Cardiac Safety Services Market by Service Type, Type, End-User

Description

List of Tables

[180 Pages Report] The Cardiac Safety Services Market size was estimated at USD 1.22 billion in 2023 and expected to reach USD 1.34 billion in 2024, at a CAGR 10.91% to reach USD 2.52 billion by 2030.

Cardiac safety services provide services, solutions, and technologies for evaluating the safety of medical devices, drugs, and interventions concerning their potential effects on cardiac health. These services encompass various applications, including preclinical testing, clinical trials, post-marketing surveillance, and risk management for pharmaceutical companies, biotechnology firms, medical device manufacturers, and healthcare providers. The surge in the prevalence of cardiovascular diseases worldwide and the growing focus on personalized medicine is propelling the need for early diagnosis and accurate risk assessments for cardiac. Stringent regulations imposed by health authorities necessitate a detailed evaluation of potential side effects on cardiac function before marketing approval for drugs and medical devices. However, high costs associated with comprehensive cardiovascular risk assessment procedures may limit their adoption, particularly in resource-limited settings or smaller organizations without extensive research and development (R&D) budgets.

KEY MARKET STATISTICS
Base Year [2023]	USD 1.22 billion
Estimated Year [2024]	USD 1.34 billion
Forecast Year [2030]	USD 2.52 billion
CAGR (%)	10.91%

Service Type: Proliferating need for efficient cardiovascular imaging services

Blood pressure measurement services are crucial for monitoring patients' blood pressure levels, identifying hypertension, and assessing the risk of cardiovascular events. These services use automated or ambulatory blood pressure monitoring devices for accurate and reliable readings. Cardiovascular imaging services offer non-invasive techniques for visualizing the heart's structure and function, aiding in diagnosing and managing various cardiac disorders. ECG (Electrocardiogram) or Holter measurement services involve recording the heart's electrical activity by utilizing electrodes placed on the skin surface. They help detect abnormal heart rhythms (arrhythmias), measure the heart's response to various stimuli, and evaluate implanted cardiac devices' performance. Thorough QT studies assess the potential for new drugs causing prolongation of the QT interval in patients' electrocardiograms. These studies are increasingly important during drug development due to regulatory requirements by regulatory agencies. Blood pressure measurement services focus on hypertension management; cardiovascular imaging services provide insight into heart structure and function; ECG or Holter measurement services diagnose arrhythmias, while thorough QT studies evaluate new drug candidates' proarrhythmic potential.

Type: Expanding use of integrated cardiac safety services for drug development

Integrated cardiac safety services provide a comprehensive suite of solutions to address multiple aspects of cardiac risk assessment and monitoring throughout the drug development process. These solutions include combinations of ECG data analysis, ambulatory blood pressure monitoring, Holter monitoring, continuous ECG telemetry, and other related services. On the other hand, standalone services offer targeted support in niche areas of cardiac safety assessment and are well-suited for entities with existing capabilities or resources that address specific gaps. In contrast to integrated services that offer end-to-end solutions for managing cardiovascular risks, standalone services focus on specific components within cardiac safety assessment.

End-User: Surging adoption of cardiac safety services by pharmaceutical & biopharmaceutical companies

Contract research organizations (CROs) are essential in developing and testing new drugs, medical devices, and therapies. CROs need to ensure high expertise and quality control when evaluating potential treatments for cardiovascular-related conditions. Pharmaceutical and biopharmaceutical companies invest heavily in research and development activities to bring innovative, life-saving products to market. Cardiac safety remains a significant concern for these entities due to stringent regulatory requirements and potential post-marketing risks associated with adverse cardiovascular events. CROs emphasize timely results and strong relationships with regulators; pharmaceutical & biopharmaceutical companies prioritize advanced analytics platforms, real-time data processing capabilities, and validated methodologies for effective cardiac risk assessment.

Regional Insights

The cardiac safety services market is witnessing significant growth in the Americas owing to the increasing prevalence of cardiovascular diseases, higher healthcare expenditures, and advancements in diagnostic technologies. Investments in research and development have resulted in several new patents, such as noninvasive blood pressure monitoring algorithms and cardiac biomarker detection methods in the Americas. In the European Union (EU), regulatory authorities' stringent measures have led to increased demand for cardiac safety services. The EMEA region is investing heavily in improving healthcare infrastructure and attracting international investments for specialized medical services such as cardiac safety services. The APAC region boasts a rapidly expanding market for cardiac safety services driven by an aging population and increasing cardiovascular disease incidence, and the government supports the development of innovative technologies through investments in research. Additionally, pharmaceutical companies are increasingly investing in research to develop cost-effective cardiac monitoring solutions, which are expected to boost their use by end-users worldwide.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Cardiac Safety Services Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Cardiac Safety Services Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Cardiac Safety Services Market, highlighting leading vendors and their innovative profiles. These include Abbott Laboratories, AliveCor, Inc., Banook Group, Biotrial, Butterfly Network Inc., Celerion, Certara, Inc., Circle Cardiovascular Imaging Inc., Clario, Clyde Biosciences Limited, Dozee, Eurofins Scientific SE, GE HealthCare Technologies Inc., ICON PLC, IQVIA Holdings Inc., Koninklijke Philips N.V., Laboratory Corporation of America Holdings, Lunit Inc., Medpace, Inc., MERIT CRO, Inc., Metrion Biosciences Limited, Ncardia Services B.V., NEXEL Co., Ltd., Octagos Health, Inc., PhysioStim SAS, Richmond Pharmacology Limited, Shanghai Medicilon Inc., Siemens Healthcare GmbH, Tempus Labs, Inc., Thermo Fisher Scientific Inc., and Toray Medical Company Limited by Toray Industries.

Market Segmentation & Coverage

This research report categorizes the Cardiac Safety Services Market to forecast the revenues and analyze trends in each of the following sub-markets:

Service Type
- Blood Pressure Measurement Services
- Cardiovascular Imaging Services
- ECG or Holter Measurement Services
- Thorough QT Studies

Type
- Integrated Services
- Standalone Services

End-User
- Contract Research Organizations
- Pharmaceutical & Biopharmaceutical Companies

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Cardiac Safety Services Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Cardiac Safety Services Market?

3. What are the technology trends and regulatory frameworks in the Cardiac Safety Services Market?

4. What is the market share of the leading vendors in the Cardiac Safety Services Market?

5. Which modes and strategic moves are suitable for entering the Cardiac Safety Services Market?

Product Code: MRR-034230D3E2D5

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rising incidence of cardiovascular disorders and the need for effective & safe treatment
  - 5.1.1.2. Use of biosimilars and biomarkers to detect cardiotoxicity or cardiovascular risks
  - 5.1.1.3. Government initiatives encouraging personalized treatments in cardiology
- 5.1.2. Restraints
  - 5.1.2.1. Relatively high cost of cardiac evaluation services and limited availability of skilled professionals
- 5.1.3. Opportunities
  - 5.1.3.1. Advancements in cardiac safety testing and monitoring systems
  - 5.1.3.2. Growing number of clinical trials and R&D for cardiac treatments
- 5.1.4. Challenges
  - 5.1.4.1. Lack of regulatory standardization across various countries
5.2. Market Segmentation Analysis
- 5.2.1. Service Type: Proliferating need for efficient cardiovascular imaging services
- 5.2.2. Type: Expanding use of integrated cardiac safety services for drug development
- 5.2.3. End-User: Surging adoption of cardiac safety services by pharmaceutical & biopharmaceutical companies
5.3. Market Trend Analysis
- 5.3.1. Highly advanced healthcare infrastructure and presence of established vendors favored by supportive regulatory landscape in the Americas
- 5.3.2. Potential of the Asia-Pacific to be a preferred arena for cardiology trials and expanding adoption cardiovascular disease treatment
- 5.3.3. Well-defined regulatory standards surrounding cardiac safety in Europe and the rise of the Middle East & Africa as a potential clinical trial hub
5.4. Cumulative Impact of High Inflation
5.5. Porter's Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
5.6. Value Chain & Critical Path Analysis
5.7. Regulatory Framework Analysis
5.8. Client Customization

6. Cardiac Safety Services Market, by Service Type

6.1. Introduction
6.2. Blood Pressure Measurement Services
6.3. Cardiovascular Imaging Services
6.4. ECG or Holter Measurement Services
6.5. Thorough QT Studies

7. Cardiac Safety Services Market, by Type

7.1. Introduction
7.2. Integrated Services
7.3. Standalone Services

8. Cardiac Safety Services Market, by End-User

8.1. Introduction
8.2. Contract Research Organizations
8.3. Pharmaceutical & Biopharmaceutical Companies

9. Americas Cardiac Safety Services Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Cardiac Safety Services Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Cardiac Safety Services Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. OSF HealthCare Establishes a Partnership with Bellin Health to Expand Cardiovascular Services in Delta County
- 12.3.2. Jubilant Radiopharma and Cardiac Imaging, Inc. Announce Exclusive Partnership to Expand Access for Mobile Cardiac PET Offering
- 12.3.3. GE HealthCare Announces Vscan Air SL Device for Cardiac, Vascular Patients
- 12.3.4. Clario and AliveCor Collaborate to Offer Advanced, Trial-Focused Six-Lead ECG Solutions for Monitoring in Decentralized Clinical Trials
- 12.3.5. Metrion Biosciences Announces Launch of Good Laboratory Practice (GLP) hERG Screening Service
- 12.3.6. Heartnet Launches Telecardiology Product ASAAN
- 12.3.7. AliveCor, Luscii Partner On 'Heart Clinic In a Box'
- 12.3.8. Abbott Receives FDA Approval for World's First Dual Chamber Leadless Pacemaker
- 12.3.9. Philips, Biotronik Partner to Expand Care for Out-of-Hospital Cardiology Labs
- 12.3.10. Abbott Completes USD 890 Million Acquisition of Cardiovascular Systems
- 12.3.11. Philips and TriHealth Announce Multi-Year Partnership at Heart of New Trihealth Heart & Vascular Institute on the Campus of Bethesda North Hospital
- 12.3.12. Banook Group Continues Global Expansion with the U.S. Office Opening

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio