PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515528
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515528
Implantable Loop Recorders Market size was valued at USD 1,546.76 Million in 2023, expanding at a CAGR of 9.9% from 2024 to 2032.
An Implantable Loop Recorder (ILR) is a small, battery-powered device used for long-term heart rhythm monitoring. It is typically implanted under the skin of the chest, usually on the left side near the heart. ILRs are small and lightweight, roughly the size of a USB flash drive. This makes them less invasive compared to other cardiac monitoring devices.
Implantable Loop Recorders Market- Market Dynamics
The growing need for cardiac monitoring and the prevalence of cardiac arrhythmias are expected to propel market demand
There is a rising prevalence of cardiac arrhythmias such as atrial fibrillation (AFib). ILRs are crucial in diagnosing and monitoring these conditions, driving demand for ILR devices. Technological advancements in ILRs have made them more reliable, accurate, and capable of storing longer periods of heart rhythm data. These improvements enhance diagnostic capabilities and patient outcomes, making ILRs more attractive to healthcare providers.
ILRs can monitor patients' cardiac rhythms remotely thanks to their wireless transmission capabilities. For medical professionals, this capability is especially helpful because it allows for the prompt identification of arrhythmias and modification of treatment regimens without requiring repeated clinic visits. The market for ILRs is expanding because of increased patient and healthcare provider understanding of the significance of early arrhythmia diagnosis and monitoring. Better disease care and better patient outcomes can result from early diagnosis. Further, favorable regulatory frameworks and reimbursement policies in many countries support the adoption of ILRs.
Implantable Loop Recorders Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 9.9% over the forecast period (2024-2032)
Based on Application segmentation, the atrial fibrillation (AF) segment was predicted to show maximum market share in the year 2023, owing to a high number of patients suffering from AF disease.
Based on Product Type segmentation, the automatic segment was the leading Product Type in 2023, due to high demand for remote monitoring.
Based on End User segmentation, the hospital segment was the leading End User in 2023, owing to the high need for cure of invasive surgeries.
Based on region, North America was the leading revenue producer in 2023, owing to high awareness of cardiac monitoring.
The Global Implantable Loop Recorders Market is segmented based on Application, Product Type, End User, and Region.
The market is divided into three categories based on Application: atrial fibrillation, cardiac arrhythmia, and cardiac syncope. The atrial fibrillation segment dominates the market. The high need for ECG monitoring and diagnosis of AF diseases is boosting market growth.
The market is divided into two categories based on Product Type: manual and automatic. The automatic segment dominates the market. Advancements in technology and remote monitoring solutions are augmenting the segment's growth.
The market is divided into three categories based on End Users: hospitals, cardiac centers, and others. The hospital segment dominates the market and is expected to maintain its high dominance during the forecast period. The increasing demand for Minimally Invasive Surgeries (MIS) in hospitals is propelling the market growth.
Implantable Loop Recorders Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America holds a significant share of the global ILRs market, driven by a well-established healthcare infrastructure, high prevalence of cardiovascular diseases, and early adoption of advanced medical technologies. Stringent regulatory standards and robust reimbursement policies in the United States and Canada support the adoption of ILRs.
The implantable loop recorder market is moderately competitive. Several key companies are actively involved in product development, market expansion, and strategic initiatives like mergers & acquisitions. Medtronic is a prominent player in the ILR market, known for its Reveal LINQ ILR. Medtronic has a strong global presence and leverages its extensive distribution network to reach healthcare providers and patients worldwide. Furthermore, companies emphasize innovation in device longevity, ease of implantation, and data management capabilities to improve patient outcomes.
In May 2023, Medtronic received the U.S. FDA clearance to apply the AccuRhythm Artificial Intelligence (AI) algorithms to the Reveal LINQ insertable cardiac monitor (ICM).
In May 2023, Abbott Laboratories received the FDA approval of Assert-IQ implants, an ICM that offers 2 battery life options for around 6 years.