Implantable Loop Recorders Market is Estimated to Reach $813.5 Million By 2025 Covering key Players Boston Scientific and GE healthcare

Global Implantable Loop Recorders Market Report, published by Accurize Market Research, forecast that the global market is expected to reach $813.5 Million by 2025, growing at a CAGR of 8.4% from 2019 to 2025. In terms of volume, the market was valued 181.4 Million Units in 2018 and is expected to reach 320.4 Million Units by 2025, growing at a CAGR of 8.7% from 2019 to 2025. North America dominated the global implantable loop recorders market with around half of the global market share in 2018 and anticipated to hold the major market share by 2025.

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Market Introduction and Market Dynamics

An implantable loop recorder is a small size device which can be implanted below the patients’ skin, just near the chest, to record the heart activity. These devices are majorly used to detect irregular heart rates. It is often used to help find a cause for recurrent unexplained syncope when there is a strong suspicion of a heart rhythm cause but all other simple tests have been normal. The device continuously monitors cardiac activity and stores the information in its memory. The rise in the prevalence of cardiovascular diseases improved reimbursement policies for the treatment of bradycardia and cardiac arrhythmia, and rise in the geriatric population are the major factors boosting the growth of implant loop recorders market. In the coming years, emerging applications across novel fields of clinical research of medical devices are expected to open new avenues in the ILR market. Moreover, the increase in awareness about devices and treatment options for cardiac disorders will create lucrative opportunities for the key players in this market. Additionally, the untapped market in emerging economies would provide several growth opportunities in forecasted years.

Market Segmentation and Crisp Analysis

The global implantable loop recorders market has been classified on the basis of indication, end-users, distribution channel, and compatibility. By indication, the market is segmented into Atrial Fibrillation, Cryptogenic, and Syncope stroke. By end-users, the market is bifurcated into clinics and hospitals. By compatibility, the market is segmented into Smartphone compatible and Smartphone incompatible. By distribution, the segments considered in the report are direct sales and distribution. In terms of revenue, the cryptogenic segment generated the maximum revenue in 2018, in the indication type segment, and expected to reach the revenue share of 76.1% by 2020. The market growth for this segment is attributed to the growing incidence of cardiac arrhythmias and high mortality rate for cardiac diseases including atrial fibrillation. The atrial fibrillation indication segment accounted for the second-highest market revenue in 2018 and expected to grow at the fastest CAGR of 9.0% during the forecast period.

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Regional Segmentation and Crisp Analysis

By region, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. North America covers the U.S. and Canada. Europe covers the UK, Germany, France, Russia, and Rest of Europe. Asia-Pacific covers China, India, Japan, Korea, and Rest of Asia-Pacific. Rest of the World covers the Middle East and Africa, including GCC countries. South America market size has been separately mentioned in the report. North America dominated the market in 2018 with a market share of 40.9% and projected to attain a CAGR growth of 7.8%, from 2019 – 2025. The growth would be majorly driven by increasing adoption of these devices, as the market is highly driven by the technological innovation implemented in this sector. Moreover, the increase in cardiac diseases and rise in the prevalence of cardiovascular diseases in the U.S. and strategic presence of key manufacturers in the U.S. and Canada is projected to boost the demand for effective treatment solutions. Asia-Pacific is anticipated to attain the fastest CAGR of 9.7% during the forecast period 2019 – 2025.

Manufacturers Competitive Analysis

The top players operating in the market are frequently investing in research & development and are planning to increase their presence in the untapped emerging economies. The few dominant players’ accounts for the majority of the market share. Major companies operating in the global Implantable Loop Recorders Market are Medtronic, Abbott, and Biotronic. These three manufacturers have accounted for the major market share of ILR devices globally. In the Asia-Pacific region, the key manufacturers have collaborated with government bodies to provide effective and innovative cardiac solutions. In addition, the government and private sector authorities have strived to provide favorable reimbursement schemes for treatment of cardiac disorders in developing and underdeveloped economies which would definitely support key players to expand their business in this region.

Scope of the Report

The scope of the report covers in-depth analysis of the market in terms of both qualitative and quantitative analysis across the segments as well as cross-sectional analysis of the segments including the geographies and its countries. Key companies operating in this market and their company profile along with the market share analysis and competitive scenario is also the part of the report. Furthermore, different industries clients’ information has been provided in the report which is very important for the manufacturers. Manufacturers’ data, including revenue, shipment, revenue share, shipment share, and gross profit have been also included, which provide a better understanding of the market competition. Also, the future market players such as Boston Scientific and GE healthcare have been covered in the report with their estimated revenue, volume, and volume share on both global, and the U.S. level.

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