Implantable Loop Recorder Market Size is valued at USD 1.64 Bn in 2023 and is predicted to reach USD 3.61 Bn by the year 2031 at a 10.44% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The global Implantable Loop Recorder Market is projected to witness significant growth propel by the rising cases of cardiovascular diseases and the increasing adoption of remote monitoring solutions in cardiac care.
- Technological advancements in implantable loop recorder devices, such as longer battery life and improved data transmission capabilities, are expected to fuel market growth further.
- North America currently dominates the Implantable Loop Recorder Market, attributed to well-established healthcare infrastructure, favorable reimbursement policies, and high adoption rates of advanced cardiac monitoring technologies.
An implantable loop recorder (ILR) is a cardiac monitoring device surgically implanted near the chest, where it records the heart's electrical signals, capturing and storing ECG data over an extended period. Implantable loop recorders are valuable diagnostic tools in cardiology, particularly for patients with unexplained syncope, palpitations, or cryptogenic stroke. Their long-term monitoring capabilities and remote data transmission make them useful in detecting and diagnosing a wide range of arrhythmias, ultimately guiding appropriate treatment strategies.
Moreover, market growth is driven by various organisations' concerted efforts to combat the increasing prevalence of cardiovascular diseases. The rising occurrence of cardiovascular diseases and chronic illnesses is attributable to lifestyle variations and behavioural risk factors such as obesity & alcohol consumption. An upsurge in mortality rates has also resulted in a growing ageing population, which is more susceptible to cardiovascular diseases. Furthermore, advancements in various treatments for cardiovascular diseases have contributed to heightened demand for therapies and devices for heart disease treatment, thereby fueling the demand for Implantable Loop Recorders in the market.
Furthermore, the market is growing as the increasing adoption of remote patient monitoring (RPM), facilitated by introducing new reimbursement policies. Additionally, recent clinical guidelines endorsed by the AHA strongly advocate for the use of remote patient monitoring in the recognition of atrial fibrillation in both stroke and non-stroke patients. This endorsement further bolsters the demand for implantable loop recorders and, consequently, drives market growth.
Competitive Landscape
Some Major Key Players In The Implantable Loop Recorder Market:
- Abbott Laboratories,
- Medtronic plc,
- Biotronik,
- Vectorious,
- Angel Medical Systems, Inc.,
- Boston Scientific Corporation,
- Cardiac Science Corporation,
- Nihon Kohden Corporation,
- Philips Healthcare,
- GE Healthcare
- Others
Market Segmentation:
The implantable loop recorder market is segmented on the basis of application and end-user. As per the application, the market is segmented as atrial fibrillation, cardiac arrhythmia, and cardiac syncope. By End-User segment, the market is divided into hospitals, cardiac centres, and others.
Based On End Users, The Hospital Segment Is Accounted As A Major Contributor In The Implantable Loop Recorder Market.
The hospital category is expected to record a major share of the global implantable loop recorder market in 2024. The endorsement of implantable loop recorders in clinical guidelines and recommendations by professional medical associations further encourage hospitals to adopt these devices in their practice. Implantable loop recorders permit for continuous monitoring of a patient's heart activity over an extended period, which can lead to early detection of cardiac issues. Hospitals are adopting these devices to improve patient care by offering timely interventions and tailored treatment plans. Overall, the increasing adoption of implantable loop recorders by hospitals reflects a broader commitment to improving cardiac care and meeting the evolving needs of patients with cardiovascular conditions.
The Cardiac Arrhythmia Segment Witnessed Growth At A Rapid Rate.
The Cardiac arrhythmia segment is projected to grow at a rapid rate in the global implantable loop recorder market. Due to the growing population of patients afflicted with arrhythmia and various other cardiac ailments, there has been an increased demand for implantable loop recorders. In India, cardiac arrhythmia is highly prevalent, affecting over 10 Bn people each year. Notably, significant investments in research and development by leading industry players have resulted in the development of compact implantable loop recorders. These devices are highly effective in diagnosing arrhythmias syncope and in monitoring potential cardiovascular disorder risks.
In The Region, The North American Implantable Loop Recorder Market Holds A Significant Revenue Share.
The North American implantable loop recorder market is expected to record the maximum market share in revenue in the near future. Furthermore, the region is poised for market growth in implantable loop recorders, thanks to the presence of prominent service providers offering enhanced healthcare solutions. This trend is expected to continue in the forecast period. In addition, Asia Pacific is estimated to grow at a rapid rate in the global implantable loop recorder market. Efforts to create more advanced heart care technologies have been made possible by groups like the APSC (Asian Pacific Society of Cardiology) and the China Cardiovascular Association, which have helped the area grow. Additionally, factors such as dietary choices and the increasing prevalence of a sedentary lifestyle, resulting in reduced physical activity, play a role in the rising incidence of cardiovascular diseases in the area.
Recent Developments:
- In Feb 2023, GE HealthCare recently disclosed its intention to acquire Caption Health, a company that sells artificial intelligence (AI)-based imaging guidance software. The company's guidance technology hopes to make ultrasound exams simpler and quicker, enabling a broader range of healthcare professionals to perform basic echocardiography exams.
- In Sept 2022, The LINQ II™ insertable cardiac monitor manufactured by Medtronic obtained clearance from the U.S. FDA for an extended indication. This clearance permits the use of the LINQ II™ device in paediatric patients aged two and above.
Implantable Loop Recorder Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 1.64Bn |
|
Revenue Forecast In 2031 |
USD 3.61 Bn |
|
Growth Rate CAGR |
CAGR of 10.44% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Application, End-User |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Abbott Laboratories, Medtronic plc, Biotronik, Vectorious, Angel Medical Systems, Inc., Boston Scientific Corporation, Cardiac Science Corporation, Nihon Kohden Corporation, Philips Healthcare, GE Healthcare and others |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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