PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1494804
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1494804
According to Stratistics MRC, the Global Implantable Loop Recorders Market is accounted for $1.9 billion in 2024 and is expected to reach $4.1 billion by 2030 growing at a CAGR of 13.7% during the forecast period. Implantable loop recorders (ILRs) are small, battery-powered devices inserted just beneath the skin of the chest to monitor heart rhythms continuously. These compact devices serve as a diagnostic tool for detecting irregular heartbeats or arrhythmias that may not be captured during routine electrocardiograms (ECGs). Operating like miniature electrocardiogram machines, ILRs constantly monitor the heart's electrical activity, storing data on events such as palpitations, fainting, or other symptoms of cardiac irregularity.
According to the American Heart Association, Inc. approximately 3 to 6 million Americans suffer with atrial fibrillation, and by 2050, the number is anticipated to rise to 6 to 16 million.
Rising incidence of cardiovascular diseases
With cardiovascular diseases emerging as a significant health concern globally, there is a growing demand for advanced diagnostic tools to monitor and manage these conditions effectively. Implantable Loop Recorders serve as crucial diagnostic aids, offering continuous cardiac monitoring to detect arrhythmias and other cardiac abnormalities. Additionally, their ability to provide long-term monitoring without disrupting patients' daily activities makes them particularly valuable in diagnosing elusive or sporadic cardiac events.
Privacy and security concerns
Privacy and security concerns are significant barriers hindering the growth of the Implantable Loop Recorders (ILRs) market. ILRs, designed to monitor heart activity continuously, collect sensitive medical data. The wireless connectivity features that enable remote monitoring also raise concerns about data privacy and security breaches. Patients worry about unauthorized access to their medical information, potential hacking, and data misuse. However, healthcare providers face the challenge of ensuring robust encryption and authentication protocols to safeguard patient data transmitted from ILRs to healthcare systems.
Rise in remote patient monitoring
Implantable Loop Recorders, small devices inserted beneath the skin to continuously monitor heart rhythms, are benefiting from the advancements in RPM technology. With RPM, healthcare providers can remotely monitor patients' cardiac activity in real-time, allowing for timely interventions and personalized care. This remote monitoring capability not only improves patient outcomes but also reduces healthcare costs by minimizing hospital visits and preventing unnecessary procedures.
Competitive Landscape
The competitive landscape in the Implantable Loop Recorders (ILRs) market presents a double-edged sword. Intense competition can also hinder market growth by fragmenting resources and market share among numerous players, leading to pricing pressures and reduced profitability. However, stringent regulatory requirements for medical devices can further complicate matters, as companies vie for compliance while striving to outperform rivals. Aggressive marketing strategies and promotional activities can escalate, increasing the overall cost burden on companies.
The Covid-19 pandemic significantly impacted the Implantable Loop Recorders (ILRs) market, introducing both challenges and opportunities. While the demand for ILRs, which are used for long-term heart rhythm monitoring, remained steady due to the prevalence of cardiovascular diseases, disruptions in healthcare services and supply chains initially hindered market growth. Lockdowns, restrictions on elective procedures, and patients' reluctance to visit healthcare facilities led to a temporary decline in ILR implantations. However, as healthcare systems adapted to the new normal, there emerged a greater emphasis on remote patient monitoring and telemedicine, propelling the adoption of ILRs.
The Manual Recorders segment is expected to be the largest during the forecast period
Manual Recorders segment is expected to be the largest during the forecast period. These devices play a crucial role in monitoring cardiac activity, especially in patients with irregular heart rhythms or those at risk of sudden cardiac events. The Manual Recorders segment offers portable, user-friendly devices that allow patients to record cardiac events as they occur, providing valuable data for diagnosis and treatment planning. This segment's growth is driven by advancements in technology, such as improved battery life, smaller device sizes, and enhanced connectivity features, which make them more accessible and convenient for patients.
The Smartphone Compatible segment is expected to have the highest CAGR during the forecast period
Smartphone Compatible segment is expected to have the highest CAGR during the forecast period. Traditionally, ILRs have been standalone devices requiring specialized equipment for data retrieval and analysis, limiting their widespread use. With the advent of smartphone-compatible ILRs, patients can now conveniently transmit data directly to healthcare providers using their smartphones. This innovation not only simplifies the monitoring process for patients but also allows for real-time data collection, enabling healthcare professionals to promptly assess cardiac activity and intervene if necessary.
Asia Pacific region dominated the largest share during the projected time frame. ILRs, compact devices implanted under the skin to monitor heart rhythms, are witnessing increased penetration due to factors like growing awareness, improved healthcare infrastructure, and rising prevalence of cardiac disorders across the region. This regional trend is bolstering early detection and management of cardiac conditions, consequently reducing mortality rates and healthcare burdens. Additionally, the integration of advanced technologies in ILRs, such as remote monitoring and data analytics, facilitates real-time patient monitoring and enhances diagnostic accuracy across the region. Moreover, as emerging markets in Asia Pacific embrace ILRs, it fosters innovation and competition among healthcare providers and device manufacturers, ultimately driving product advancements and cost efficiencies.
North America region is poised to hold lucrative growth over the extrapolated period. Stringent regulatory frameworks, such as those set forth by the Food and Drug Administration (FDA) in the United States and Health Canada, ensure that ILRs meet rigorous standards for performance and safety before entering the market. These regulations foster innovation by encouraging manufacturers to invest in research and development to meet compliance requirements throughout the region. Moreover, regulations promote transparency and accountability, providing healthcare professionals and patients with confidence in the quality and reliability of ILRs. These elements are boosting the regional growth.
Key players in the market
Some of the key players in Implantable Loop Recorders market include Medtronic, Abbott Laboratories, Angel Medical Systems, Inc, Boston Scientific Corporation, LivaNova PLC, MicroPort Scientific Corporation, Shree Pacetronix Ltd., Lepu Medical Technology (Beijing) Co., Ltd, Ecardio Diagnostics, Biophan Technologies, Inc and Shanghai Microport Orthopedics.
In May 2023, Medtronic announced the U.S. FDA clearance to apply the AccuRhythm Artificial Intelligence (AI) algorithms to the Reveal LINQ insertable cardiac monitor (ICM) Medtronic expects the reduction of around 80.2% of pause and 89.5% of AF false alerts with Reveal LINQ.
In May 2023, Abbott announced the FDA approval of Assert-IQ implants, an ICM that offers 2 battery life options and can be in place for around 6 years. Furthermore, in July 2021, Abbott announced the launch of Jot Dx, an ICM to detect arrhythmia in the U.S. market. It offers improved diagnosis accuracy and enables remote detection of arrhythmia in patients.