Implantable Loop Recorders Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Implantable Loop Recorders Market is segmented By Product (Auto recorder, Manual recorder), By Application (Atrial fibrillation, Cardiac arrhythmia, Cardiac syncope), By End-User (Hospitals, Cardiac centers, Others), By Region (North America, Europe, South America, Asia-Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Implantable Loop Recorders Market Overview

(180 pages) Global Implantable Loop Recorders market to grow at a high CAGR Of 10.4% during the forecast period 2023- 2030. The market is expected to grow due to increasing demand from Hospitals and Cardiac centers. The competitive rivalry intensifies with Abbott Laboratories, Medtronic PLC., BIOTRONIK SE & Co. KG, and others operating in the market.

Implantable Loop Recorders Market Scope

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Implantable Loop Recorders Industry Trends

Technological advancements in cardiovascular devices are expected to drive the market's growth.

According to the journal, on 6 December 2020. There are many cardiovascular devices used for therapy and monitoring, and newer devices are being introduced constantly. As a result of the advancement of medical technology to address unmet needs across cardiovascular care, multiple conditions previously treated surgically or with medications now benefit from trans-catheter device-based evaluation and management.

Moreover, innovation to existing technology has transformed the structural design of many traditional cardiovascular devices, making them more reliable and enabling easier deployment within the chest (catheter-based versus surgical). Post-procedure chest radiography (CXR) is often the first routine imaging test ordered in these patients. A CXR is a comparatively inexpensive and noninvasive imaging tool, which can be obtained at the patient's bedside if needed. Commonly implanted cardiovascular devices are easily checked for appropriate positioning on routine CXRs. In addition, clinicians need to be familiar with new devices to assess proper placement and identify complications related to mal-positioning. Thus, from the above statements, it is expected to drive in the forecast period.

The growing number of mortality owing to cardiac disorders are expected to drive the market's growth.

According to the Centers for Disease Control and Prevention, published on 8 September 2020. Heart disease is the leading cause of death for men, women, and people of most racial and ethnic groups in the United States. One person dies every 36 seconds in the United States from cardiovascular disease, and about 655,000 Americans die from heart disease each year—that's 1 in every four deaths.

Moreover, in the United States, someone has a heart attack every 40 seconds. Every year, about 805,000 Americans have a heart attack of these, 605,000 are a first heart attack, 200,000 happen to people who have already had a heart attack, and about 1 in 5 heart attacks is silent—the damage is done, but the person is not aware of it. Therefore, the increased mortality due to cardiac disorders has increased the demand for implantable loop recorders, which is expected to drive in the forecast period.

High costs associated with the subcutaneous cardiac rhythm monitors are expected to drive the market's growth.

According to the Journal, they were published on 9 June 2021. Subcutaneous cardiac rhythm monitors (SCRMs) provide continuous ambulatory electrocardiographic monitoring for surveillance of known and identification of infrequent arrhythmias. SCRMs have proven to be helpful for the evaluation of unexplained symptoms and correlation with intermittent cardiac arrhythmias. The cost-effectiveness of SCRM's is up for debate. Most of the literature about cost has been done in the syncope evaluation, likely due to the high cost and diagnostic difficulty associated with syncope. A Cochrane review of two randomized control trials of SCRM's vs. conventional therapy in syncope found costs were higher when including all patients with SCRM's. Though only patients with a diagnosis were analyzed, patients randomized to the SCRM group had a lower cost than those with conventional care.

Thus, the cost-effectiveness of SCRM's are difficult due to variable cost structures, differing definitions of 'conventional care' and differences in the patient populations are expected to hamper the market's growth.

COVID-19 Impact on Implantable Loop Recorders Market

COVID-19 has moderately impacted the implantable loop recorders market. Also, during the pandemic, many people have delayed or avoided going to hospitals for heart attacks and strokes. And while in lockdown, more people have engaged in unhealthy lifestyle behaviors, such as eating poorly, drinking more alcohol and limiting physical activity, which can contribute to heart disease. Moreover, the pandemic is interrupting the medical supply chain, and many companies will vary to other geographic regions in the future to ensure that products remain available and protect their supply chain. However, the situation is expected to improve gradually in the forecast period.

Implantable Loop Recorders Market Segmentation Analysis

The atrial fibrillation segment is expected to hold the largest market share in this market segment.

The atrial fibrillation segment accounted for the largest market share in 2020. The segment's growth is attributed to the growing incidence of AF, increasing the demand for self-monitoring cardiac devices. For instance, according to the article, on August 28, 2020, atrial fibrillation (AF) is the risk of a blood clot forming in the heart and causing a stroke is increased to almost five times than others, and multiple studies have reported increasing AF incidence rates over time. To estimate AF incidence rates from 2006 to 2018 in a community-based setting and investigate possible explanations for increasing AF by evaluating the changing features of incident AF cases and the pool of patients at risk for AF over time.

Moreover, they have conducted a cohort study that included 500 684 patients who received primary care and other health care services for more than two years through a single integrated health care delivery network in Pennsylvania. Data collection was conducted from January 2003 to December 2018. The base study population had no documentation of AF in the electronic medical record for at least two years before baseline. Data analysis is conducted from May to December 2019. Incident AF cases are identified through diagnostic codes recorded at inpatient or outpatient encounters. Age- and sex-adjusted AF incidence rates were estimated by calendar year from 2006 to 2018 both overall and across subgroups, including diagnostic setting (inpatient vs. outpatient) and priority (primary vs. secondary diagnosis).

Therefore, in this community-based study, AF incidence rates increased significantly during the study period. Thus, implantable loop recorders help improve the long-term ECG monitoring and the diagnosis of atrial fibrillation post cryptogenic stroke, which is expected to drive the market segment in the forecast period.

Implantable Loop Recorders Market Geographical growth

North America region holds the largest market share in the global implantable loop recorders market.

North America dominated the market with a revenue share in 2020. The region's growth is attributed to the increasing awareness about the benefits of various cardiac monitoring devices, high disposable income, and advanced healthcare infrastructure, and product launches are expected to boost the market in the forecast period. For instance, according to the article, in June 2020, Boston Scientific received U.S. Food and Drug Administration approval for the LUX-Dx Insertable Cardiac Monitor (ICM) System. This new, long-term diagnostic device is being implanted in patients to detect arrhythmias associated with conditions such as atrial fibrillation (AF), cryptogenic stroke and syncope.

Moreover, major service providers with improved healthcare solutions are expected to fuel the market's growth for implantable loop recorders in the region during the forecast period.

Implantable Loop Recorders Company and Competitive Landscape

The implantable loop recorders market is vast with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Medtronic PLC, Abbott Laboratories , Boston Scientific Corporation, BIOTRONIK SE & Co. KG, Angel Medical Systems, Inc. and Vectorious Medical Technologies Ltd. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the implantable loop recorders market globally. Moreover, In July-2020, Medtronic got FDA clearance for its LINQ II insertable cardiac monitor. This cardiac monitor has been used to detect and classify cardiac arrhythmias and remote monitoring of patients.

Implantable Loop Recorders Market Key Companies to Watch

Boston Scientific Corporation:

Overview:

Boston Scientific was formed June 29, 1979, in Watertown, Massachusetts, as a holding company for a medical products company called Medi-Tech, and to position the company for growth in interventional medicine. It is primarily known for the development of the Taxus Stent; a drug-eluting stent used to open clogged arteries. Moreover, with the full acquisition of Cameron Health in June 2012, the company also became notable for offering a minimally invasive implantable cardioverter-defibrillator (ICD) which they call the EMBLEM Subcutaneous Implantable Defibrillator (S-ICD).

Product Portfolio:

Boston Scientific Corporation has continuously set new standards for the manufacturing medical devices used in interventional medical specialties, including interventional radiology, interventional cardiology, peripheral interventions, neuromodulation, neurovascular intervention, electrophysiology, cardiac surgery, vascular surgery, endoscopy, oncology, urology and gynecology. For instance, LUX-Dx™ Insertable Cardiac Monitor (ICM) System.

The global implantable loop recorders market report would provide an access to an approx.43 market data tables, 45 figures and 180 pages.