Implantable Loop Recorders Market Research Report Information By Product (Manual and Automatic), By Indication (Cardiovascular Syncope, Stroke, Heart Failure, Cardiac Arrhythmia, Atrial Fibrillation, Bundle Branch Block, and Others), By End User (Hospitals, Cardiac Centers & Clinics, and Ambulatory Surgical Centers), And By Region (North America, Europe, Asia-Pacific, And Rest of The World) –Market Forecast Till 2032

Implantable Loop Recorders Market Overview

Implantable Loop Recorders Market Size was valued at USD 1.5 Billion in 2023. The Implantable Loop Recorders Market industry is projected to grow from USD 1.6 Billion in 2024 to USD 2.77 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.00% during the forecast period (2024 - 2032).  The rise in heart disease prevalence, the aging population worldwide, increased healthcare expenditure, advancements in clinical research, and government support for improved healthcare infrastructure are expected to be significant market drivers for the Implantable Loop Recorders Market.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Implantable Loop Recorders Market Trends

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  The growing prevalence of heart disorders and the increasing adoption of remote patient monitoring (RPM) are driving the market growth.

  
  

The market for CAGR for Implantable Loop Recorders is driven by the growing prevalence of heart disorders and the increasing adoption of remote patient monitoring (RPM). The increasing incidence of cardiovascular diseases has become one of the reasons that the demand for implantable loop recorders increases for treating cardiovascular disorders. Similarly, precisely as per the British Heart Foundation (BHF) England Factsheet published in January 2022, approximately 6.4 million people have been living with cardiovascular diseases in England throughout 2022. In addition, as pointed out by the AHA, during June 2021, the prevalence rate of heart failure in Europe varied between 1% and 2%, according to a survey conducted by the European Society of Cardiology. In 2020, cardiovascular diseases became the leading cause of death, with a reported 19.1 million deaths worldwide. The top age-adjusted death rate per 100,000 people was 239.8. The age-adjusted prevalence rate was 7.3541/100,000, which was a high rate compared to other geographical locations. There were about 695,000 deaths due to heart disease in the United States in 2021; it amounted to 1 out of 5 deaths, a very alarming number of deaths. Hence, the growing number of cardiac diseases in the populace will amplify the market for implantable loop recorders that continually monitor the patient's heart rhythm, which will gradually drive market growth.

The rapid proliferation of remote patient monitoring embraces market growth, expanding the array of billable codes issued by insurers. To illustrate an example, The Centers for Medicare & Medicaid Services introduced the amended 2021 Physician Fee Schedule, allowing billing for virtual patient monitoring to be increased. This shows the growing application of long-term remote patient monitoring of cardiac arrhythmias, which yields a higher demand for the implantable loop recorder. As a result, it is anticipated that throughout the projection period, demand for the Implantable Loop Recorders Market will increase due to the growing prevalence of heart disorders and the increasing adoption of remote patient monitoring (RPM). Thus, driving the Implantable Loop Recorders Market revenue.

Implantable Loop Recorders Market Segment Insights

Implantable Loop Recorders Market Product Insights

The Implantable Loop Recorders Market segmentation, based on Product includes Manual and Automatic. The Automatic segment dominated the market, accounting for 58% of market revenue. Through those devices, changes in the heart's electrical activity can be captured, and heart rate abnormalities as early as atrial fibrillation, ventricular tachycardia, and bradyarrhthymias can be identified, which are connected with an increased risk of adverse cardiovascular events, including stroke, heart failure, and sudden cardiac death. Involuntary rhythm identification helps health care providers to put in follow-up actions, like anticoagulation therapy or cardiac device implantation, that can ease risk complications and improve patients. This would result in a favorable impact on the segmental growth of the market.

Implantable Loop Recorders Market Indication Insights

The Implantable Loop Recorders Market segmentation, based on Indication, includes Cardiovascular Syncope, Stroke, Heart Failure, Cardiac ArrhythmiaCardiovascular Syncope, Atrial Fibrillation, Bundle Branch Block, and Others. The Atrial Fibrillation segment dominated the market, accounting for 58% of market revenue. Atrial fibrillation is one of the most common cardiac arrhythmias observed worldwide, and it is particularly significant as the disease has a high prevalence among the elderly. The population aging process, coupled with the rising prevalence of risk factors like hypertension, diabetes, and obesity, is propelling the total A-Fib burden. The rise of atrial fibrillation as an international health concern sparked the demand for diagnostic and monitoring equipment, including ILRs, which aimed to diminish the possible effects.

Implantable Loop Recorders Market End-User Insights

The Implantable Loop Recorders Market segmentation, based on End-User, includes Hospitals, Specialty Clinics, and Ambulatory Surgical Centers. The Hospitals segment dominated the market, accounting for 60% of market revenue. Hospitals are turning more and more to patient-centered care models, which focus mainly on individualized treatment backed by preventive care management strategies. The use of ILRs will enable hospitals to customize treatment plans for certain patients based on their personal needs and preferences as well as treatment considerations. This will consequently improve the individual patient’s experience and their engagement in the management of their healthcare.

Figure 1: Implantable Loop Recorders Market, by End-User, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Implantable Loop Recorders Market Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The anticipated expansion of the Endoscopic Ultrasound needle market in North America can be attributed to several key factors. In the United States, coronary diseases and hypertension take up the majority of surgically treated patients. For instance, Cedars-Sinai data in January 2022 showed Coronary Artery Bypass Graft (CABG) surgery, also called coronary artery bypass and bypass surgery, to be the most done in the United States of America, and over 300,000 people celebrate successful bypass surgery annually. Furthermore, the CDC optimistically expects the rate to rise to 12.1 million even by 2030 in the US, an indication of prosperity. This proliferation of cardiovascular diseases has become a national issue; hence, the requirement for implantable loop recorders is going to increase the US market growth curve a notch higher.

Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, and South Korea.

Figure 2: Implantable Loop Recorders Market Share By Region 2023 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's Implantable Loop Recorders Market accounts for the second-largest market share as Europe has in place an abnormally aged population with a substantial category of people marked 65 Years and above. On 1st January 2023, the EU inhabitants reached the number of 448.8 million people, and the age of 65 or higher was about one-fifth (21.3 %) of the European whole population. As of the 1st of January 2023, 44.5 years was the median age of the EU population. The EU age structure approximately 50% of the population being over 44.5 years and the other 50% being under 44.5 years. A rising trend in the EU’s old-age and total dependency ratios can be seen on the whole. The dependence ratio of the aged increased by 5.7 pp in the last decade (from 27.7 in 2013 to 33.4 in 2023), and the total dependency ratio as well increased by 5.8 pp in the same period (from 50.9 in 2013 to 56.7 in 2023. Older adults are more likely to suffer from cardiac arrhythmias such as atrial fibrillation and other cardiovascular conditions; hence, they need continuous monitoring, which can be provided by implantable loop recorders (ILR). As the aging population growth continues to rise, the demand for ILRs will probably extend, too. Further, the German Implantable Loop Recorders Market held the largest market share, and the UK Implantable Loop Recorders Market was the fastest-growing market in the European region.

The Asia-Pacific Implantable Loop Recorders Market is expected to grow at the fastest CAGR from 2024 to 2032. The region is a center for technological breakthroughs and inventions in healthcare. In the Union Budget 2023-24, the government allocated Rs. 89,155 crore (US$ 10.76 billion) to the Ministry of Health and Family Welfare (MoHFW). The Indian government is planning to introduce a credit incentive program worth Rs. 500 billion (US$ 6.8 billion) to boost the country’s healthcare infrastructure. This area includes the globally known medical device providers, research institutions, and academic centers for basic studies in inframammary fold (IMF) technology. The development of ILR technologies along the way in terms of functionality and performance, together with device miniaturization, remote monitoring capabilities, and data analysis, will bring about accuracy in the diagnosis, user-friendliness, and patient outcomes in ILRs. Moreover, China’s Implantable Loop Recorders Market held the largest market share, and the Indian Implantable Loop Recorders Market was the fastest-growing market in the Asia-Pacific region.

Implantable Loop Recorders Market Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Implantable Loop Recorders market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Implantable Loop Recorders industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Implantable Loop Recorders industry to benefit clients and increase the market sector. In recent years, the Implantable Loop Recorders industry has offered some of the most significant advantages to patients and healthcare providers. Major players in the Implantable Loop Recorders Market, including Medtronic plc, Biotronik AG, Abbott Laboratories, Angel Medical Systems, Inc., Boston Scientific Corporation, and Vectorious, are attempting to increase market demand by investing in research and development operations.

Abbott Labs (Abbott) is pioneering the production of a broad range of healthcare products, from branded generic pharmaceuticals, diagnostics, and test systems to pediatric and adult nutritionists. It also supplies medical devices, including implanters and leads for cardiac resynchronization therapy, cardiac monitoring devices, pacemakers, defibrillators, stent implanters, diabetes treatment devices, and nerve-stimulating devices. Furthermore, ingredients such as proteins, amino acids, minerals, and nutrition products are also available, and the company provides a wide selection of dietary supplements. It has various plants in the USA, Colombia, India, Singapore, Spain, and the UK, and the manufacturing plants are spread across the world. The company sells its products in regions including North America, Latin America, the Middle East, Europe, Asia-Pacific, and Africa. Abbott's main offices are based out of Abbott Park, Illinois, USA. In July 2021, Abbott pioneered FDA approval for the release of Jot DX into the U.S. markets for the measurement of heart arrhythmias. It leads to better diagnosis results and helps in remote investigation of the arrhythmia that has been encountered by a patient.

Medtronic Plc., formerly known as Medtronic Inc., is a manufacturer and seller of medical devices and solutions that are directed at state-of-the-art design, development, and production. It provides products that provide relief for heart valve disorders, heart failure, coronary artery disease, aortic, peripheral vascular, venous renal diseases, spine and musculoskeletal diseases, and disorders of the ear, nose, throat, and hearing as well. It additionally offers biological answers for the orthopedic and dental markets. It directs its lines to hospitals, third providers of healthcare, clinics, and institutions, with this covering governmental healthcare programs, distributors, and group purchasing organizations in Asia Pacific, Europe, The Americas, the Middle East, and Africa. Medtronic is based in Dublin, Ireland. In September of 2022, AtriCure released the news of FDA approval of the Linq II ICM, the device to be implanted in children of at least two years of age with a heart rhythm disorder and need for long-term continuous follow-up.

Key companies in the Implantable Loop Recorders Market include

• Medtronic plc


• Biotronik AG


• Abbott Laboratories


• Angel Medical Systems, Inc


• Boston Scientific Corporation


• Vectorious

Implantable Loop Recorders Industry Developments

May 2023: Medtronic announced that it had obtained clearance from the U.S. FDA to utilize AcuRhythm Artificial Intelligence (AI) algorithms in enhancing the Reveal LINQ insertable cardiac monitor (ICM), aiming to reduce approximately 80.2% of pauses and 89.5% of false atrial fibrillation (AF) alerts.

May 2023: Abbott announced that its Assert-IQ implants, approved by the U.S. FDA, provide two battery life choices and have proven effective for nearly six years.

Implantable Loop Recorders Market Segmentation

Implantable Loop Recorders Market Product Outlook

• Manual


• Automatic

Implantable Loop Recorders Market Indication Outlook

• Cardiovascular Syncope


• Stroke


• Heart Failure


• Cardiac Arrhythmia


• Atrial Fibrillation


• Bundle Branch Block


• Others

Implantable Loop Recorders Market End-User Outlook

• Hospitals


• Cardiac Centers & Clinics


• Ambulatory Surgical Centers

Implantable Loop Recorders Market Regional Outlook

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  Middle East
  
  


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  Africa
  
  


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  Latin America