Asia-Pacific Region will Score the Highest CAGR during the Forecast Period (2022-2029)

According to the National Center for Biotechnology Information, 64.3 million individuals worldwide will suffer from heart failure by 2021. According to the American Heart Association, the prevalence rate of heart failure in the United States is 6 million, or 1.8 percent of the total population; in Canada, the prevalence rate is 1.5 percent to 1.9 percent; and in Europe, the prevalence rate is estimated to be 1 percent to 2 percent in 2021.

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The global cardiac safety services market is expected to reach USD 7,196.15 million by 2029 from USD 2,299.39 million in 2021, growing at a CAGR of 15.4% in the forecast period of 2022 to 2029.  Increasing demand for advanced medical technologies for diagnostic and treatment purposes and the growing incidence rate of acute and chronic diseases are some of the drivers boosting the growth of the market. Rising geriatric population base, increasing awareness about the availability of treatment options in the developing economies and rising personal disposable income are some other important market growth determinants.

Rise in the geriatric population base globally is expected to drive the market's growth rate

Geriatric population is the most susceptible to developing chronic diseases and disorders. Therefore, rising geriatric populace all around the world is extremely vulnerable to developing heart diseases, respiratory diseases and other chronic diseases. This in turn will act as an important market growth determinant. Increased expenditure by public and private players on the development of healthcare infrastructure will also promote the market growth rate. Continuous research and development pertaining to the deployment of advanced healthcare technologies will yet again widen the scope of growth.

Report Scope and Market Segmentation

Segment Analysis:

The global cardiac safety services market is categorized into seven notable segment which is type, services, phase and end user.

• On the basis of services, global cardiac safety services market is segmented into ECG/Holter measurements, blood pressure measurements, in vitro cardiac safety assesement services, cardiovascular imaging, real-time telemetry monitoring, central over-read of ECGS, non-invasive cardiac imaging, physiologic stress testing, thorough QT studies, TQT and exposure response modeling, platelet aggregation and other services. In 2022, ECG/Holter measurements segment is expected to dominate the global cardiac safety services market with 32.83% market share due to increase in clinical trials globally.
• On the basis of phases, global cardiac safety services market is segmented into phase 1, phase 2, and phase 3. In 2022, phase 1 is expected to dominate the global cardiac safety services market with 50.57% market share with the increasing new drug development and rising strategic initiatives by major market players.
• On the basis of type, global cardiac safety services market is segmented into integrated services and standalone services. In 2022, integrated services is expected to dominate the global cardiac safety services market with 71.43% market share with the increasing advanced technology and rising healthcare expenditure.
• On the basis of end user, global cardiac safety services market is segmented pharmaceuticals & biopharmaceuticals companies, contract research organizations, and academic and research institute. In 2022, hospital is expected to dominate the global cardiac safety services market with 65.04% market share with the increasing number of patients and surgeries.

Hospitals and clinics is expected to dominate the end users segment in the global cardiac safety services market

Rising number of hospitals and clinics all especially in the developing economies has emerged as a major factor responsible for bolstering the growth of this segment. The hospitals and clinics segment is projected to hold more than 65% of the total end user segment share. This is because of the rising awareness about the availability of treatment options and increasing incidence rate of chronic diseases globally. 

Major Players

Data Bridge Market Research recognizes the following companies as the major cardiac safety services market players in advanced wound care market are Medpace (U.S.), Certara (U.S.), Banook (France), Celerion (U.S.), Biotrial (U.S.) and NEXEL Co., Ltd (South Korea),

Market Development –

• In August 2021, Koninklijke Philips N.V., announced that it has signed an agreement to acquire Cardiologs, a France-based medical technology company focused on transforming cardiac diagnostics using artificial intelligence (AI) and cloud technology. This has increased company’s cardiology product portfolio and sales.
• In December 2021, Laboratory Corporation of America Holdings announced the acquisition of Toxikon Corporation, a contract research organization delivering best-in-class nonclinical testing services. The addition has helped company for a strong nonclinical development portfolio, and creates a strategic footprint for the company to partner with pharmaceutical and biotechnology clients.
• Clario was founded when ERT and Bioclinica merge in November 2021. The deal brings together Bioclinica's imaging, eClinical software, and drug safety solutions with ERT's eCOA, cardiac safety, respiratory, and wearables expertise. Clario is a technology business that combines scientific competence with global scale to provide the most comprehensive endpoint technology platform. Clario empowers its partners to change lives in this way. This clinical trial endpoint company is dedicated to using technology to innovate the future of clinical trials and have a beneficial impact on global healthcare.
• In June 2021, ERT announced the expansion of an at-home blood pressure monitoring solution to its clinical endpoint data collection portfolio, which will improve patient compliance and safety evaluation. ERT's specialised software encrypts blood pressure data gathering, resulting in higher-quality data for confident decision-making than alternative self-reported home blood pressure collection solutions. The patient follows instructions for accurate data collection from their home using ERT's easy-to-use monitor and customised application with built-in workflow, which then provides real-time patient data for prompt investigator review.
• AliveCor, a provider of ECG equipment and services, purchased CardioLab, an independent diagnostic testing facility (IDTF), in June 2021 to expand its cardiology services to individuals who have been prescribed monitoring devices by their healthcare providers. Customers will retain access to the full array of cardiac monitoring services previously accessible to them, including Mobile Cardiac Telemetry, Cardiac Event Monitoring, Extended Holter, and Holter monitoring, under the terms of the agreement. AliveCor's KardiaMobile 6L will be available to CardioLabs clients.

Regional Analysis

Geographically, the countries covered in the cardiac safety services market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in cardiac safety services market during the forecast period 2022 - 2029

North America is dominating the global cardiac safety services market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. The U.S. is dominating due to the presence of major market players which provide the wide drug portfolio and well-developed healthcare infrastructure in this region. Also, existence of advanced healthcare technologies in this region is another reason for this region’s dominance in the global market.   

Asia-Pacific is estimated to be the fastest growing region in cardiac safety services market the forecast period 2022 - 2029

Asia-Pacific is expected to grow during the forecast period due to the increasing patient population and rapid development of infrastructural facilities in emerging economies in this region. In addition to this, rising level of private and public expenditure on the development of healthcare industry infrastructure in the developing and backward economies and increasing per-capita income are expected propel the market's growth rate in this region. Also, increasing geriatric population base, surging incidence rate of chronic and acute disorders and diseases and rising medical tourism are some other important market growth determinants.

COVID-19 Impact Analysis

The COVID-19 pandemic has put a lot of pressure on the healthcare industry, causing them to invest more on improving healthcare facilities, monitoring devices, services, and teleconsultation. According to the World Health Organization, more than half of the nations studied (53%) have partially or totally interrupted services for hypertension medication, and 31% have partially or completely disrupted care for cardiovascular crises by 2020. The discovery of covid-19 has prompted governments and businesses to invest large sums of money in research and development in order to deliver better treatments, medications, and services to people around the world. COVID-19, for example, has been proven to raise the risk of all forms of cardiovascular diseases. During the Covid-19 epidemic, there was a surge in the number of cardiovascular mortality in the country. According to the American College of Cardiology, New York City has seen the biggest relative increase in mortality related to ischemic heart disease (139%) and hypertension disorders (164%) during the pandemic.

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