Global Implantable Loop Recorders Market – Industry Trends and Forecast to 2029

Get Exclusive Sample PDF of this Report Here

 Implantable Loop Recorders Market Analysis and Size

Syncope is a common and incapacitating symptom. The recording of physical parameters such as the ECG and blood pressure during a spontaneous event is the most useful data for diagnosing and managing syncope. Implantable loop recorders (ILR) enable recording ECG data from a spontaneous event. The Eastbourne Syncope Assessment Study (EaSyAS) aimed to look into the effect of ILRs on an unselected population of syncopal patients who presented to our hospital in an emergency.  It is a USB-sized device. An implantable loop recorder monitors your heartbeat for a much longer period of time, increasing the likelihood that it will capture what your heart is doing if you faint again.

Data Bridge Market Research analyses that the implantable loop recorders market which was USD 1.24 billion in 2021, is expected to reach USD 2.62 billion by 2029, at a CAGR of 9.81% during the forecast period 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Implantable Loop Recorders Market Scope and Segmentation      

Get Exclusive Sample PDF of this Report Here

Market Definition

The implantable loop recorder (ILR) is a portable cardiac recording system that can save ECG data continuously in the event of brady arrhythmia or tachyarrhythmia. It is inserted beneath the skin in the shape of the pocket on the left side of the breastbone. ILR is frequently seen in people with syncope, repeated palpitations, skipped beats, light-headedness, or dizziness.

Global Implantable Loop Recorders Market Dynamics

Drivers

• Increasing prevalence of heart disease

The rising prevalence of heart disease is driving demand for implantable loop recorders for treating cardiovascular diseases. According to the British Heart Foundation England Factsheet, published in January 2022, approximately 6.4 million people in England will have cardiovascular disease in 2022. According to the American Heart Association, the prevalence rate of heart failure in Europe in June 2021 was between 1% and 2%. As a result, the rising prevalence of cardiac disorders in the population is expected to increase demand for implantable loop recorders to monitor patients' heart rhythms, fuelling market growth.

• Technological advancements

The recent technological advancements are contributing to market growth. RhythMedix, a remote cardiac monitoring company, recently introduced its next-generation RhythmStar wearable device, which includes built-in 4G cellular connectivity. The technology allows for the rapid analysis of ECGs and reporting cardiac abnormalities. In addition, Boston Scientific paid USD 925 million for Preventice Solutions in January 2021. Boston expanded its core cardiac rhythm management and electrophysiology business segment with this acquisition.

Opportunities

• Increasing adoption of remote patient monitoring

As new reimbursement policies are implemented, the increasing adoption of remote patient monitoring (RPM) is contributing to market growth. For instance, the Centers for Medicare & Medicaid Services amended the 2021 Physician Fee Schedule in January 2021, allowing for increased reimbursement for remote patient monitoring. This suggests that remote patient monitoring for cardiac monitoring is becoming more popular, increasing demand for implantable loop recorders. Furthermore, the recent clinical guidelines from the American Heart Association (AHA) strongly recommend using remote patient monitoring for atrial fibrillation detection in stroke and non-stroke patients, thereby increasing demand for implantable loop recorders and boosting market growth.

Restraints/Challenges

• High cost of devices

The availability of early detection technique , high cost of devices, and inaccuracy of non-contact implantable loop recorders will obstruct the market's growth rate.

This implantable loop recorders market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the implantable loop recorders market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on the Implantable Loop Recorders Market

The COVID-19 pandemic had a significant impact on market growth. For instance, according to an article published in July 2020 by Nature Review Cardiology titled "COVID-19 and cardiovascular disease: from basic mechanisms to clinical perspectives," COVID-19 patients with underlying cardiovascular comorbidities have a high mortality rate, and COVID-19 can cause cardiovascular disorders such as myocardial injury, arrhythmias, acute coronary syndrome, and venous thromboembolism. Thus, the increasing cardiovascular complications among COVID-19 patients raises the demand for wearable devices and patient monitoring devices during the pandemic period, as they enable clinicians to communicate and track medical conditions in real time. As a result, COVID-19 positively impacts the studied market growth.

Recent developments

• In July 2020, Medtronic received FDA approval for its LINQ II insertable cardiac monitor. This cardiac monitor has been used for the detection and classification of cardiac arrhythmias, as well as remote patient monitoring. The LINQ II has remote programming capabilities, allowing cardiologists to fine-tune implant settings without requiring the patient to visit the office
• In June 2020, Boston Scientific received FDA approval for the LUX-Dx Insertable Cardiac Monitor (ICM) System, a new long-term diagnostic device. Patients will have the device implanted to detect arrhythmias associated with conditions such as atrial fibrillation (AF), cryptogenic stroke, and syncope

Global Implantable Loop Recorders Market Scope

The implantable loop recorders market is segmented on the basis of product, distribution channel, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Auto Recorders
• Manual Recorders

 Distribution Channel

• Direct Sales
• Distributor

 Application

• Atrial Fibrillation
• Cardiac Arrhythmia
• Cardiac Syncope

End User

• Hospitals
• Cardiac Centers
• Others

Implantable Loop Recorders Market Regional Analysis/Insights

The implantable loop recorders market is analysed and market size insights and trends are provided by country, product, distribution channel, application and end user as referenced above.

The countries covered in the implantable loop recorders market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the implantable loop recorders market because of the growing awareness about the benefits of several cardiac monitoring devices and the increasing disposable income in the region.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 owing to the presence of advanced healthcare infrastructure.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The implantable loop recorders market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for implantable loop recorders market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the implantable loop recorders market. The data is available for historic period 2010-2020.

Competitive Landscape and Implantable Loop Recorders Market Share Analysis

The implantable loop recorders market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to implantable loop recorders market.

Some of the major players operating in the implantable loop recorders market are:

• Medtronic (Ireland)
• Abbott (U.S.)
• BIOTRONIK SE & Co. KG. (U.S.)
• Boston Scientific Corporation (U.S.)
• General Electric (U.S.)
• Vectorious (Israel)
• Angel Medical Systems, Inc. (U.S.)
• NIHON KOHDEN CORPORATION (Japan)
• Koninklijke Philips N.V (Netherlands)
• Midmark Corporation (U.S.)
• ZOLL Medical Corporation (U.S.)
• SunTech Medical, Inc (U.S.)
• Spacelabs Healthcare (U.S.)
• Edwards Life Sciences Corporation (U.S.)

SKU-55765