Global Cardiac Safety Services Market By Type (Integrated Service, Standalone Service) Service Type (ECG/Holter Measurement, Blood Pressure Measurement, Cardiovascular Imaging, Thorough QT Studies, Others) By End-User (Pharmaceutical and Biopharmaceutical Companies, Contract Research Organizations, Others) Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

Report Overview

Global Cardiac Safety Services Market size is expected to be worth around USD 2,411.6 Million by 2033 from USD 812.0 Million in 2023, growing at a CAGR of 11.5% during the forecast period from 2024 to 2033.

The global cardiac safety services market report highlights key aspects such as market share, new developments, product pipeline analysis, and the influence of domestic and localized players. It also examines opportunities in emerging revenue areas, regulatory changes, product approvals, strategic decisions, product launches, geographical expansions, and technological advancements. For a comprehensive analysis and tailored insights, please contact our team. We can help develop a revenue impact strategy to meet your goals. The market’s growth is driven by the expansion of retail units in developing regions and partnerships with suppliers to ensure safe distribution of medical devices and drugs.

Cardiac safety services play a crucial role in supporting and designing clinical trials and other studies aimed at monitoring cardiac safety. These services monitor the entire cardiac safety profile throughout various phases of clinical trials, from Phase I to Phase IV. Integrated services, which bundle multiple offerings, are often preferred over standalone services due to their end-to-end development focus. Studies are conducted in compliance with regulatory bodies such as the FDA, EMA, and PMDA.

Cardiovascular safety assessments include physiologic stress testing, non-invasive cardiac imaging, platelet aggregation, ambulatory blood pressure monitoring, and QT interval studies. The QT interval is an ECG measurement that captures the time between ventricular depolarization and repolarization.

The cardiac safety services market is growing primarily due to the increasing prevalence of cardiovascular diseases and rising awareness of cardiac and chronic heart conditions. For example, a November 2021 article from BMJ Journals estimated that heart failure affects 8.3% of older adults, 3.4% of all adults, and 1.3% of patients across all age groups.

Key Takeaways

• Market Size: Cardiac Safety Services Market size is expected to be worth around USD 2,411.6 Million by 2033 from USD 812.0 Million in 2023
• Market Growth: The market growing at a CAGR of 11.5% during the forecast period from 2024 to 2033.
• Type Analysis: In 2023, Integrated Services dominated the market, accounting for 62% of the overall market share.
• Service Type Analysis: The largest segment in 2023 is ECG/Holter Measurement, which accounted for 33% of the market share.
• End-Use Analysis: Contract Research Organizations (CROs) held the majority of the market share in 2023, with 44% of the market share.
• Regional Analysis: In 2023, North America holds a 39% share of the cardiac safety services market.
• Technological Advancements: Technological innovations, such as AI-driven analytics and real-time telemetry monitoring, are reshaping the landscape of cardiac safety services. Companies like IQVIA and Philips are leveraging these advancements to enhance their service offerings.
• Integrated Services Preference: Integrated cardiac safety services, which offer end-to-end solutions across all phases of clinical trials, are becoming increasingly popular. These services reduce complexities and streamline the process, accounting for a significant portion of the market.

Type Analysis

The cardiac safety services market is segmented into two main types, Integrated Services and Standalone Services. Integrated Services involve comprehensive offerings that bundle multiple services together, providing end-to-end development and a more streamlined approach to cardiac safety monitoring. These services are typically preferred by organizations looking for a cohesive solution that addresses the entire clinical trial process, from Phase I to Phase IV.

In 2023, Integrated Services dominated the market, accounting for 62% of the overall market share. This dominance is attributed to the growing demand for bundled services that provide a more efficient and comprehensive approach to cardiac safety, reducing complexities in trial management. Standalone Services, while important, hold a smaller market share as they cater to more niche needs within the industry.

Standalone Services, on the other hand, focus on specific aspects of cardiac safety, offering more targeted solutions for particular needs within clinical trials. These services may be selected when organizations require specialized expertise in a certain area.

Service Type Analysis

The cardiac safety services market is divided into several key categories based on the type of service provided: ECG/Holter Measurement, Blood Pressure Measurement, Cardiovascular Imaging, Thorough QT Studies, and Others. These services are essential for the monitoring and evaluation of cardiac safety during the different stages of clinical trials.

The largest segment in 2023 is ECG/Holter Measurement, which accounted for 33% of the market share. The critical importance of ECG and Holter monitoring in tracking the electrical activity of the heart and detecting potential abnormalities, which are essential for assessing cardiac risk during clinical trials, is the reason for this dominance. ECG/Holter measurements are a fundamental component of cardiac safety services, as they are extensively employed during all trial phases.

Cardiovascular Imaging, Blood Pressure Measurement, and Thorough QT Studies are also substantial market segments. Cardiovascular Imaging offers comprehensive visual evaluations of heart structure and function, while blood pressure measurement is indispensable for monitoring hypertension-related risks. The primary objective of comprehensive QT studies is to assess the QT interval in order to guarantee the safety of drugs. Despite their smaller market share, the “Others” category encompasses a variety of supplementary services that promote cardiac safety in clinical trials.

End-User Analysis

The cardiac safety services market is divided into three primary categories based on end-users, Contract Research Organizations (CROs), Pharmaceutical and Biopharmaceutical Companies, and Others. In order to guarantee the safety and efficacy of drugs and treatments during clinical trials, these end-users depend on cardiac safety services.

Contract Research Organizations (CROs) held the majority of the market share in 2023, with 44% of the market share. The expertise of CROs in managing clinical trials and providing comprehensive cardiac safety services has made them essential partners for pharmaceutical and biopharmaceutical companies. By outsourcing cardiac safety monitoring to CROs, organizations can concentrate on their core competencies while simultaneously guaranteeing regulatory compliance and comprehensive safety assessments.

The subsequent largest segment is pharmaceutical and biopharmaceutical companies. The safety of their drug development pipelines is monitored by these companies through the internal use of cardiac safety services. Nevertheless, their direct market share has been diminished by the trend of outsourcing to CROs. Academic institutions, government organizations, and other entities that are involved in clinical trials and cardiac safety monitoring are included in the “Others” category, despite the fact that they constitute a smaller submarket.

Key Market Segments

By Type

• Integrated Service
• Standalone Service

Service Type

• ECG/Holter Measurement
• Blood Pressure Measurement
• Cardiovascular Imaging
• Thorough QT Studies
• Others

By End-User

• Pharmaceutical and Biopharmaceutical Companies
• Contract Research Organizations
• Others

Driver

Increasing Prevalence of Cardiovascular Diseases

The primary driver of the cardiac safety services market is the growing prevalence of cardiovascular diseases worldwide. Cardiovascular diseases are the leading cause of death globally, with conditions such as heart attacks and strokes accounting for over 17.9 million deaths annually, according to the World Health Organization (WHO).

The rising incidence of these diseases necessitates thorough cardiac safety evaluations during drug development and clinical trials, driving the demand for specialized cardiac safety services. This trend is particularly pronounced in regions with aging populations, such as North America and Europe.

Trend

Adoption of AI and Advanced Analytics

One of the key trends shaping the cardiac safety services market is the adoption of artificial intelligence (AI) and advanced analytics. Companies are increasingly integrating AI-driven technologies into their cardiac monitoring systems to enhance accuracy and efficiency.

For example, AI can analyze ECG data in real-time, identifying potential cardiac risks more quickly than traditional methods. This trend is expected to continue as technology advances, offering more sophisticated tools for cardiac safety assessment in clinical trials and beyond.

Restraint

Stringent Regulatory Requirements

While the market is growing, it faces challenges due to stringent regulatory requirements. Regulatory bodies such as the FDA, EMA, and PMDA impose rigorous standards for cardiac safety evaluations in clinical trials.

These regulations are essential for ensuring patient safety but can also delay product approvals and increase costs for companies. Compliance with these regulations requires significant investment in specialized services and technologies, which can be a barrier for smaller companies entering the market.

Opportunity

Growth in Emerging Markets

Emerging markets, particularly in the Asia-Pacific region, present significant growth opportunities for the cardiac safety services market. The increasing clinical trial activities in countries like China and India, coupled with the rising prevalence of cardiovascular diseases in these regions, create a favorable environment for market expansion.

Companies are increasingly focusing on these markets, leveraging partnerships and collaborations to establish a foothold and capitalize on the growing demand for cardiac safety services.

Regional Analysis

In 2023, North America holds a 39% share of the cardiac safety services market, driven by an increasing geriatric population and a higher incidence of cardiovascular diseases. According to updated data from the CDC in October 2020, approximately 805,000 heart attacks occur annually in the United States, including 605,000 first-time events and 200,000 recurrent incidents.

The region’s growing elderly population is also expected to contribute to the rise in cardiovascular diseases, leading to greater adoption of cardiac safety services. For instance, figures published by StatsCan in July 2022 estimate that around 7,330,605 Canadians are aged 65 or older, representing 20% of the total population.

Key Regions and Countries

North America

• US
• Canada

Europe

• Germany
• France
• The UK
• Spain
• Italy
• Russia
• Netherland
• Rest of Europe

Asia Pacific

• China
• Japan
• South Korea
• India
• Australia
• New Zealand
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• South Africa
• Saudi Arabia
• UAE
• Rest of MEA

Key Players Analysis

The competitive landscape of the global cardiac safety services market provides detailed information on key competitors. This includes company overviews, financial performance, revenue generation, and market potential. It also covers investments in research and development, new market initiatives, and global presence.

Additionally, the analysis highlights production sites, facilities, and capacities, as well as each company’s strengths and weaknesses. Information on product launches, the range of offerings, and application dominance is also provided, focusing specifically on the companies’ activities within the cardiac safety services market.

Market Key Players

• Koninklijke Philips N.V.
• Laboratory Corporation of America Holdings
• IQVIA
• Ncardia
• Certara
• SGS SA
• Banook
• Celerion
• Biotrial
• NEXEL Co., Ltd
• Richmond Pharmacology
• PhysioStim
• Shanghai Medicilon Inc
• Clario

Recent Developments

• Ncardia (June 2023): Ncardia announced a partnership with a leading pharmaceutical company to develop a new drug screening platform that includes advanced cardiac safety testing. This collaboration is expected to accelerate drug development and improve cardiac safety outcomes.
• Certara (March 2023): Certara expanded its cardiac safety services with the introduction of a thorough QT study solution, incorporating advanced modeling and simulation tools to predict cardiac risks in early drug development phases.
• SGS SA (April 2023): SGS SA launched a new cardiac safety service focused on non-invasive cardiac imaging, aiming to provide comprehensive cardiac assessments in clinical trials. This launch is expected to enhance SGS’s service offerings in the global market.
• Banook (August 2023): Banook announced the expansion of its cardiac safety services by opening a new facility in Europe dedicated to ECG and Holter monitoring. This expansion aims to meet the growing demand for cardiac safety services in the region.
• Celerion (January 2023): Celerion expanded its cardiac safety services by introducing a new ambulatory blood pressure monitoring service, enhancing its portfolio of cardiovascular assessments for clinical trials.
• Biotrial (May 2023): Biotrial introduced a new QT interval testing service, focusing on early-phase clinical trials. This service aims to provide more accurate and reliable cardiac safety data to support drug development.

Report Scope