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Cardiac Safety Services Market: Size, Growth, Key Trends, and Industry Insights
Cardiac Safety Services Global Market Report 2024
According to The Business Research Company's, The cardiac safety services market size has grown rapidly in recent years. It will grow from $0.94 billion in 2023 to $1.05 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to drug development and clinical trials, regulatory compliance requirements, increased cardiovascular disorders, globalization of clinical trials, focus on personalized medicine.
The cardiac safety services market size is expected to see rapid growth in the next few years. It will grow to $1.55 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to remote patient monitoring, shift towards decentralized clinical trials, rise in orphan drug development, increasing outsourcing of clinical trials, regulatory emphasis on patient-centric approaches. Major trends in the forecast period include integration of wearable technologies, advancements in ecg technologies, decentralized clinical trials, data standardization and interoperability, telehealth and remote consultations, patient-centric approaches.
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Market Drivers and Trends:
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.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Laboratory Corporation of America Holdings; Banook Group Limited; Pharmaceutical Product Development LLC; Biotrial S.A.; Certara Inc.; Celerion Inc.; Medpace Holdings Inc.; Ncardia AG; Richmond Pharmacology Limited; PhysioStim; SGS Société Générale de Surveillance SA; Koninklijke Philips N.V.; Clario; NEXEL Co. Ltd.; Eurofins Scientific SE; InBody USA Inc.; Spaulding Clinical Research LLC; OMRON Healthcare Inc.; ERT Inc.; IQVIA Holdings Inc.; Bioclinica Inc.; ICON plc; BioTelemetry Inc.; Medidata Solutions Inc.; SYNEXUS Clinical Research; PPD Inc.; Parexel International Corporation; Chiltern International Limited; ACI Clinical Inc.; Biomedical Systems; High Point Clinical Trials Center; Maastricht University Medical Centre+; CCBR-SYNARC; Cytel Inc.; CardioSecur Ltd.; Medicalgorithmics S.A.; Advarra Inc.
Cardiac Safety Services Market 2024 Key Insights:
• The cardiac safety services market size will grow to $1.55 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%.
• Increased Cardiovascular Disease Prevalence Fuels Growth In Cardiac Safety Services Market
• Cardiac Safety Services Market Driven By Product Advancements
• North America was the largest region in the cardiac safety services market in 2023
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