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The implantable loop recorders market size is estimated to increase by USD 558.7 million and grow at a CAGR of 7.47% between 2022 and 2027. The market's expansion relies on several factors, such as the increasing prevalence of cardiac conditions resulting from irregular heart rhythms and other chronic diseases, the expanding geriatric demographic, and the emphasis on preventive healthcare approaches. However, challenges include stringent regulations concerning implantable loop recorders, concerns about data efficacy and associated risks, and a shortage of skilled clinicians.
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This market report extensively covers market segmentation by application (cardiac arrhythmia and atrial fibrillation), type (automatic and manual), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market is experiencing significant growth driven by several key drivers and trends. Technological advancements in cardiovascular devices have led to the development of sophisticated ILRs capable of continuously monitoring cardiac activity and detecting abnormalities such as arrhythmia and cardiac arrhythmia. This has fueled the adoption of ILRs, especially among the geriatric population and individuals with chronic diseases, who are at higher risk of sudden cardiac deaths and atrial fibrillation (AF). Additionally, the rising prevalence of sedentary lifestyles has contributed to an increased incidence of cardiovascular diseases, further boosting the demand for ILRs. As a result, healthcare providers are increasingly turning to remote patient monitoring (RPM) solutions, including ILRs, to track patients' cardiac rhythms in real time, particularly in outpatient facilities where continuous monitoring is challenging.
However, the ILRs market also faces challenges, including stringent regulations and high costs associated with these devices. Healthcare providers must comply with regulatory requirements set by organizations like the Centers for Disease Control and Prevention (CDC), which can impact the adoption and implementation of ILRs. Moreover, the high cost of ILRs may limit access for some patients, particularly those who are non-stroke and at risk of sudden cardiac events. To address these challenges and capitalize on market opportunities, companies like RhythMedix and Preventice Solutions are focusing on developing cost-effective ILR solutions and expanding their offerings to include disease screening services. This strategic approach aims to enhance accessibility to ILRs while ensuring compliance with regulatory standards, ultimately driving market growth and adoption in the coming years.
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The market is witnessing significant growth, driven by various factors. One prominent driver is the technological advancements in remote patient monitoring (RPM), which have revolutionized the way cardiac conditions are diagnosed and managed. With the prevalence of sedentary lifestyles and the increasing incidence of chronic diseases like cardiovascular diseases and atrial fibrillation (AF), there is a growing need for continuous monitoring of cardiac activity, especially among the geriatric population. The rise in sudden cardiac deaths and the prevalence of arrhythmias further underscore the importance of ILRs in detecting and diagnosing potentially life-threatening conditions. Additionally, as healthcare systems shift towards outpatient facilities and invest in RPM solutions, ILRs offer a convenient and effective way to monitor patients remotely, reducing the burden on hospitals and improving patient outcomes.
Moreover, stringent regulations and the increasing focus on disease screening services have propelled the demand for ILRs, despite their high cost. Organizations like the Centers for Disease Control and Prevention (CDC) play a crucial role in promoting awareness about cardiac health and advocating for the adoption of advanced medical technologies. Collaborations between healthcare providers, cardiac centers, and surgery centers, along with partnerships with companies like RhythMedix and Preventice Solutions, drive innovation in ILR technology, making these devices more accessible and effective for non-stroke patients. Overall, the growing emphasis on preventive healthcare, coupled with the rising prevalence of cardiac conditions, positions ILRs as essential tools in modern cardiology, driving their market growth significantly.
Supportive government and non-government initiatives are key trends influencing market growth. Countries around the world are focusing on developing healthcare infrastructure and raising awareness. A major focus of all countries has been to make health care affordable and accessible to all citizens. Half of the world's population lives in rural areas, and countries such as Spain, China, Thailand, and India focus on providing adequate health care in underserved areas. Emerging economies aim to provide their citizens with excellent healthcare and improve access to quality healthcare.
Governments around the world are concerned about the increase in cardiovascular disease. The medical technology and medical device industry is joining forces with governments and non-governmental organizations to stabilize this alarming situation related to public health. For example, the AHA, along with Verily and AstraZeneca, is working on a research project called One Brave Idea to understand the genetic and molecular factors that prevent coronary artery disease and reduce mortality from cardiovascular disease by 2025. Therefore, supporting governmental and non-governmental initiatives will drive the market growth of the market during the forecast period.
Data efficacy issues and risks associated with this are challenging the market growth. The data efficiency issues and risks associated with embedded loop recorders are a challenge for end users and patients. Technical issues, such as interruptions in the transmission of real-time data, can also negatively affect the deployment of embedded loop recorders. Implantable cardiac monitors carry several risks. This product is implanted using minimally invasive surgery.
However, the loop recorder should be removed as postoperative infections can occur at the surgical site. After the transplant, there will be bruising for the first few days. The device is implanted in the chest, and repeated contractions of the heart muscle can eventually cause the device to migrate into the pleural space and erode within days of implantation. This can lead to the development of pleuritic chest pain. Failure to interrogate the device for transitions can lead to mismanagement of heart rhythm recordings. Therefore, such factors limit the growth of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abbott Laboratories: The company offers different types of implantable loop recorders, especially Jot Dx insertable cardiac monitors.
The report also includes detailed analyses of the competitive landscape of the market and information about 8 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the cardiac arrhythmia segment will be significant during the forecast period. Cardiac arrhythmia is defined as an irregular heartbeat and occurs when the electrical signals that regulate the heartbeat are not working properly. An irregular heartbeat can cause the heart to beat too fast (tachycardia) or too slow (bradycardia).
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The cardiac arrhythmia segment was valued at USD 702.15 million in 2017 and continued to grow until 2021. They help medical staff remotely monitor a patient's heartbeat for up to three years. Physicians recommend these when patients are at high risk of cardiac arrest. An implantable loop recorder monitors the heart rhythm over a much longer period of time compared to an electrocardiogram. This helps doctors determine the cause and effect of the arrhythmia. Therefore, the demand to identify the cause of cardiac arrhythmia in critically ill patients is expected to increase during the forecast period. This will drive the growth of the cardiac arrhythmia segment of the market during the forecast period.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America holds the highest share of the market due to growing awareness of the benefits of various cardiac monitoring devices. Advanced healthcare infrastructure and high disposable income are expected to boost the growth of the regional market during the forecast period. For example, Boston Scientific received U.S. Food and Drug Administration approval for the LUX-Dx Insertable Cardiac Monitor (ICM) system. This new long-term diagnostic device is implanted in patients to detect arrhythmias associated with conditions such as atrial fibrillation (AF), unexplained stroke, and syncope. The United States and Canada are the main sources of revenue for the North American market. The rapid growth of the market is driven by rising healthcare costs for cardiovascular disease, increasing adoption of technologically advanced products, high prevalence of cardiovascular disease, and an aging population.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is driven by various factors, including the prevalence of cardiovascular disorders and the demand for technological advancements in remote patient monitoring. Sedentary lifestyles contribute to cardiovascular diseases and sudden cardiac deaths, emphasizing the need for effective monitoring solutions like ILRs. With advancements in minimally invasive surgeries and the rise of outpatient facilities, ILRs offer essential diagnostic tools for conditions like cardiac syncope and cryptogenic stroke. However, challenges such as high costs and regulatory requirements exist. Companies like RhythMedix and Preventice Solutions develop ILRs with AI algorithms like AccuRhythm, enhancing their effectiveness in detecting ECG episodes and improving patient care.
The market plays a pivotal role in cardiovascular healthcare, especially for patients at risk of cardiac arrhythmias and related conditions. With the rise of minimally invasive surgeries (MIS) and the prevalence of cardiovascular diseases, ILRs provide crucial monitoring solutions for both hospitals and ambulatory surgery centers (ASCs). These devices aid in detecting cardiac abnormalities in stroke and non-stroke patients, offering remote patient monitoring (RPM) capabilities. Companies like Cedars-Sinai and Implicity develop ILRs equipped with advanced AI algorithms such as AccuRhythm, enhancing diagnostic accuracy and improving patient outcomes amidst growing healthcare expenditure and the demand for effective disease screening services.
Additionally, the market is witnessing significant growth, driven by the increasing demand for continuous monitoring of cardiac activity. As cardiovascular devices become more advanced, ILRs play a crucial role in detecting and diagnosing various heart conditions, such as arrhythmia, ischemic heart disease, and myocardial ischemia. These devices are particularly beneficial for patients at risk of sudden cardiac deaths and those with atrial fibrillation. With rising concerns about heart health and the prevalence of conditions like hypertension and heart failure, ILRs provide a valuable tool for remote patient monitoring (RPM), enabling healthcare providers to track patients' cardiac rhythms in real-time. Electrocardiogram (ECG) data captured by ILRs, along with advancements in AI algorithms, enhance diagnostic accuracy and streamline patient care. Moreover, partnerships between medical device companies and healthcare institutions, such as the Centers for Disease Control and Prevention (CDC) and cardiac centers, drive innovation in electrophysiology devices like the LINQ II insertable cardiac monitor (ICM), contributing to the expansion of the ILR market.
Implantable Loop Recorders Market Scope |
|
Report Coverage |
Details |
Page number |
149 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.47% |
Market growth 2023-2027 |
USD 558.7 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.45 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 38% |
Key countries |
US, Canada, Spain, Denmark, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Angel Medical Systems Inc., Asahi Kasei Corp., BIOTRONIK SE and Co. KG, Bittium Corp., Boston Scientific Corp., Koninklijke Philips NV, Medtronic Plc, and Vectorious Medical Technologies Ltd. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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