New York, June 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cardiac Safety Services Global Market Report 2023" - https://www.reportlinker.com/p06466627/?utm_source=GNW
, Ncardia, Richmond Pharmacology Ltd., PhysioStim, SGS S.A, Koninklijke Philips N.V., Clario, NEXEL Co. Ltd, Eurofins Scientific, InBody USA, Spaulding Clinical Research LLC, and Omron Healthcare Inc.
The global cardiac safety services market is expected to grow from $0.84 billion in 2022 to $0.94 billion in 2023 at a compound annual growth rate (CAGR) of 12.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cardiac safety services market is expected to reach $1.41 billion in 2027 at a CAGR of 10.5%.
The cardiac safety services market includes revenues earned by companies by providing cardiac safety monitoring, ventricular arrhythmias, and cardiovascular performance services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Cardiac safety services refer to offering services related to monitoring heart safety by giving the required support and help in designing clinical trials and other research. Cardiac safety services typically offer assistance with planning clinical trials and other investigations necessary to maintain cardiac safety.
North America was the largest region in the cardiac safety services market in 2022. The regions covered in the cardiac safety services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main services of cardiac safety services are ECG or Holter measurements, blood pressure measurements, in vitro cardiac safety assessment services, cardiovascular imaging, real-time telemetry monitoring, central over-read of ecgs, non-invasive cardiac imaging, physiologic stress testing, thorough qt studies, and others.The Holter measurement is a type of portable electrocardiogram (ECG) that records the electrical activity of the heart continuously over 24 hours or longer when the patient is away from the doctor.
The phases involved are Phase 1, phase 2, and phase 3 which are used by pharmaceutical and biopharmaceutical companies, contract research organizations and academic and research institute.
The increase in the prevalence of cardiovascular diseases is expected to propel the growth of the cardiac safety services market going forward.Cardiovascular diseases refer to a group of disorders that affect the heart and blood vessels, such as peripheral arterial disease, cerebrovascular disease, coronary heart disease, and others.
Cardiac safety services deal with heart health and safety monitoring, determining factors contributing to the cardiovascular disease before disease occurrence, thereby helping in taking preventative measures and reducing the chance of mortality.Therefore, the increase in the prevalence of cardiovascular diseases is driving the growth of the cardiac safety services market.
For instance, in March 2023, according to the journal published by Oxford University Press, a UK-based university press of the University of Oxford, more than 200 million people were affected by peripheral artery diseases in 2020, and it was expected to increase by nearly 50% by 2045.Furthermore, in March 2022, according to the Office for National Statistics, a UK-based statistics authority that reports directly to the UK Parliament, the number of deaths due to a heart attack as an underlying cause increased from 19,440 in 2020 to 20,061 in 2021.
The increase in the prevalence of cardiovascular diseases is driving the cardiac safety services market.
Product innovations are a key trend gaining popularity in the cardiac safety services market.Major companies operating in the cardiac safety services market are focused on developing new solutions to strengthen their position in the market.
For instance, in March 2022, CATHI, a Germany-based technology-driven company that develops endovascular simulation technologies launched CATHIS RHC 2, a new generation of Right Heart Catheter (RHC) simulators. CATHIS RHC 2 is an updated version and incorporates all the features of CATHI’s original RHC simulator, with wire-assisted navigation and the potential to work with real liquids (S-HUB) as the additional benefits that allow thermodilution to be performed.
In February 2021, Philips, a Netherlands-based health technology company, acquired BioTelemetry Inc. for an undisclosed amount. Through this acquisition, Philips combines its patient care management portfolio within the hospital with BioTelemetry’s cardiac diagnostics and monitoring portfolio outside the hospital, enabling patient care management solutions for the home and the hospital for cardiac and other patients. BioTelemetry Inc. is a US-based company that provides cardiac diagnostics and monitoring services.
The countries covered in the cardiac safety services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The cardiac safety services market research report is one of a series of new reports that provides cardiac safety services market statistics, including cardiac safety services industry global market size, regional shares, competitors with cardiac safety services market share, detailed cardiac safety services market segments, market trends, and opportunities, and any further data you may need to thrive in the cardiac safety services industry. This cardiac safety services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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