Cardiac Safety Services Market To Generate $1,792 Million Revenue by 2030

The cardiac safety services market size is expected to advance at a CAGR of 11.5% during 2022–2030, to reach USD 1,792 million by 2030. This can be ascribed to the existence of consistent clinical trials for the development of advanced drugs or devices, the rising cases of cardiovascular diseases (CVDs), the growing aging population, and the increasing healthcare investments across the globe.

Moreover, the efforts for bringing better healthcare infrastructure for the physical well-being of people in any economy are strongly driven by large governmental support and rising investment from pharmaceutical companies. Another pulling force for the high demand for heart safety services, such as ECG/Holter measurement, cardiovascular imaging, and blood pressure measurement, is the rise in health problems associated with sitting for long hours, sedimentary lifestyle, unhealthy food consumption, and lack of exercise.

A consequence of these problems includes issues such as high blood pressure, obesity, diabetes, and other life-threatening diseases, which lead to augmented demand for heart care services. Further, the rising aging population across the world is more prone to have any kind of heart ailments, which, in turn, will increase the need for these services. Further, health awareness and healthcare expenditure have increased across developed countries as well as emerging economies, as the disposable income of people is rising.

As obese people require more blood to supply oxygen and nutrients to their bodies, which causes an upsurge in blood pressure, and high blood pressure is also a major cause of heart attack. Hence, the possibility of heart-related problems in obese individuals is high. According to a research paper published in JACC Journals in 2022, high systolic blood pressure accounted for more than 10 million premature cardiovascular deaths in 2021.

Growing strategic partnerships among companies providing heart care services are the major factor propelling the growth of the market. For instance, Philips and Gibraltar Health Authority announced a 16-year strategic partnership to advance radiology and cardiology patient care. It is expected to bring St Bernard’s Hospital’s services up to full operational capacity, permitting more patients to have access to a broad range of cardiac treatments, including coronary angioplasty, minimally invasive replacement of heart valves, and any other types of blockages.

Moreover, many companies are investing heavily in the development of biologics such as monoclonal antibodies, vaccines, immune modulators, and biosimilar molecules. More than half of drug candidates in the discovery stage are biologics, and with an increase in the discovery of newer biologics, biopharmaceutical and pharmaceutical companies are making hefty investments in their R&D. Further, the development of biosimilars is comparatively a cost-effective option. They are not required to follow rigorous governing requirements, as they are generic forms of existing patented biological drugs. However, biosimilars and biologics require dedicated testing services.

Furthermore, the pharmaceutical industry held a significant revenue share in 2022. This is due to the consistent expansion in R&D budgets of pharmaceutical companies to bring productive healthcare therapies, devices, and services to the market. Also, key manufacturers of ECG telemetry devices are highly investing in research to develop unconventional transportable and wireless ECG devices. For instance, Philips launched its first full-service at-home ECG system in January 2022, which can be used in decentralized clinical trials.

The major cardiac safety services market players are Koninklijke Philips N.V., Laboratory Corporation of America Holdings, IQVIA, Medpace Inc., Ncardia, Certara, Eurofins Scientific SE, SGS SA, Banook Group, and Celerion.