Cardiac Safety Services Market by Type (Standalone and Integrated), Services (Cardiac Imaging, ECG/Holter Measurement, Blood Pressure Measurement, and Thorough QT Study), End User (Pharmaceutical Companies and Contract Research Organizations) – Global Outlook & Forecast 2022-2030
According to the deep-dive market assessment study conducted by Growth+ Research, the global cardiac safety services market was pegged at ~US$ 488 million in 2020. The market is expected. to witness a CAGR of ~11.0% from 2022 to 2030.
Cardiac safety services are those that deal with the support and design of clinical trials and other studies required for cardiac safety monitoring. The increasing number of clinical trials, growing R&D activities in pharmaceuticals & biopharmaceutical companies, growing developments in biosimilars & biologics, and outsourcing of various research activities are expected to aid the industry's growth in the coming years. However, the high cost of cardiac safety evaluation is likely to hamper the growth of the market to a certain extent.
Prominent players are progressively implementing several strategies such as technological advancements and collaborative initiatives with several organizations, research centers & companies in order to be competitive in the market. For instance, in May 2020, ERT (Clario) partnered with AliveCor, a company specializing in artificial intelligence (AI) based personal electrocardiogram (ECG) technology. This partnership has enabled ERT to capture digital cardiac safety data via KardiaMobile 6L, currently the only FDA-cleared personal ECG for patient-administered 6-lead data collection. In the coming years, the sector is expected to benefit from an increase in the number of unions and assets. ERT clinical also acquired iCardiac Technologies in September 2017 this acquisition is now called clario, a firm is known for its cardiac safety services for clinical studies, only three months after acquiring Biomedical Systems.iCardiac has introduced several game-changing innovations over the last decade, including the High Precision QT and Early Precision QT methodologies. This acquisition was extremely beneficial, as Clario supported approximately 70% of all federal and FDA approvals in 2019-2020.
According to the WHO, around 17.9 million people die each year globally from cardiovascular diseases (CVDs) in 2019 which accounts for almost 31% of all deaths globally. Moreover, the increasing number of patients and their unmet medical needs has increased the demand for new curable drugs for the treatment. These factors have led to an increase in R&D activities in pharmaceuticals & biopharmaceutical companies and the clinical trials for all the newly developed drugs are conducted, which in turn is expected to support the growth of the market over the forecast period.
In 2019, around 45 brand-name drugs were slated to lose patents whereas around 56 drug patents were expected to expire between 2020 to 2022. Owing to this, many pharmaceutical companies are investing in the drug development process, and biosimilars to develop new and more effective products, which in turn is likely to increase the number of clinical trials growth in the biosimilars and biologics market, as well as the cardiac safety services market.
Each new large-scale cardiovascular clinical trial is accompanied by high financial costs that add directly or indirectly to the overall health care budget and potentially divert funding away from new research efforts. This may discourage the companies from future innovations, and thereby may hamper the growth of the market to a certain extent.
The Asia Pacific region is expected to show significant growth in the cardiac safety services market followed by Latin America and Middle East & Africa. Factors such as increasing outsourcing of research activities by major multinationals, presence of a large patient pool, and rapidly developing healthcare infrastructure can be attributed to the growth of Asia Pacific (APAC) market. Countries such as India, China, and Japan in the APAC region, are expected to offer significant growth opportunities owing to the increasing prevalence of cardiovascular diseases, and the availability of employment at inferior prices fuels the global cardiac safety services market.
Some of the prominent players operating in the cardiac safety services market are Medpace Inc., Celerion, Biotrial, IQVIA inc., Clario, bioTelemetry Inc, Laboratory Corporation of America Holdings, N.cardia, and Richmond Pharmacology, CERTARA L.P. among others