Implantable Loop Recorders Market Report, By Application (Atrial fibrillation, Cardiac arrhythmia and Cardiac syncope), End User (Hospitals, Cardiac Centers and others) and Geography - Global Market Share, Trend Analysis & Forecast

The implantable loop recorder is a subcutaneous, single-lead, electrocardiographic (ECG) monitoring device implanted in the body underneath the chest skin to record the heart activity. The device is typically implanted in the left parasternal region and is capable of storing ECG data automatically in response to a significant bradyarrhythmia or tachyarrhythmia or in response to patient activation. The ILR has emerged as a safe and effective way of monitoring patients suffering from recurrent unexplained syncope. In addition, it shows promise in monitoring atrial fibrillation and identifying the etiology of palpitations

Implantable loop recorders market is in the developing state primarily owing to the surge in heart diseases and the increase in the ageing populace. Besides, emerging applications of implantable loop recorder across novel fields of clinical research of medical devices are likely to open new opportunities to the growth of the market.

The implantable loop recorder Market is mainly driven by increasing prevalence of lifestyle diseases, such as cardiac disorders across the world, improved capabilities of newly developed products in early detection of heart conditions and increasing demand for ECG monitoring and self-care management. The World Health Organisation reported that CVD, which encompasses all conditions linked to the heart and blood vessels, is responsible for 17 million deaths annually. The WHO expects this figure to rise to over 23 million by 2030. In addition, CVD also represents a major economic burden. These figure highlights the increased demand for prolonged electrocardiographic (ECG) monitoring devices and self-care management. 

As developers’ understanding of this disease grows, so will the range of devices at their disposal to address it. They have only scratched the surface of how technology can improve CVD patients’ lives and, as they dig deeper, they will continue to unlock the potential of this growing market.

The report analyses the implantable loop recorders market based on application, end user and geography. 

The implantable loop recorder market finds application in atrial fibrillation, cardiac arrhythmia and cardiac syncope. Syncope, defined as the transient loss of consciousness with spontaneous recovery, is a common clinical complaint encountered in medical practice. Current estimates show that syncope accounts for 3.5%of all emergency room visits and between 1% and 6% of all hospital admissions. Approximately 30% of people will experience syncope at least once during their lifetime. The increasing incidence of such events will drive the global demand of implantable loop recorders

The major end users of the implantable loop recorders includes hospitals, cardiac centers etc. The hospitals segment is likely to earn dominant position owing to the growing number of minimally invasive surgeries under these facilities coupled with the continuous advancement in minimally invasive surgeries is further boosting the growth.

The global study conducted implantable loop recorders vertical to estimate and forecast revenue of the various products segments end user across the countries of key regions of North America, Europe, APAC and rest of the world regions. North America accounted for the largest share of the market, mainly attributed to the increasing incidence of cardiac diseases in the region, high adaption rate of technologically advanced medical devices.  Besides, the presence of major service providers with improved healthcare solutions is expected to fuel the growth of the market for implantable loop recorder in the region .Whereas, rapidly growing aging population, improving healthcare infrastructure, and increasing cases of cardiovascular diseases in Asia Pacific region are driving the growth of the Asia Pacific market.

The major players operating in the market are Medtronic, Abbott, and BIOTRONIK, Inc. The implantable loop recorder market is oligopolistic in nature is technology driven. The players are focusing on  developing technologically advanced products in order to gain more market share.

January 2020 : BIOTRONIK, Inc. launched Biomonitor III, implantable cardiac monitor in Japan to increase its regional penetration. 

May 2019 : Abbott introduced the next-generation Confirm RX Implantable Cardiac Monitor (ICM) with SharpSense technology which can reduce false detection by around 97.0%.