for hypertension treatment and 31% for cardiovascular emergencies. The emergence of COVID-19 has compelled the government and companies to invest a huge amount of money in research and development to provide better treatments, drugs, and services to patients globally. For instance, it has been found that COVID-19 has increased the risk of all types of cardiovascular ailments. According to the National Center for Biotechnology Information, 2021, evidence of acute cardiac compromise was observed in COVID-19 patients, which includes acute heart failure (3%–33%), myocardial ischemia or infarction (0.9%–11%), and arrhythmias (9%–17%). There has been an increased number of cardiovascular deaths observed in the country during the pandemic. For instance, New York experienced the largest relative increase in deaths due to ischemic heart disease (139%) and hypertensive diseases (164%) during the pandemic, as reported by the American College of Cardiology.

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. According to the National Center for Biotechnology Information, 2021, around 64.3 million people are suffering from heart failure worldwide. The prevalence rate of heart failure in the United States is 6 million, which is 1.8% of its total population. In Canada, the prevalence rate is 1,5% to 1.9%, and in Europe, the prevalence rate of heart failure is estimated to be 1% to 2% in 2021, as reported by the American Heart Association. Additionally, the increasing R&D expenditure by the healthcare industries and outsourcing R&D activities are some factors boosting the growth of the market. Modern technology has brought solutions to help monitor and improve cardiovascular health. For instance, cardiology and radiology equipment now use artificial intelligence and machines, which help by locating potential problems in the heart and blood vessels for the cardiologist to review. The increasing number of cardiovascular diseases among the population tends to increase the use of cardiac safety services in developed countries.

However, the huge cost of services and lack of skilled persons are likely to hinder the market growth.

Scope of the Report

As per the scope of this report, the cardiac safety service market provides the 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. The report offers the value (in USD million) for the above segments.

Type
Integrated Services
Stand-alone Services
Service Type
ECG/Holter Measurement
Blood Pressure Measurement
Cardiovascular Imaging
Thorough QT Studies
End User
Pharmaceutical and Biopharmaceutical Companies
Contract Research Organizations
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

The ECG Holter Measurement Service Segment Dominates the Market

The ECG Holter service is expected to dominate the market in the forecast period.

The growth in this segment is mainly attributed to a rise in the geriatric population and the increasing prevalence of cardiovascular diseases. According to the data published by Health System Tracker, 2022, it has been observed that heart disease is the number one leading cause of death in the United States. The World Heart Federation has predicted more than 23 million CVD-related deaths per year by 2030. Owing to these factors, there is a need for continuous heart rate monitoring and immediate heartbeat detection devices. ECG monitoring devices have been used in the past years in the healthcare system to detect any abnormality in the functioning of the heart. With the advancement of technology, new ECG Holter measurement devices have been introduced. A Holter monitor is a battery-operated portable ECG device that can be worn by a patient for a duration of 24 to 48 hours and records heart activity (electrocardiogram) continuously and monitors the heart rhythm. This portable device provides several advantages over the 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. Various wearable ECG devices have been introduced in the market that have ECG/EKG sensors to monitor heart health, such as Apple Watch, AliveCor’s KardiaBand, and the Withings ScanWatch. The Apple Watch 4 and up and the AliveCor Kardia devices all have been tested and approved by the Food and Drug Administration to detect atrial fibrillation, which is a heart condition that can lead to heart failure, strokes, and even dementia.

These advanced ECG-Holter measurement devices offer a lucrative opportunity for the growth of the cardiac safety services market.

Cardiac Safety Service Market Trends

North America Dominates the Market, and It is Expected to do the Same During the Forecast Period

North America is expected to account for a major 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. According to the data published by the American Heart Association, 2020, it has been found that approximately 605,000 new heart attack cases and 200,000 recurrent heart attacks have been recorded each year in the United States. COVID-19 has increased the risk of heart diseases among people. For instance, US veterans who had COVID-19 faced a 72% higher risk of heart failure after 12 months. According to the data published by Nature Medicine, 2022, titled ‘Long Covid’ may worsen risk of heart diseases”, it has been found that 1.7% of COVID-19 patients in the United States are more likely to develop cardiovascular diseases or dysregulated heart rhythm, and 2.39% are likely to have blood clots in the blood vessels.

In addition, the advanced healthcare system, increasing awareness among people of preventive measures for cardiovascular diseases instead of treatment, healthcare campaigns, and government investments in the healthcare system and providing services are likely to boost the growth of the market in the region. There are several leading cardiac event monitoring companies in the United States that provide various forms of long-term cardiac monitoring, such as Applied Cardiac Systems (ACS) and BioTelemetry, which are formed from acquisitions of several leading monitoring companies and Spacelabs.

Cardiac Safety Service Market Analysis

Competitive Landscape

The cardiac safety service market is highly fragmented, with the presence of a large number of players in the market. The major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, and acquisitions to increase their footprints in this market. Some of the major players of the market include Biotrial, Banook Group, Bioclinica, BioTelemetry, and Ncardia AG.

Recent Developments

In November 2021, ERT and Bioclinica merged to form Clario. 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.

In June 2021, ERT announced the expansion of its clinical endpoint data collection portfolio with an at-home blood pressure monitoring solution, which increases patient compliance and provides better safety assessment.

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. Under the deal, AliveCor manages CardioLabs’ customers, and customers will retain access to the full suite of cardiac monitoring services previously available to them, including Mobile Cardiac Telemetry, Cardiac Event Monitoring, Extended Holter, and Holter monitoring. CardioLabs customers will have access to AliveCor's KardiaMobile 6L.

In February 2021, Royal Phillips, a global leader in health technology, acquired BioTelemetry, a US-based provider of remote cardiac diagnostics and monitoring company, to provide patient care management solutions for cardiac and other patients at hospitals and homes.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increase in Prevalence of Cardiovascular Diseases

      2. 4.2.2 Rising Focus on Developing Personalized Medicines

      3. 4.2.3 Growth in the Analysis and Development Investment in Pharma

    3. 4.3 Market Restraints

      1. 4.3.1 High Cost of Cardiac Safety Evaluation

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Integrated Services

      2. 5.1.2 Stand-alone Services

    2. 5.2 Service Type

      1. 5.2.1 ECG/Holter Measurement

      2. 5.2.2 Blood Pressure Measurement

      3. 5.2.3 Cardiovascular Imaging

      4. 5.2.4 Thorough QT Studies

    3. 5.3 End User

      1. 5.3.1 Pharmaceutical and Biopharmaceutical Companies

      2. 5.3.2 Contract Research Organizations

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle-East and Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle-East and Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Biotrial

      2. 6.1.2 Bioclinica

      3. 6.1.3 Ncardia AG

      4. 6.1.4 Richmond Pharmacology

      5. 6.1.5 PhysioStim

      6. 6.1.6 BioTelemetry

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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Frequently Asked Questions

The Cardiac Safety Service Market market is studied from 2020 - 2027.

The Cardiac Safety Service Market is growing at a CAGR of 9% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Biotrial , Clario, Ncardia AG, BioTelemetry, a Philips Company, Banook Group are the major companies operating in Cardiac Safety Service Market .

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