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.
