Cardiac Safety Services Market, by Type (Integrated Service and standalone Service), Service Type (ECG/Holter Measurement, Blood Pressure Measurement, Cardiovascular Imaging, Thorough QT Studies, and Other Service Types), End User (Pharmaceutical and Biopharmaceutical Companies, Contract Research Organizations, and Other End Users) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The Cardiac Safety Services market size was estimated at USD 0.67 billion in 2023 and is projected to reach USD 1.41 billion in 2030 at a CAGR of 11.26% during the forecast period 2023-2030.
Cardiac Safety Services refer to a set of specialized series and assessments conducted to evaluate and monitor the potential effects of drugs or medical treatments on the cardiovascular system. These services are primarily employed during the development and clinical trails of new medications, as well as in post-marketing surveillance to ensure the safety of patients.
Cardiac safety services may include services such as ECG (Electrocardiogram) analysis, QT/QTc Interval assessment, Thorough QT (TQT) Studies, Heart monitoring, cardiac imaging and safety pharmacology studies. Cardiac safety services are crucial in the pharmaceutical industry to ensure the safety and effective use of medication, particularly those that may have an impact on the cardiovascular system. By monitoring and evaluating cardiac parameters during drug development, researchers can identify and manage potential risks to patient’s health, ultimately leading to safer and more reliable treatments.
Cardiac safety services market can be segmented based on type into integrated service and standalone services. Based on service type the market can be segmented into ECG/Holter measurement, blood pressure measurement, cardiovascular imaging, thorough QT studies, and other service types. Based on the end user, the market is segmented into pharmaceutical and biopharmaceutical companies, contract research organizations, and other end users. Lastly, based on region, the market is bifurcated into North America, Europe, Asia-Pacific, Middle East and Africa and South America. The market is being driven by factors such as rising prevalence of cardiovascular diseases and growing awareness among people regarding cardiac problems and chronic heart diseases. Moreover, increasing R&D expenditure by healthcare companies are expected to drive the growth of the market further during the forecast period.
The COVID-19 pandemic had a huge impact on the cardiac safety services market as the disease exerted a high load on the existing healthcare industry. Though the virus majorly affected the respiratory system, studies showed that the lung damage prevented oxygen rich blood to reach the heart muscles which caused tissue damage leading to serious heart ailments. Hence, this led to increased demand of cardiac safety services which helped the market sustain during the pandemic.
The Cardiac Safety Services market is expected to grow during the forecast period. This growth can be attributed to factors such as rising prevalence of cardiovascular diseases due to changing dietary and lifestyle habits, increased awareness among the population regarding cardiac problems and chronic heart diseases. However, certain factors such as the high prices of the services may cause hinderance to the growth of the market.
North America to Dominate the Market