Market Research Report
The Cardiac Safety Service Market - Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)
|The Cardiac Safety Service Market - Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)|
Published: April 28, 2022
Mordor Intelligence Pvt Ltd
Content info: 110 Pages
Delivery time: 2-3 business days
The Global Cardiac Safety Service Market is expected to grow with a CAGR of 9% in the forecast period (2022-2027).
The COVID-19 pandemic has imposed a high burden on the healthcare industry, increasing their focus on providing better healthcare facilities, monitoring devices, services, teleconsultation. According to 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 huge amount of money in research and development sector to provide better treatments, drugs and services to the patients globally. For instance, it has been found that, COVID-19 has increased the risk of all types of cardiovascular ailments. According to National Center for Biotechnology Information, 2021, evidences of acute cardiac compromise has been observed in the covid-19 patients which includes acute heart failure (3%-33%), myocardial ischemia or infarction (0.9%-11%) and arrhythmias (9%-17%). There has been increased number of cardiovascular deaths observed in the country during COVID-19 pandemic. For instance, New York city has experienced largest relative increase in deaths due to ischemic heart disease (139%) and hypertensive diseases (164%) during the pandemic, reported by American College of Cardiology.
The growth of the Cardiac Safety Service market is mainly due to the rising prevalence of cardiovascular diseases, growing awareness among people regarding cardiac problems and chronic heart disease which are likely to increase the growth of the cardiac safety services market. According to 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, reported by American Heart Association. Additionally, increasing research and development expenditure by the healthcare industries, outsourcing research and development activities are some factors to boost the growth of the market. Modern technology has brought solutions to help us monitor and improve our cardiovascular health. For instance, cardiology and radiology equipment now use Artificial Intelligence and machine which helps by locating potential problems in the heart and blood vessels for the cardiologist to review. The increase number of cardiovascular diseases among population tend to increase the use of cardiac safety services in the developed countries.
However, the huge cost of services and lack of skilled persons are likely to hinder the market growth.
The ECG Holter service is expected to dominate the market in the forecast period.
The growth in this segment is mainly attributed by rise in geriatric population and increasing prevalence of cardiovascular diseases. According to the data published by Health System Tracker, 2022, it has been observed that the heart disease is the number one leading cause of deaths in the United States. The World Heart Federation has predicted that more than 23 million CVD-related deaths per year by 2030. With the rising of these factors there is a need of continuous heart rate monitoring and immediate heartbeat detection devices. ECG monitoring devices have been used from past years in the healthcare system for detecting any abnormality in the functioning of 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 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 number of leads and 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 which has ECG/EKG sensors to monitor the heart health such as Apple Watch, AliveCor's KardiaBand, the Withings ScanWatch. The Apple Watch 4 and up and the AliveCor Kardia devices all have been tested and approved by Food and Drug Administration for detecting atrial fibrillation, which is a heart condition that can lead to heart failure, strokes, and even dementia.
These advanced ECG-Holter measurement devices offers a lucrative opportunity for the growth of the cardiac safety services market.
North America accounts the major share of the Cardiac Safety services in the forecast period, owing to the rise in the number of geriatric patients, high prevalence of cardiovascular diseases. According to the data published by American Heart Associations, 2020, it has been found that approximately 605,000 new heart attacks cases and 200,000 recurrent heart attacks has been recorded each year in the United States. The COVID-19 has increased the risk of the heart diseases in the people. For instance, the United States Veterans who had 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 the covid-19 patients in the United States are more likely to develop cardiovascular diseases or dysregulated heart rhythm and 2.39% likely to have blood cloths in the blood vessels.
In addition, the advanced healthcare system, increasing awareness among people towards preventive measures for cardiovascular diseases instead of treatment, healthcare campaigns, 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), BioTelemetry which is formed from acquisitions of several leading monitoring companies and Spacelabs.
Cardiac Safety Services market is highly fragmented with the presence of 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.