Cardiac Safety Services Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Type (Standalone, and Integrated), By Services (ECG/Holter Measurements, Blood Pressure Measurements, Cardiovascular Imaging, Thorough QT Studies, and Others), By End-user (Pharmaceuticals & Biopharmaceuticals Companies, Contract Research Organizations, and Research Institutes) and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The global cardiac safety services market was valued at USD 687.8 Million in 2022 and is anticipated to reach a value of USD 1,506.8 Million by 2030 expanding at a CAGR of 10.4% between 2023 and 2030.

Cardiac safety services are refers to a collection of clinical and medical services that help in dealing with supporting and designing clinical trials and monitor the potential effects of a drug in the cardiovascular system. It provides with required support for monitoring heart safety by helping in design clinical trials and other research.  Cardiac safety services are set of services and processes are used to access and monitor the cardiovascular safety. These services are very important to ensure the cardiac safety of new products. It can be classified into standalone and integrated services. Integrated services offer several benefits as compared to standalone services. There are various cardiac safety services including ECG measurement, holter measurement, blood pressure measurement, cardiovascular imaging, thorough QT studies, and safety data analysis. Cardiac safety services are necessary as it help to identify and mitigate potential safety risks associated with the drugs and devices. Cardiac safety services are used by variety of end users including pharmaceuticals & biopharmaceuticals companies, contract research organizations, and research institutes.  

Cardiac Safety Services Market Major Driving Forces

Increase in Prevalence of Cardiovascular Diseases: The rising prevalence of cardiovascular diseases across the world is the major driver of cardiac safety services. The increasing incidence of cardiovascular diseases causing death worldwide which has increased demand for cardiac safety services.

Increasing Investment in Research and Development: Pharmaceutical and biotechnology companies are highly investing in research and development for the development of new drugs and devices.

Increase in the Number of Clinical Trials: More advancement in the clinical trial field which has increased the number of clinical trials and is anticipated to propel the market growth. Also changing regulatory requirements of the clinical trials has increased the number of clinical trials.

Increase in Healthcare Expenditure and Funding: The increase in healthcare expenditure and funding is the significant driver of the cardia safety services market.  Healthcare expenditure has increased across developed and emerging countries due to increasing disposable income of people.   

Cardiac Safety Services Market Key Opportunities

Increase in New Drug Development: The clinical trials are necessary for discovering and developing new drugs for disease treatment. Clinical trial is the best way to find out what treatments work or don’t work on humans. The drug development is characterized by forming new treatment as medicines for curing various diseases.

Technological Advancements:

Ongoing advancements in cardiac safety technologies is expected to provide lucrative opportunities for market growth. Artificial intelligence is being used to analyze ECG for the automated analysis of ECG data with greater accuracy.  AI enables real-time detection of cardiac abnormalities and arrhythmias and also provide with real-time feedback to healthcare facilities.

Growing Demand for Personalized Cardiac Safety Monitoring:

The increasing demand for personalized medicine creates opportunities for cardiac safety services market. The increasing focus on personalized monitoring for patient preferences and feedback and optimization of drug dosing based on individual characteristics.

Cardiac Safety Services Market Key Trends

·         The cardiac safety services market is continuously evolving with the introduction of innovative products such as AI-powered ECG tool, remote monitoring systems and many others

·         Pharmaceutical and biotechnology companies are highly outsourcing in clinical trials to contract research organizations to reduce cost

·         Integration of advanced technologies such as artificial intelligence, wearable devices, and health applications for remote monitoring during clinical trials  

·         Changing stringent regulatory requirements about the safety of new drugs and devices around the world

·         Personalized medicine is an emerging market trend in healthcare, as drug development becomes more popular for specific patient treatment leading to an increased demand for cardiac safety services

·         Pharmaceutical and biopharmaceutical companies are increasingly investing in research and development for the development of new drugs and advanced devices

·         Expansion into emerging markets owing to the increasing prevalence of cardiovascular diseases in the developing countries

Region-wise Market Insights

North America accounted for the largest market share at 38.7% in 2022 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 11.3% between 2023 and 2030.

In North America, the demand is driven by an increase in the number of clinical trials, existence of major market players and the innovation in technology and increasing investment in research and development. Furthermore, factors such as stringent regulatory requirements, high prevalence of cardiovascular diseases, and huge presence of biotech and pharmaceutical companies are attributed to growth of the market in this region. Europe is significant market for cardiac safety services with major countries such as Germany, United Kingdom and France. In Europe, the demand is driven by the presence of a more contract research organizations and its service providers. The demand is attributed to the developed healthcare infrastructure increasing healthcare investment. In Asia-Pacific, the market is characterized by enhancing healthcare facilities, increasing focus on outsourcing of clinical trials, arise in the prevalence of cardiovascular diseases, and rising disposable incomes which has created an increasing demand for cardiac safety services. The Middle East and Africa has been witnessing a growing demand for cardiac safety services owing to growing interest in clinical research and development activities.  

Market Competition Landscape

The global cardiac safety services market is characterized by high degree of competition among a large number of manufacturers. Key players in the cardiac safety services market engage in strategies aimed at gaining a competitive edge. These strategies include product innovation, design differentiation, and the incorporation of sustainable and eco-friendly materials to meet evolving consumer preferences. Furthermore, these prominent players are highly investing in research and development for the development of new drugs and advanced devices. Established brands leverage their reputation for quality and reliability to maintain market share, while newer entrants focus on disruptive innovations and unique selling propositions.

Key players in the global cardiac safety services market implement various organic and inorganic strategies to strengthen and improve their market positioning. Prominent players in the market include:

·         Biotrial

·         Banook Group

·         Clario

·         Laboratory Corporation of America Holdings

·         Medpace, Inc.

·         Koninklijke Philips N.V.

·         Ncardia

·         IQVIA Inc.

·         Certara

·         Thermo Fisher Scientific Inc.

·         SGS Société Générale de Surveillance SA.

·         Celerion

·         ICON plc

·         Charles River Laboratories.