Summary

The implantable loop recorders market is projected to register a CAGR of more than 9% during the forecast period.

COVID-19 pandemic is influencing the implantable loop recorders market growth. The onset of COVID-19 pandemic has caused nationwide lockdown with the suspension of non-urgent scheduled visits and hospitalizations. Thus, in October 2020, the Food and Drug Administration (FDA) announced issuing a new policy, effective from January 2020, to expand the availability and capability of non-invasive remote monitoring devices to aid patient monitoring and reduce patient and healthcare provider contact and exposure to COVID-19 for public health emergency. This has led to an increased usage of remote patient monitoring devices for self-monitoring of symptoms by cardiac disorder patients during the pandemic to reduce burden on healthcare facilities by minimizing the visits to the hospitals and other healthcare facilities. Additionally, in July 2020, Medtronic received FDA clearance for LINQ II ICM that offers ongoing connectivity between the device and the physician while potentially reducing the need for office visits during the ongoing pandemic, thereby contributing to the market growth in the COVID-19 pandemic.

The studied market growth can be largely attributed to the factors such as growing prevalence of heart disorders, recent technological advancements in cardiac monitoring devices and increasing demand for remote patient monitoring. These factors are leading to a huge demand for implantable loop recorders in the healthcare facilities.

Growing prevalence of heart disorders is significantly augmenting the demand for implantable loop recorders for the treatment of the cardiovascular disorders. As per the 2021 Heart Disease and Stroke Statistics by the American Heart Association (AHA), more than 523.2 million people were diagnosed with cardiovascular diseases (CVD) in 2019 and CVD was the leading cause of death worldwide, accounting for approximately 18.6 million deaths in 2019, reflecting a 17.1% increase over the past decade. This indicates the growing demand for implantable loop recorders. In addition, as per a 2020 article by the National Center for Biotechnology Information (NCBI), several patients suffering with COVID-19 disease are at a risk of developing cardiovascular disorder. Thus, the increase in COVID-19 cases is increasing the prevalence of heart disorders that is boosting the demand for implantable loop recorders.

Also, the advancements in technology are anticipated to play a significant role in the introduction of advanced implantable loop recorders. Some of the major market players are engaged in developing smart implantable loop recorders to attract more consumers. These players are developing and introducing new products that can use Wi-fi and Bluetooth for connecting. For instance, the Reveal LINQ Insertable Cardiac Monitor developed by Medtronic is the smallest implantable cardiac monitoring device and is one-third the size of a triple-A battery. The collected heart rhythm data is shared with a physician using a cellular network or Wi-fi through MyCareLink Monitor and shows 99.4% accuracy in atrial fibrillation detection. Thus, the aforementioned factors are contributing to the rising demand for implantable loop recorders.

Additionally, increasing adoption for remote patient monitoring (RPM) is contributing to the market growth. RPM is witnessing greater adoption in the owing to the introduction of new reimbursement policies. For instance, in 2020, as per the Centers for Medicare & Medicaid Services, Medicare increased the reimbursement for remote patient monitoring to an average of USD 120 per patient per month. This indicates wider adoption of RPM for cardiac monitoring, thereby increasing the demand for implantable loop recorders. Moreover, as per the American Heart Association (AHA), recent clinical guidelines strongly recommend the use of RPM for atrial fibrillation detection in both stroke and non-stroke patients, thereby further increasing the demand for implantable loop recorders. Thus, in view of the above-mentioned factors, the market is expected to witness a significant growth over the forecast period.

However, high cost of the device, preference for non-invasive surgical procedures and stringent regulations are some of the factors impeding the market growth.

Key Market Trends

Atrial Fibrillation Segment is Expected to Witness a Significant Growth Over the Forecast Period

Based on application, the atrial fibrillation segment is expected to witness significant growth. Increasing incidences of atrial fibrillation is one of the major factors driving the demand for implantable loop recorders. Implantable loop recorders (ILRs) aid in improving the long-term ECG monitoring and the diagnosis of atrial fibrillation after a stroke. Therefore, such patients undergo a minor surgery for implantation of loop recorders to reduce the consequences of atrial fibrillation.

As per the 2020 statistics by the Centers for Disease Control and Prevention (CDC), in 2018, atrial fibrillation accounted for the 25,845 deaths in the United States. In addition, according to the same source mentioned above, it is estimated that 12.1 million people in the United States will suffer from atrial fibrillation by 2030. Moreover, as per the 2020 statistics by the CDC, people from European descent are more likely to suffer from atrial fibrillation than African Americans. Such growth in incidences will fuel the demand for self-monitoring cardiac devices including implantable loop recorders. Thus, in view of the aforementioned factors, the segment is expected to grow significantly over the forecast period.

North America is Expected to Witness a Significant Growth Over the Forecast Period

Within North America, the United States has held major share of the market and expected to dominate over the forecast period. The increase in research and development in the country owing to the presence of technologically advanced infrastructure and presence of major market players such as Abbott and BIOTRONIK is contributing to the market growth. For instance, in December 2020, BIOTRONIK received FDA clearance for the Vital Data Sensor, a body temperature component within the BIOMONITOR IIIm injectable cardiac monitor (CM). It is designed to aid cardiologists in detection and diagnosis of cardiac arrhythmias remotely along with monitoring the signs of fever. The product is anticipated to witness a huge demand owing to the pandemic. Additionally, increasing adoption of remote patient monitoring owing to greater awareness is leading to significant demand for implantable loop recorders in healthcare facilities. Moreover, increasing incidences of cardiac disorders in the country is further contributing to the rising demand for implantable loop recorders. For instance, as per the 2021 statistics by the American Heart Association (AHA), 2.7 to 6.1 million people in the United States have been diagnosed with atrial fibrillation (AF). Thus, in view of the above-mentioned factors, the implantable loop recorders market is anticipated to grow significantly over the forecast period in North America.

Competitive Landscape

The implantable loop recorders market is highly consolidated, and a few companies are currently dominating the market. These companies include Abbott, Boston Scientific Corporation, Medtronic, BIOTRONIK and Vectorious. The competition in the market is majorly based on technological advances of implantable loop recorders. Additionally, the key players have been involved in various strategic alliances such as acquisitions, collaborations along with launch of advanced products to secure the position in the global market.

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Table of Contents

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Prevalence of Cardiac Disorders
4.2.2 Recent Technological Advancements in Cardiac Monitoring Devices
4.2.3 Increasing Demand for Remote Patient Monitoring
4.3 Market Restraints
4.3.1 High Cost of the Device
4.3.2 Stringent Regulations
4.4 Porter’s Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 Application Type
5.1.1 Cardiac Arrhythmia
5.1.2 Atrial Fibrillation
5.1.3 Cardiac Syncope
5.2 End-User
5.2.1 Hospitals
5.2.2 Cardiac Centers
5.2.3 Other End-Users
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott
6.1.2 Medtronic
6.1.3 BIOTRONIK
6.1.4 Boston Scientific Corporation
6.1.5 Vectorious
6.1.6 Angel Medical Systems, Inc.

7 MARKET OPPORTUNITIES AND FUTURE TRENDS