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Report Overview: Implantable Loop Recorders MarketThe global implantable loop recorders market size was estimated at USD 1.0 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 9.5% from 2021 to 2027. Increasing incidence of cardiac disorders, technological advancement in cardiac monitors, and demand for remote patient monitoring are boosting the market for implantable loop recorder. Moreover, physical inactivity due to a sedentary lifestyle increases the risk of developing chronic cardiac conditions, which is expected to fuel the need for cardiovascular care and self-monitoring. Increasing number of mortality due to cardiac disorders is expected to increase the growth of the market for implantable loop recorder in the coming years. According to CDC, sudden cardiac deaths and arrhythmia accounted for around 15.0 to 20.0% of all deaths globally in 2018. Moreover, favorable government policies of developed economies such as North America and Europe are propelling growth. Increasing geriatric population is increasing the risk of cardiovascular disorders, which is further fueling the demand for implantable loop recorder. The COVID-19 outbreak caused due to SARS-CoV-2, already affected millions of people globally as of April, 2020. The contagious coronavirus is also having an economic impact and implications on most of the sectors including the medical device industry. Patients with chronic diseases such as cardiovascular and diabetes are facing challenges in managing medications, visiting healthcare providers due to nationwide lockdown. The self-monitoring devices will help the patients for remote monitoring while at home which is expected to increase the demand for implantable loop recorder in the coming years.
Application Insights: Implantable Loop Recorders MarketAtrial Fibrillation (AF) lead the market and accounted for a revenue share of 39.6% in 2019. The growing incidence of AF is increasing the demand for self-monitoring cardiac devices. The implantable loop recorders help to improve the long-term ECG monitoring and the diagnosis of atrial fibrillation post cryptogenic stroke. In patients suffering from AF, the risk of a blood clot forming in the heart and causing a stroke is increased to almost five times than others. Thus the remote monitoring by these devices will help to reduce the risk. The cardiac arrhythmia segment is expected to show significant growth in the market for implantable loop recorder over the forecast period owing to an increased number of patients suffering from arrhythmia along with other cardiac disorders. According to the American Heart Association, more than 4.0 million patients are suffering from arrhythmias and cause approximately half a million deaths each year in U.S. as of 2019. Continuous R&D investment by the key industry players has led to the evolution of micro sized implantable loop recorders that work well for the diagnosis of arrhythmias, syncope, or to monitor risks that may lead to cardiovascular disorders.
The hospital segment lead the market and held a revenue share of around 60.0% in 2019. The growth can be attributed to an increased number of minimally invasive surgeries under these facilities. Moreover, revised reimbursement policies are further increasing the demand for implantable loop recorders. The continuous advancement in minimally invasive surgeries is further boosting growth. The cardiac center segment is expected to be the fastest growing sub segment in the implantable loop recorder market over the forecast period 2021-2027. The growth can be attributed to increased number of cardiac centers and easy availability of surgeons under these facilities. Increasing demand for data preservation and remote monitoring are boosting the demand for these specialty cardiac centers. The outpatient facilities are also expected to exhibit significant growth in the coming years owing to its cost effectiveness and faster surgery procedure.
End-use Insights: Implantable Loop Recorders Market
Regional Insights: Implantable Loop Recorders MarketNorth America lead the market with a revenue share of around 38.0% in 2019. This growth can be attributed to various factors such as increasing awareness about the benefits of various cardiac monitoring devices, high disposable income, and the presence of advanced healthcare infrastructure. Moreover, the presence of major service providers with improved healthcare solutions is expected to fuel the growth of the market for implantable loop recorder in the region during the forecast period. In the Asia Pacific, the market for implantable loop recorder is expected to exhibit lucrative growth over the forecast period. The growth can be attributed to R&D investments to produce technologically advanced cardiac care by the Asian Pacific Society of Cardiology (APSC) and China Cardiovascular Association. In addition, factors such as dietary habits and rising adoption of a sedentary lifestyle leading to physical inactivity are contributing to the increased cardiovascular morbidities in the region. These factors are further fueling the demand for implantable loop recorders.
Key Companies & Market Share Insights: Implantable Loop Recorders MarketThe market for implantable loop recorder is oligopolistic in nature, lead by Medtronic, Abbott, and BIOTRONIK, Inc. Medtronic and Abbott accounted for more than 70.0% of the market share as of 2019. The market for implantable loop recorder is technology driven. The players are constantly developing technologically advanced products in order to gain more market share. For instance, in May 2019, Abbott launched the next-generation Confirm RX Implantable Cardiac Monitor (ICM) with SharpSense technology which can reduce false detection by around 97.0%. In January 2020, BIOTRONIK, Inc. launched Biomonitor III, an implantable cardiac monitor in Japan to increase its regional penetration. Medtronic is planning to launch Reveal Linq II, an advanced cardiac monitor with Bluetooth and waferscale in the coming years which is expected to increase the revenue. Some of the prominent players in the implantable loop recorders market include:
Key companies Profiled: Implantable Loop Recorders Market Report
Application Outlook (Revenue, USD Million, 2016 - 2027)
- Atrial fibrillation
- Cardiac arrhythmia
- Cardiac syncope
End-use Outlook (Revenue, USD Million, 2016 - 2027)
- Cardiac centers
Table Of Contents Chapter 1 Methodology and Scope 1.1 Market Segmentation and Scope 1.1.1 Applications 1.1.2 Region 1.1.3 Estimates and forecast timeline 1.2 Research Methodology 1.3 Information Procurement 1.3.1 Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum): 1.3.2 IFF internal database 1.3.3 Secondary sources 1.3.4 Primary Research 1.3.5 Deta | read more...