Cardiac Safety Services Market by Service Type (Blood Pressure Measurement Services, Cardiovascular Imaging Services, ECG or Holter Measurement Services), Type (Integrated Services, Standalone Services), End-User - Global Forecast 2024-2030

Cardiac Safety Services Market by Service Type (Blood Pressure Measurement Services, Cardiovascular Imaging Services, ECG or Holter Measurement Services), Type (Integrated Services, Standalone Services), End-User - Global Forecast 2024-2030

The Cardiac Safety Services Market size was estimated at USD 1.22 billion in 2023 and expected to reach USD 1.34 billion in 2024, at a CAGR 10.91% to reach USD 2.52 billion by 2030.

Cardiac safety services provide services, solutions, and technologies for evaluating the safety of medical devices, drugs, and interventions concerning their potential effects on cardiac health. These services encompass various applications, including preclinical testing, clinical trials, post-marketing surveillance, and risk management for pharmaceutical companies, biotechnology firms, medical device manufacturers, and healthcare providers. The surge in the prevalence of cardiovascular diseases worldwide and the growing focus on personalized medicine is propelling the need for early diagnosis and accurate risk assessments for cardiac. Stringent regulations imposed by health authorities necessitate a detailed evaluation of potential side effects on cardiac function before marketing approval for drugs and medical devices. However, high costs associated with comprehensive cardiovascular risk assessment procedures may limit their adoption, particularly in resource-limited settings or smaller organizations without extensive research and development (R&D) budgets.

Regional Insights

The cardiac safety services market is witnessing significant growth in the Americas owing to the increasing prevalence of cardiovascular diseases, higher healthcare expenditures, and advancements in diagnostic technologies. Investments in research and development have resulted in several new patents, such as noninvasive blood pressure monitoring algorithms and cardiac biomarker detection methods in the Americas. In the European Union (EU), regulatory authorities' stringent measures have led to increased demand for cardiac safety services. The EMEA region is investing heavily in improving healthcare infrastructure and attracting international investments for specialized medical services such as cardiac safety services. The APAC region boasts a rapidly expanding market for cardiac safety services driven by an aging population and increasing cardiovascular disease incidence, and the government supports the development of innovative technologies through investments in research. Additionally, pharmaceutical companies are increasingly investing in research to develop cost-effective cardiac monitoring solutions, which are expected to boost their use by end-users worldwide.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Cardiac Safety Services Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Rising incidence of cardiovascular disorders and the need for effective & safe treatment
    • Use of biosimilars and biomarkers to detect cardiotoxicity or cardiovascular risks
    • Government initiatives encouraging personalized treatments in cardiology
    • Market Restraints
      • Relatively high cost of cardiac evaluation services and limited availability of skilled professionals
      • Market Opportunities
        • Advancements in cardiac safety testing and monitoring systems
        • Growing number of clinical trials and R&D for cardiac treatments
        • Market Challenges
          • Lack of regulatory standardization across various countries
          • Market Segmentation Analysis
            • Service Type: Proliferating need for efficient cardiovascular imaging services
            • Type: Expanding use of integrated cardiac safety services for drug development
            • End-User: Surging adoption of cardiac safety services by pharmaceutical & biopharmaceutical companies
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Cardiac Safety Services Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Cardiac Safety Services Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • OSF HealthCare Establishes a Partnership with Bellin Health to Expand Cardiovascular Services in Delta County
              
              OSF Cardiovascular Care collaborated with Bellin Health to launch a new cardiology clinic within OSF Medical Group - Escanaba. This cutting-edge facility has a state-of-the-art cardiac catheterization lab overseen by the esteemed Bellin Health cardiovascular team and is tentatively scheduled to open in winter 2024. Patients benefit from enhanced accessibility to a wide range of tests and procedures, eliminating the need for extensive travel and long appointment wait times.
              
              Jubilant Radiopharma and Cardiac Imaging, Inc. Announce Exclusive Partnership to Expand Access for Mobile Cardiac PET Offering
              
              Jubilant DraxImage Inc., a subsidiary of Jubilant Pharma Limited, partnered with Cardiac Imaging, Inc. to offer a daily-leased rubidium solution for cardiac PET testing. This collaboration allows healthcare facilities to choose between the flexible daily-leasing program for the RUBY Rubidium Elution System and RUBY-FILL (Rubidium Rb82 generator), or establish a full-time PET program.
              
              GE HealthCare Announces Vscan Air SL Device for Cardiac, Vascular Patients
              
              GE Healthcare introduced the Vscan Air SL, a handheld and wireless ultrasound imaging system specifically designed for cardiac and vascular assessments at the point of care. This innovative device incorporates GE Healthcare's advanced SignalMax and XDclear technology, which ensures significant imaging performance with high levels of penetration, resolution, and sensitivity,
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Cardiac Safety Services Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Cardiac Safety Services Market, highlighting leading vendors and their innovative profiles. These include Abbott Laboratories, AliveCor, Inc., Banook Group, Biotrial, Butterfly Network Inc., Celerion, Certara, Inc., Circle Cardiovascular Imaging Inc., Clario, Clyde Biosciences Limited, Dozee, Eurofins Scientific SE, GE HealthCare Technologies Inc., ICON PLC, IQVIA Holdings Inc., Koninklijke Philips N.V., Laboratory Corporation of America Holdings, Lunit Inc., Medpace, Inc., MERIT CRO, Inc., Metrion Biosciences Limited, Ncardia Services B.V., NEXEL Co., Ltd., Octagos Health, Inc., PhysioStim SAS, Richmond Pharmacology Limited, Shanghai Medicilon Inc., Siemens Healthcare GmbH, Tempus Labs, Inc., Thermo Fisher Scientific Inc., and Toray Medical Company Limited by Toray Industries.
            
            Market Segmentation & Coverage
            
            This research report categorizes the Cardiac Safety Services Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Service Type
              • Blood Pressure Measurement Services
              • Cardiovascular Imaging Services
              • ECG or Holter Measurement Services
              • Thorough QT Studies
              • Type
                • Integrated Services
                • Standalone Services
                • End-User
                  • Contract Research Organizations
                  • Pharmaceutical & Biopharmaceutical Companies
                  • Region
                    • Americas
                      • Argentina
                      • Brazil
                      • Canada
                      • Mexico
                      • United States
                        • California
                        • Florida
                        • Illinois
                        • New York
                        • Ohio
                        • Pennsylvania
                        • Texas
                        • Asia-Pacific
                          • Australia
                          • China
                          • India
                          • Indonesia
                          • Japan
                          • Malaysia
                          • Philippines
                          • Singapore
                          • South Korea
                          • Taiwan
                          • Thailand
                          • Vietnam
                          • Europe, Middle East & Africa
                            • Denmark
                            • Egypt
                            • Finland
                            • France
                            • Germany
                            • Israel
                            • Italy
                            • Netherlands
                            • Nigeria
                            • Norway
                            • Poland
                            • Qatar
                            • Russia
                            • Saudi Arabia
                            • South Africa
                            • Spain
                            • Sweden
                            • Switzerland
                            • Turkey
                            • United Arab Emirates
                            • United Kingdom
                            
                            
                            Please Note: PDF & Excel + Online Access - 1 Year