Implantable Loop Recorders
Implantable Loop Recorders Market Forecasts to 2030 - Global Analysis By Product (Manual Recorders and Automatic Recorders), Type (Smartphone Compatible and Smartphone Incompatible), End User (Cardiac Centers, Ambulatory Surgical Centers and Other End Users) and By Geography
According to Stratistics MRC, the Global Implantable Loop Recorders Market is accounted for $1.9 billion in 2024 and is expected to reach $4.1 billion by 2030 growing at a CAGR of 13.7% during the forecast period. Implantable loop recorders (ILRs) are small, battery-powered devices inserted just beneath the skin of the chest to monitor heart rhythms continuously. These compact devices serve as a diagnostic tool for detecting irregular heartbeats or arrhythmias that may not be captured during routine electrocardiograms (ECGs). Operating like miniature electrocardiogram machines, ILRs constantly monitor the heart's electrical activity, storing data on events such as palpitations, fainting, or other symptoms of cardiac irregularity.
According to the American Heart Association, Inc. approximately 3 to 6 million Americans suffer with atrial fibrillation, and by 2050, the number is anticipated to rise to 6 to 16 million.
Market Dynamics:
Driver:
Rising incidence of cardiovascular diseases
With cardiovascular diseases emerging as a significant health concern globally, there is a growing demand for advanced diagnostic tools to monitor and manage these conditions effectively. Implantable Loop Recorders serve as crucial diagnostic aids, offering continuous cardiac monitoring to detect arrhythmias and other cardiac abnormalities. Additionally, their ability to provide long-term monitoring without disrupting patients' daily activities makes them particularly valuable in diagnosing elusive or sporadic cardiac events.
Restraint:
Privacy and security concerns
Privacy and security concerns are significant barriers hindering the growth of the Implantable Loop Recorders (ILRs) market. ILRs, designed to monitor heart activity continuously, collect sensitive medical data. The wireless connectivity features that enable remote monitoring also raise concerns about data privacy and security breaches. Patients worry about unauthorized access to their medical information, potential hacking, and data misuse. However, healthcare providers face the challenge of ensuring robust encryption and authentication protocols to safeguard patient data transmitted from ILRs to healthcare systems.
Opportunity:
Rise in remote patient monitoring
Implantable Loop Recorders, small devices inserted beneath the skin to continuously monitor heart rhythms, are benefiting from the advancements in RPM technology. With RPM, healthcare providers can remotely monitor patients' cardiac activity in real-time, allowing for timely interventions and personalized care. This remote monitoring capability not only improves patient outcomes but also reduces healthcare costs by minimizing hospital visits and preventing unnecessary procedures.
Threat:
Competitive Landscape
The competitive landscape in the Implantable Loop Recorders (ILRs) market presents a double-edged sword. Intense competition can also hinder market growth by fragmenting resources and market share among numerous players, leading to pricing pressures and reduced profitability. However, stringent regulatory requirements for medical devices can further complicate matters, as companies vie for compliance while striving to outperform rivals. Aggressive marketing strategies and promotional activities can escalate, increasing the overall cost burden on companies.
Covid-19 Impact:
The Covid-19 pandemic significantly impacted the Implantable Loop Recorders (ILRs) market, introducing both challenges and opportunities. While the demand for ILRs, which are used for long-term heart rhythm monitoring, remained steady due to the prevalence of cardiovascular diseases, disruptions in healthcare services and supply chains initially hindered market growth. Lockdowns, restrictions on elective procedures, and patients' reluctance to visit healthcare facilities led to a temporary decline in ILR implantations. However, as healthcare systems adapted to the new normal, there emerged a greater emphasis on remote patient monitoring and telemedicine, propelling the adoption of ILRs.
The Manual Recorders segment is expected to be the largest during the forecast period
Manual Recorders segment is expected to be the largest during the forecast period. These devices play a crucial role in monitoring cardiac activity, especially in patients with irregular heart rhythms or those at risk of sudden cardiac events. The Manual Recorders segment offers portable, user-friendly devices that allow patients to record cardiac events as they occur, providing valuable data for diagnosis and treatment planning. This segment's growth is driven by advancements in technology, such as improved battery life, smaller device sizes, and enhanced connectivity features, which make them more accessible and convenient for patients.
The Smartphone Compatible segment is expected to have the highest CAGR during the forecast period
Smartphone Compatible segment is expected to have the highest CAGR during the forecast period. Traditionally, ILRs have been standalone devices requiring specialized equipment for data retrieval and analysis, limiting their widespread use. With the advent of smartphone-compatible ILRs, patients can now conveniently transmit data directly to healthcare providers using their smartphones. This innovation not only simplifies the monitoring process for patients but also allows for real-time data collection, enabling healthcare professionals to promptly assess cardiac activity and intervene if necessary.
Region with largest share:
Asia Pacific region dominated the largest share during the projected time frame. ILRs, compact devices implanted under the skin to monitor heart rhythms, are witnessing increased penetration due to factors like growing awareness, improved healthcare infrastructure, and rising prevalence of cardiac disorders across the region. This regional trend is bolstering early detection and management of cardiac conditions, consequently reducing mortality rates and healthcare burdens. Additionally, the integration of advanced technologies in ILRs, such as remote monitoring and data analytics, facilitates real-time patient monitoring and enhances diagnostic accuracy across the region. Moreover, as emerging markets in Asia Pacific embrace ILRs, it fosters innovation and competition among healthcare providers and device manufacturers, ultimately driving product advancements and cost efficiencies.
Region with highest CAGR:
North America region is poised to hold lucrative growth over the extrapolated period. Stringent regulatory frameworks, such as those set forth by the Food and Drug Administration (FDA) in the United States and Health Canada, ensure that ILRs meet rigorous standards for performance and safety before entering the market. These regulations foster innovation by encouraging manufacturers to invest in research and development to meet compliance requirements throughout the region. Moreover, regulations promote transparency and accountability, providing healthcare professionals and patients with confidence in the quality and reliability of ILRs. These elements are boosting the regional growth.
Key players in the market
Some of the key players in Implantable Loop Recorders market include Medtronic, Abbott Laboratories, Angel Medical Systems, Inc, Boston Scientific Corporation, LivaNova PLC, MicroPort Scientific Corporation, Shree Pacetronix Ltd., Lepu Medical Technology (Beijing) Co., Ltd, Ecardio Diagnostics, Biophan Technologies, Inc and Shanghai Microport Orthopedics.
Key Developments:
In May 2023, Medtronic announced the U.S. FDA clearance to apply the AccuRhythm Artificial Intelligence (AI) algorithms to the Reveal LINQ insertable cardiac monitor (ICM) Medtronic expects the reduction of around 80.2% of pause and 89.5% of AF false alerts with Reveal LINQ.
In May 2023, Abbott announced the FDA approval of Assert-IQ implants, an ICM that offers 2 battery life options and can be in place for around 6 years. Furthermore, in July 2021, Abbott announced the launch of Jot Dx, an ICM to detect arrhythmia in the U.S. market. It offers improved diagnosis accuracy and enables remote detection of arrhythmia in patients.
Products Covered:
• Manual Recorders
• Automatic Recorders
Types Covered:
• Smartphone Compatible
• Smartphone Incompatible
End Users Covered:
• Cardiac Centers
• Ambulatory Surgical Centers
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Implantable Loop Recorders Market, By Product
5.1 Introduction
5.2 Manual Recorders
5.3 Automatic Recorders
6 Global Implantable Loop Recorders Market, By Type
6.1 Introduction
6.2 Smartphone Compatible
6.3 Smartphone Incompatible
7 Global Implantable Loop Recorders Market, By End User
7.1 Introduction
7.2 Cardiac Centers
7.3 Ambulatory Surgical Centers
7.4 Other End Users
8 Global Implantable Loop Recorders Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Medtronic
10.2 Abbott Laboratories
10.3 Angel Medical Systems, Inc
10.4 Boston Scientific Corporation
10.5 LivaNova PLC
10.6 MicroPort Scientific Corporation
10.7 Shree Pacetronix Ltd.
10.8 Lepu Medical Technology (Beijing) Co., Ltd
10.9 Ecardio Diagnostics
10.10 Biophan Technologies, Inc
10.11 Shanghai Microport Orthopedics
List of Tables
1 Global Implantable Loop Recorders Market Outlook, By Region (2022-2030) ($MN)
2 Global Implantable Loop Recorders Market Outlook, By Product (2022-2030) ($MN)
3 Global Implantable Loop Recorders Market Outlook, By Manual Recorders (2022-2030) ($MN)
4 Global Implantable Loop Recorders Market Outlook, By Automatic Recorders (2022-2030) ($MN)
5 Global Implantable Loop Recorders Market Outlook, By Type (2022-2030) ($MN)
6 Global Implantable Loop Recorders Market Outlook, By Smartphone Compatible (2022-2030) ($MN)
7 Global Implantable Loop Recorders Market Outlook, By Smartphone Incompatible (2022-2030) ($MN)
8 Global Implantable Loop Recorders Market Outlook, By End User (2022-2030) ($MN)
9 Global Implantable Loop Recorders Market Outlook, By Cardiac Centers (2022-2030) ($MN)
10 Global Implantable Loop Recorders Market Outlook, By Ambulatory Surgical Centers (2022-2030) ($MN)
11 Global Implantable Loop Recorders Market Outlook, By Other End Users (2022-2030) ($MN)
12 North America Implantable Loop Recorders Market Outlook, By Country (2022-2030) ($MN)
13 North America Implantable Loop Recorders Market Outlook, By Product (2022-2030) ($MN)
14 North America Implantable Loop Recorders Market Outlook, By Manual Recorders (2022-2030) ($MN)
15 North America Implantable Loop Recorders Market Outlook, By Automatic Recorders (2022-2030) ($MN)
16 North America Implantable Loop Recorders Market Outlook, By Type (2022-2030) ($MN)
17 North America Implantable Loop Recorders Market Outlook, By Smartphone Compatible (2022-2030) ($MN)
18 North America Implantable Loop Recorders Market Outlook, By Smartphone Incompatible (2022-2030) ($MN)
19 North America Implantable Loop Recorders Market Outlook, By End User (2022-2030) ($MN)
20 North America Implantable Loop Recorders Market Outlook, By Cardiac Centers (2022-2030) ($MN)
21 North America Implantable Loop Recorders Market Outlook, By Ambulatory Surgical Centers (2022-2030) ($MN)
22 North America Implantable Loop Recorders Market Outlook, By Other End Users (2022-2030) ($MN)
23 Europe Implantable Loop Recorders Market Outlook, By Country (2022-2030) ($MN)
24 Europe Implantable Loop Recorders Market Outlook, By Product (2022-2030) ($MN)
25 Europe Implantable Loop Recorders Market Outlook, By Manual Recorders (2022-2030) ($MN)
26 Europe Implantable Loop Recorders Market Outlook, By Automatic Recorders (2022-2030) ($MN)
27 Europe Implantable Loop Recorders Market Outlook, By Type (2022-2030) ($MN)
28 Europe Implantable Loop Recorders Market Outlook, By Smartphone Compatible (2022-2030) ($MN)
29 Europe Implantable Loop Recorders Market Outlook, By Smartphone Incompatible (2022-2030) ($MN)
30 Europe Implantable Loop Recorders Market Outlook, By End User (2022-2030) ($MN)
31 Europe Implantable Loop Recorders Market Outlook, By Cardiac Centers (2022-2030) ($MN)
32 Europe Implantable Loop Recorders Market Outlook, By Ambulatory Surgical Centers (2022-2030) ($MN)
33 Europe Implantable Loop Recorders Market Outlook, By Other End Users (2022-2030) ($MN)
34 Asia Pacific Implantable Loop Recorders Market Outlook, By Country (2022-2030) ($MN)
35 Asia Pacific Implantable Loop Recorders Market Outlook, By Product (2022-2030) ($MN)
36 Asia Pacific Implantable Loop Recorders Market Outlook, By Manual Recorders (2022-2030) ($MN)
37 Asia Pacific Implantable Loop Recorders Market Outlook, By Automatic Recorders (2022-2030) ($MN)
38 Asia Pacific Implantable Loop Recorders Market Outlook, By Type (2022-2030) ($MN)
39 Asia Pacific Implantable Loop Recorders Market Outlook, By Smartphone Compatible (2022-2030) ($MN)
40 Asia Pacific Implantable Loop Recorders Market Outlook, By Smartphone Incompatible (2022-2030) ($MN)
41 Asia Pacific Implantable Loop Recorders Market Outlook, By End User (2022-2030) ($MN)
42 Asia Pacific Implantable Loop Recorders Market Outlook, By Cardiac Centers (2022-2030) ($MN)
43 Asia Pacific Implantable Loop Recorders Market Outlook, By Ambulatory Surgical Centers (2022-2030) ($MN)
44 Asia Pacific Implantable Loop Recorders Market Outlook, By Other End Users (2022-2030) ($MN)
45 South America Implantable Loop Recorders Market Outlook, By Country (2022-2030) ($MN)
46 South America Implantable Loop Recorders Market Outlook, By Product (2022-2030) ($MN)
47 South America Implantable Loop Recorders Market Outlook, By Manual Recorders (2022-2030) ($MN)
48 South America Implantable Loop Recorders Market Outlook, By Automatic Recorders (2022-2030) ($MN)
49 South America Implantable Loop Recorders Market Outlook, By Type (2022-2030) ($MN)
50 South America Implantable Loop Recorders Market Outlook, By Smartphone Compatible (2022-2030) ($MN)
51 South America Implantable Loop Recorders Market Outlook, By Smartphone Incompatible (2022-2030) ($MN)
52 South America Implantable Loop Recorders Market Outlook, By End User (2022-2030) ($MN)
53 South America Implantable Loop Recorders Market Outlook, By Cardiac Centers (2022-2030) ($MN)
54 South America Implantable Loop Recorders Market Outlook, By Ambulatory Surgical Centers (2022-2030) ($MN)
55 South America Implantable Loop Recorders Market Outlook, By Other End Users (2022-2030) ($MN)
56 Middle East & Africa Implantable Loop Recorders Market Outlook, By Country (2022-2030) ($MN)
57 Middle East & Africa Implantable Loop Recorders Market Outlook, By Product (2022-2030) ($MN)
58 Middle East & Africa Implantable Loop Recorders Market Outlook, By Manual Recorders (2022-2030) ($MN)
59 Middle East & Africa Implantable Loop Recorders Market Outlook, By Automatic Recorders (2022-2030) ($MN)
60 Middle East & Africa Implantable Loop Recorders Market Outlook, By Type (2022-2030) ($MN)
61 Middle East & Africa Implantable Loop Recorders Market Outlook, By Smartphone Compatible (2022-2030) ($MN)
62 Middle East & Africa Implantable Loop Recorders Market Outlook, By Smartphone Incompatible (2022-2030) ($MN)
63 Middle East & Africa Implantable Loop Recorders Market Outlook, By End User (2022-2030) ($MN)
64 Middle East & Africa Implantable Loop Recorders Market Outlook, By Cardiac Centers (2022-2030) ($MN)
65 Middle East & Africa Implantable Loop Recorders Market Outlook, By Ambulatory Surgical Centers (2022-2030) ($MN)
66 Middle East & Africa Implantable Loop Recorders Market Outlook, By Other End Users (2022-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
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