CHICAGO, Oct. 3, 2023 /PRNewswire/ -- In the near future, the cardiac safety services industry is poised for significant growth and innovation. As pharmaceutical research continues to advance, the demand for robust cardiac safety assessments throughout drug development pipelines will remain crucial. With the integration of cutting-edge technologies such as artificial intelligence, wearable devices, and remote monitoring, the industry will become increasingly adept at identifying and addressing cardiac risks in real-time. Furthermore, as precision medicine gains prominence, cardiac safety services will play a pivotal role in tailoring treatments to individual patient profiles, ensuring safer and more effective therapies. This dynamic sector will not only contribute to the acceleration of drug approvals but also foster a heightened emphasis on patient-centric, personalized healthcare, reshaping the landscape of cardiac safety services in the years to come.
Cardiac Safety Services Market in terms of revenue was estimated to be worth $739 million in 2023 and is poised to reach $1,282 million by 2028, growing at a CAGR of 11.6% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growth of this market is driven by rising incidence of cardiovascular diseases, large number of cardiac issue related clinical trials. Additionally, the increasing outsourcing of cardiac safety services leading to expanded adoption of cardiac safety services.
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Cardiac Safety Services Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $739 million |
Estimated Value by 2028 | $1,282 million |
Growth Rate | Poised to grow at a CAGR of 11.6% |
Market Size Available for | 2021–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, Service Type, and End User |
Geographies Covered | North America, Europe, Asia Pacific, Latin America (LATAM) and The Middle East and Africa (MEA) |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Emergence of new methods to curb cardiotoxicity |
Key Market Drivers | Rising incidence of cardiovascular diseases |
The integrated services segment accounted for the largest share, by type in the cardiac safety services market in 2022.
By type, the cardiac safety services market has been further categorized as integrated services and standalone services. The integrated services segment held the largest share of the global cardiac safety services market in 2022. This can be attributed to benefits associated with integrated services. Integrated services offer benefits such as comprehensive data integration and improved data quality. Additionally, these services help enhance and expedite clinical trials in the pharmaceutical and biopharmaceutical development cycle. These advantages make integrated services as preferable option against standalone cardiac safety services.
The ECG/ Holter measurement services segment accounted for the largest share of the service type segment in the cardiac safety services market in 2022.
Based on service type, the global cardiac safety services market has been segmented into ECG/Holter measurement services, blood pressure measurement services, cardiovascular imaging services, thorough QT studies, and other cardiac safety services. The ECG/ Holter measurement services segment held the largest market share in 2022. The large share of this segment can be attributed to the low cost of ECG/Holter services and rigorous regulations for drug safety, increasing research & development activities to develop effective and innovative drugs.
The North America region catered the largest share of the cardiac safety services market in 2022.
The cardiac safety services market in North America has experienced significant growth in recent years, showcasing a robust expansion trajectory, owing to large pharmaceutical & biopharmaceutical industry in the region, the rising R&D expenditure, stringent regulations, and the presence of major providers of cardiac safety services in the US and Canada. Additionally, growth of the North American cardiac safety services market is driven by significant factors such as a multitude of ongoing clinical trials, the expansion of the biosimilars and generics sector, and the increasing adoption of outsourcing preclinical, clinical, and laboratory testing services by pharmaceutical and biopharmaceutical companies.
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Cardiac Safety Services Market Dynamics:
Drivers:
- Rising incidence of cardiovascular diseases
Restraints:
- Inadequacy of cardiotoxicity testing
Opportunities:
- Emergence of new methods to curb cardiotoxicity
Challenge:
- High cost of cardiac safety evaluation services
Key Market Players:
Key players in the cardiac safety services market include Laboratory Corporation of America Holdings (US), Koninklijke Philips N.V. (Netherlands), Clario (US), Banook Group (France), IQVIA (US), Biotrial (France), Certara (US), Celerion (US), Medpace (US), Ncardia (Netherlands), Richmond Pharmacology (UK), PhysioStim (France), Shanghai Medical (China), Pharmaceutical Product Development, Inc. (US), and SGS S.A. (Switzerland).
Recent Developments:
- In August 2023, Clarion (US) collaborated with Dr. Vince Clinical Research (DVCR) (US). The strategic collaboration helps Clario (US) deliver accurate and cost-efficient cardiac safety data in the early clinical development stages.
- In October 2022, IQVIA (US) launched its first self-collection safety lab panel for US clinical trial participants by a leading global clinical trial laboratory.
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Cardiac Safety Services Market Advantages:
- Patient Safety: Ensuring the safety of participants in clinical trials is paramount. Cardiac safety services help identify and mitigate potential cardiac risks associated with new drugs, ultimately protecting the health and well-being of trial participants.
- Regulatory Compliance: Regulatory bodies such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) require thorough cardiac safety assessments as part of the drug approval process. Cardiac safety services help pharmaceutical companies meet these stringent regulatory requirements, facilitating faster drug approvals.
- Risk Mitigation: Early identification of cardiovascular risks associated with new drugs allows pharmaceutical companies to make informed decisions during drug development. This helps in optimizing drug formulations, dosages, or discontinuing the development of unsafe drugs, thereby reducing financial risks.
- Cost Savings: Detecting cardiac safety issues early in the drug development process can save pharmaceutical companies significant costs associated with late-stage clinical trial failures or post-market withdrawals.
- Time Efficiency: By proactively addressing cardiac safety concerns, pharmaceutical companies can expedite the drug development process and reduce the time to market. This is especially important in the competitive pharmaceutical industry.
- Improved Drug Development Strategies: Cardiac safety services provide valuable data and insights that can inform drug development strategies, allowing companies to prioritize candidates with a better safety profile and a higher likelihood of success.
- Enhanced Market Reputation: A commitment to cardiac safety can enhance a pharmaceutical company's reputation and build trust among healthcare professionals, regulatory agencies, and patients.
- Personalized Medicine: Cardiac safety assessments can help identify patient populations that may be more susceptible to certain cardiovascular side effects, enabling the development of personalized medicine approaches and tailored treatment strategies.
- Global Reach: Cardiac safety services are offered by specialized contract research organizations (CROs) and can be accessed globally, ensuring that pharmaceutical companies have access to expertise and resources regardless of their location.
- Long-term Benefits: Establishing a strong cardiac safety program can have long-term benefits, as it contributes to the overall quality and safety of the pharmaceutical industry's products, fostering patient trust and sustainability.
In summary, cardiac safety services are integral to drug development, offering numerous advantages that include patient safety, regulatory compliance, cost savings, and enhanced drug development strategies. These services play a pivotal role in ensuring that new medications are safe and effective for patients, ultimately benefiting both the pharmaceutical industry and the broader healthcare ecosystem.
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