Global implantable loop recorders market was valued at USD 1.0 million in 2019. It is projected to grow at a compound annual rate (CAGR of 9.6%) between 2020 and 2027. The market for implantable loop recorders is growing due to increasing incidence of cardiac disorders and technological advancements in cardiac monitors. A sedentary lifestyle and physical inactivity can increase the risk of developing chronic heart conditions. This is expected to drive demand for self-monitoring and cardiovascular care.
The market for implantable loop recorders is expected to grow in the future due to an increase in cardiac deaths. According to the CDC, arrhythmia and sudden cardiac deaths accounted for approximately 15.0 to 20% of all global deaths in 2018. Additionally, the growth is being driven by favorable government policies in developed economies like North America and Europe. The risk of developing cardiovascular diseases is rising with the aging population, which further fuels the need for implantable loop recorders.
As of April 2020, the COVID-19 virus, which is caused by SARS-CoV-2 has already affected millions worldwide. Contagious coronavirus has also had an economic impact on many sectors, including the medical device sector. Due to the nationwide lockdown, patients with chronic conditions such as diabetes and cardiovascular disease are having difficulty managing their medications and visiting their healthcare providers. Patients will be able to monitor their health remotely from home using self-monitoring devices. This is expected to lead to an increase in demand for implantable loop recorders in the future.
Arial Fibrillation (AF), dominated the market with a 39.6% revenue share in 2019. The increasing incidence of AF is driving the demand for self monitoring cardiac devices. Implantable loop recorders are used to monitor the ECG and diagnose atrial fibrillation after a cryptogenic stroke. Patients with AF are at risk of a blood clot forming and causing a stroke. Remote monitoring via these devices can help reduce this risk.
Due to the increased incidence of cardiac arrhythmia and other cardiac disorders, the implantable loop recorder market is expected to see significant growth over the forecast period. The American Heart Association estimates that more than 4.0million patients suffer from arrhythmias, which cause half a million deaths annually in the U.S. each year. The industry's major players have invested in continuous R&D to develop micro-sized implantable loop recorders. These devices can be used to diagnose arrhythmias and syncope or monitor for potential cardiovascular problems.
In 2019, the hospital segment was dominant and held a 60.0% revenue share. This growth can be attributed largely to the increased number of minimally invasive procedures performed at these facilities. Revisions to reimbursement policies have also increased the demand for implantable loop recorders. Growth is further supported by the continuous improvement in minimally invasive surgery.
Over the forecast period, the market for implantable loop recorders is expected to see the cardiac center segment as the fastest-growing segment. This growth can be attributed mainly to the increased number of cardiac centres and the easy availability of surgeons in these facilities. These specialty cardiac centers are in high demand due to the increasing demand for remote monitoring and data preservation. Due to its cost effectiveness, and the faster procedure, outpatient facilities will also see significant growth over the next few years.
North America was the dominant market, with an average revenue share of 38.0% in 2019, The market's growth is due to several factors, including increasing awareness of the benefits of cardiac monitoring devices, high disposable income and advanced healthcare infrastructure. The market for implantable loop recorders in the region will be fueled by the presence of major service providers offering better healthcare solutions.
The market for implantable loop recorders is expected to grow in Asia Pacific over the forecast period. This growth can be attributed primarily to R&D investments by the Asian Pacific Society of Cardiology and China Cardiovascular Association to produce technologically advanced cardiac healthcare. The region is also experiencing an increase in cardiovascular morbidities due to sedentary lifestyles and increased physical inactivity. These factors further fuel the demand for implantable loop recordsers.
As of 2019, the market for implantable loop recorder was oligopolistic. It is dominated by Medtronic, Abbott, BIOTRONIK, Inc. and BIOTRONIK, Inc. More than 70% of market share was held by Medtronic and Abbott. Technology drives the market for implantable recorder. To gain market share, the players constantly develop technologically advanced products. Abbott's next-generation Confirm RX Implantable Cardiac Monitor, (ICM), was launched in May 2019. It features SharpSense technology and can reduce false detection by approximately 97.0%.
BIOTRONIK, Inc., launched Biomonitor III, a Japanese implantable cardiac monitor, in January 2020. This was to expand its regional penetration. Medtronic plans to launch Reveal Linq II in the next few years, which will boost its revenue. It is an advanced cardiac monitor with Bluetooth (and waferscale) that is expected to increase the company's revenues. The market for implantable loop recorders is dominated by the following players:
Medtronic
Abbott
BIOTRONIK. Inc.
Up Market Research published a new report titled “Implantable Loop Recorders Market research report which is segmented by End-use (Hospitals, Cardiac Centers), by Application (Atrial Fibrillation, Cardiac Arrhythmia), By Players/Companies Medtronic, BIOTRONIK Inc, Abbott”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Implantable Loop Recorders Market Research Report |
By End-use | Hospitals, Cardiac Centers |
By Application | Atrial Fibrillation, Cardiac Arrhythmia |
By Companies | Medtronic, BIOTRONIK Inc, Abbott |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 217 |
Number of Tables & Figures | 152 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by End-use (Hospitals, Cardiac Centers), by Application (Atrial Fibrillation, Cardiac Arrhythmia).
Implantable Loop Recorders Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Implantable Loop Recorders Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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