PUBLISHER: The Business Research Company | PRODUCT CODE: 1436383
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436383
Implantable loop recorders are heart monitoring devices placed beneath the skin of the chest, recording heart rhythm continuously for up to three years. They enable remote monitoring of heartbeat during daily activities.
The primary products of implantable loop recorders are manual and automatic. Manual induction involves using a piece of paper with standards, rules, and regulations to trigger and record the single-channel ECG of the patient. These recorders are applied in various medical scenarios, including atrial fibrillation, cardiac arrhythmia, and cardiac syncope, with end-users such as hospitals, cardiac centers, clinics, and ambulatory surgical centers.
The implantable loop recorders market research report is one of a series of new reports from The Business Research Company that provides implantable loop recorders market statistics, including implantable loop recorders industry global market size, regional shares, competitors with an implantable loop recorders market share, detailed implantable loop recorders market segments, market trends and opportunities, and any further data you may need to thrive in the implantable loop recorders industry. This implantable loop recorder's market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The implantable loop recorders market size has grown rapidly in recent years. It will grow from $1.52 billion in 2023 to $1.73 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth during the historical period can be attributed to physical inactivity resulting from a sedentary lifestyle, favorable reimbursement policies, expanded applications and clinical utility, a focus on patient compliance, and enhanced diagnostic capabilities.
The implantable loop recorders market size is expected to see rapid growth in the next few years. It will grow to $3 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The anticipated growth in the forecast period can be attributed to the increasing prevalence of atrial fibrillation, growing healthcare expenditure, a rising geriatric population, an increase in cardiovascular diseases, and a growing demand for remote patient monitoring. Key trends in the forecast period encompass technological advancements, expanded applications, remote monitoring and telemedicine, and the integration of artificial intelligence (AI).
The implantable loop recorder market is expected to grow in response to the rising prevalence of cardiac disorders worldwide. Cardiac disorders, affecting the heart and blood vessels, led to an estimated 375,476 deaths from coronary heart disease in 2021, according to the Centers for Disease Control and Prevention Highlights. The increasing prevalence of cardiac disorders is driving the demand for implantable loop recorders, which are used for recording patients' heart rhythms and providing appropriate treatment.
The implantable loop recorder market is expected to grow due to the increasing aging population. The term aging population refers to a demographic trend characterized by a growing proportion of elderly individuals within a society or population. The aging population increasingly utilizes implantable loop recorders, a cardiac monitoring device, to effectively and continuously monitor heart rhythms. This aids in the early detection and management of cardiac arrhythmias, which are more prevalent in older individuals, contributing to improved health and overall quality of life. According to the World Health Organization, the world's population of people aged 60 years and older is expected to double by 2050, reaching 2.1 billion. Consequently, the growing aging population is driving the growth of the implantable loop recorder market.
Product innovation is a significant trend in the implantable loop recorder market, with major companies developing advanced products to strengthen their market position. In September 2023, BIOTRONIK SE & Co. KG, a Germany-based medical device company, launched BIOMONITOR IV. This implantable cardiac monitor combines SmartECG technology with artificial intelligence to revolutionize cardiac arrhythmia monitoring, providing unparalleled efficiency in detecting and diagnosing cardiac irregularities.
Major companies are adopting a strategic partnership approach to streamline the integration of remote personal monitoring data and implantable device data. Strategic partnerships involve collaborative agreements or alliances between entities to achieve mutually beneficial objectives. In September 2022, Germany-based medical device company BIOTRONIK SE & Co. KG partnered with US-based medical technology company AliveCor Inc. The partnership aims to innovate in cardiac digital health by utilizing AI technology to enhance connected care in cardiac diagnostics and remote patient monitoring. This collaboration enables the seamless connection of wearable and implantable cardiac diagnostic device data, improving patient care and clinical outcomes.
In February 2021, Netherlands-based multinational conglomerate corporation Royal Philips acquired BioTelemetry, Inc. for an undisclosed sum. This acquisition reinforces Royal Philips' position in the implantable loop recorder market and aligns with its strategy to transform healthcare delivery with integrated solutions. BioTelemetry Inc. is a US-based provider of remote cardiac diagnostics and monitoring.
Major companies operating in the implantable loop recorders market report are General Electric Company, EBR Systems Inc., Abbott Laboratories, Medtronic PLC, Koninklijke Philips N.V., GE Healthcare, Boston Scientific Corporation, Edwards Lifesciences Corporation, Nihon Kohden Corporation, Angel Medical Systems Inc., MicroPort Scientific Corporatio, Cardiac Science Corporation, Endotronix Inc., Sorin Group, BioTelemetry Inc., Spectrum Dynamics Medical, TechIndia Infoway Pvt. Ltd., Biotricity Inc., Leman Micro Devices SA, Vectorious Medical Technologies Ltd., Neovasc Inc., SentiAR Inc., LivaNova PLC, Biotronik SE & Co. KG, Asian Heart and Vascular Centre, CARDION s.r.o., Vitatron BV, Vivosonic Inc., NeuroPace Inc., MedicImplant AG, Osypka Medical GmbH
North America was the largest region in the implantable loop recorder market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the implantable loop recorders market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the implantable loop recorders market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The implantable loop recorders market consists of sales of LINQ II insertable cardiac monitors, loop memory monitors, and symptom event monitors. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Implantable Loop Recorders Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on implantable loop recorders market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for implantable loop recorders ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The implantable loop recorders market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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