Implantable Loop Recorder Market Size, Share and Scope Analysis to 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Implantable Loop Recorder Market- (By Application (Atrial Fibrillation, Cardiac Arrhythmia, Cardiac Syncope), By End-Use (Hospitals, Cardiac Centers, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Implantable Loop Recorder Market is valued at US$ 1.52 Bn in 2022, and it is expected to reach US$ 3.47 Bn by 2031, with a CAGR of 9.66% during a forecast period of 2023-2031.

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The implantable loop recorder (ILR), alternatively referred to as an implantable cardiac monitor, is a diminutive medical apparatus that is surgically inserted beneath the dermis of the thoracic region to perpetually observe and record a patient's cardiac rhythm for an extended duration. This diagnostic tool is employed to identify and track irregular heart rhythms, palpitations, and instances of unexplained loss of consciousness (syncope) that may be associated with cardiac arrhythmias.

The market is experiencing growth due to several factors, including a rising incidence of cardiovascular disorders, technological advancements, and an increasing demand for remote patient monitoring. Additionally, the sedentary lifestyle and its associated physical inactivity contribute to a higher risk of chronic cardiac conditions, further driving market expansion. Furthermore, the increasing mortality rates associated with cardiac disorders are expected to continue fueling market growth in the years ahead. The COVID-19 pandemic, which emerged in April 2020 as a result of SARS-CoV-2, had adverse effects on various sectors, including the medical device industry. During the pandemic, individuals with chronic diseases such as cardiovascular issues and diabetes encountered difficulties managing their medications and accessing healthcare providers due to global lockdowns. Consequently, the demand for implantable loop recorders for treating cardiovascular disorders is rising, driven by the growing prevalence of heart conditions.


List of Prominent Players in the Implantable Loop Recorder Market:
Abbott
Medtronic
BIOTRONIK
Vectorious Medical Technologies
Angel Medical Systems
Boston Scientific
Cardiac Science
Nihon Kohden Corporation
Philips
GE HealthCare
Others

Market Dynamics:

Drivers-
The ongoing impact of the pandemic had adverse effects on the growth of the analyzed market, leading to a decline in product demand. However, the situation shows signs of stabilization as global restrictions have eased and disease screening services have resumed. Furthermore, the market is likely to grow due to increased efforts by various organizations to address the rising prevalence of cardiovascular diseases. Additionally, the growing adoption of remote patient monitoring (RPM) is contributing significantly to market expansion, driven by the introduction of new reimbursement policies. Moreover, recent clinical guidelines from the AHA strongly endorse the use of remote patient monitoring for detecting atrial fibrillation in both stroke and non-stroke patients. This endorsement further boosts the demand for implantable loop recorders and drives market growth.

Challenges:
Implantable loop recorders can be expensive, making them less accessible to patients and healthcare systems with limited budgets. Nevertheless, the market growth faces obstacles due to the device's elevated price and rigorous regulatory requirements. Furthermore, alternative monitoring technologies like wearable devices and mobile apps offer less intrusive cardiac monitoring options, potentially creating competition for implantable loop recorders and thus restraining market expansion. Lack of awareness among patients as well as healthcare professionals about the benefits and indications for implantable loop recorders can hinder their adoption.

Regional Trends:
The North American implantable loop recorder market is expected to register a major market share in terms of revenue and it is projected to grow at a high CAGR in the near future. Due to the growing occurrence of cardiovascular diseases, a surging need for remote patient monitoring devices, robust healthcare infrastructure, and expanding healthcare expenditure. Furthermore, the increasing elderly population, particularly susceptible to cardiovascular conditions and necessitate continuous cardiac activity monitoring, is driving up the demand for implantable loop recorder devices, thus propelling market expansion. Besides, Europe had a substantial share of the market. The technological developments in remote patient monitoring devices and the active participation of leading industry players in the region, continuously developing and introducing products to assist individuals with cardiovascular conditions, are poised to enhance market growth in the entire forecast period.

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Recent Developments:

In Feb 2023, GE HealthCare recently disclosed its intention to acquire Caption Health, a company that sells artificial intelligence (AI)-based imaging guidance software. The company's guidance technology hopes to make ultrasound exams simpler and quicker, enabling a broader range of healthcare professionals to perform basic echocardiography exams.

In Sept 2022, The LINQ II™ insertable cardiac monitor manufactured by Medtronic obtained clearance from the U.S. FDA for an extended indication. This clearance permits the use of the LINQ II™ device in paediatric patients aged two and above.

Segmentation of Implantable Loop Recorder Market-
By Application
· Atrial Fibrillation
· Cardiac Arrhythmia
· Cardiac Syncope

By End-use
· Hospitals
· Cardiac Centers
· Others

By Region-
North America-
· The US
· Canada
· Mexico

Europe-
· Germany
· The UK
· France
· Italy
· Spain
· Rest of Europe

Asia-Pacific-
· China
· Japan
· India
· South Korea
· South East Asia
· Rest of Asia Pacific

Latin America-
· Brazil
· Argentina
· Rest of Latin America

Middle East & Africa-
· GCC Countries
· South Africa
· Rest of Middle East and Africa

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