Implantable Loop Recorders Market - Growth, Trends, COVID-19 Impact, and Forecast(2022 - 2027)

Implantable Loop Recorders Market - Growth, Trends, COVID-19 Impact, and Forecast(2022 - 2027)

The Implantable Loop Recorders Market is projected to register a CAGR of more than 9% during the forecast period (2022 - 2027).

The COVID-19 pandemic has significantly impacted market growth. The onset of the COVID-19 pandemic has caused a nationwide lockdown with the suspension of non-urgent scheduled visits and hospitalizations which resulted in the delayed diagnosis of patients with cardiac disorders. For instance, as per an article published by Nature Review Cardiology, in July 2020, titled "COVID-19 and cardiovascular disease: from basic mechanisms to clinical perspectives", it has been observed that COVID-19 patients with underlying cardiovascular comorbidities have high mortality as well as COVID-19 can cause cardiovascular disorders, including myocardial injury, arrhythmias, acute coronary syndrome, and venous thromboembolism. Thus, the increasing cardiovascular complications among COVID-19 patients increases the demand for wearable devices and patient monitoring devices during the pandemic period as they allow contactless communication and tracking of medical conditions by clinicians. Also in October 2020, the Food and Drug Administration (FDA) issued a new policy to expand the availability and functionality of non-invasive remote monitoring devices to aid patient monitoring and decrease patient and healthcare provider contact and exposure to COVID-19 in the event of a public health emergency. Thus, COVID-19 has a positive impact on the studied market growth.

Certain factors that are propelling the market growth are the growing prevalence of cardiac disorders, recent technological advancements in cardiac monitoring devices, and increasing demand for remote patient monitoring.

The growing prevalence of heart disorders is significantly augmenting the demand for implantable loop recorders for the treatment of cardiovascular disorders. For instance, according to the British Heart Foundation England Factsheet, published in January 2022, about 6.4 million people are living with cardiovascular diseases in England in 2022. Additionally, according to a research study published by Giuseppe Lippi et. al., in January 2020, the most common cardiac arrhythmia is atrial fibrillation, which is a major risk factor for ischemic stroke and causes enormous economic burden as well as morbidity and mortality. Also, according to American Heart Association, in June 2021, the prevalence rate of heart failure in Europe was between 1% to 2%, in 2021. Thus, the increasing burden of cardiac disorders among the population is expected to increase the demand for implantable loop recorders to monitor patients’ heart rhythms, thereby fuelling the market growth.

Furthermore, the recent technological advancements are contributing to market growth. For instance, RhythMedix, a remote cardiac monitoring organization, launched its next-generation RhythmStar wearable device with built-in 4G cellular connectivity. The technology enables the rapid ECG analysis and reporting of cardiac abnormalities. Also, in January 2021, Boston Scientific acquired Preventice Solutions for USD 925 million. With this acquisition, Boston expanded its business segment of core cardiac rhythm management and electrophysiology.

Moreover, the increasing adoption of remote patient monitoring (RPM) is contributing to the market growth owing to the introduction of new reimbursement policies. For instance, in January 2021, the Centers for Medicare & Medicaid Services amended the 2021 Physician Fee Schedule, making it possible for increased reimbursement for remote patient monitoring. This indicates wider adoption of remote patient monitoring for cardiac monitoring, thereby increasing the demand for implantable loop recorders. Also, as per the American Heart Association (AHA), recent clinical guidelines strongly recommend the use of remote patient monitoring for atrial fibrillation detection in both stroke and non-stroke patients, thereby further increasing the demand for implantable loop recorders, hence boosting the market growth.

However, the high cost of the device and stringent regulations are some of the factors impeding the market growth.

Key Market TrendsCardiac Arrhythmia Segment is Expected to Witness a Significant Growth Over the Forecast Period

The cardiac arrhythmia segment is expected to witness significant growth over the forecast period owing to the factors such as the increasing prevalence of cardiac arrhythmia as well as the increasing adoption of remote patient monitoring devices. For instance, as per a September 2021 update by the National Health Service, in the United Kingdom, more than 2 million people experienced arrhythmias or heart rhythm problems. With the increasing heart problems, the demand for electrophysiology devices is increasing, which is likely to augment the growth of the market. Also, as per the 2020 updates of the World Health Organization (WHO), ischemic heart disease was responsible for 16% of the world’s total deaths. Thus, increasing myocardial ischemia created an unstable electrical substrate capable of initiating and sustaining arrhythmias, which is likely to increase the monitoring of cardiac activity which in turn is anticipated to fuel the market growth.

Additionally, congenital heart abnormalities, coronary artery disease, high blood pressure, and other forms of cardiovascular illness are major causes of abnormal heart rhythms (arrhythmias) or conditions that might cause arrhythmias which are anticipated to increase the demand for implantable loop recorders over the forecast period. For instance, as per the report published by Annals of Global Health, in June 2020, titled, “A global view on the prevalence of hypertension and human development index, to determine the relationship between the prevalence of hypertension and the human development index (HDI)”, it has been observed that the prevalence of hypertension ranged from 35 to 41% among 182 countries, worldwide. Thus, the increasing hypertension cases could lead to cardiac arrhythmias in patients, which is likely to increase the demand for regular monitoring of abnormal heart rhythms, thereby fueling the market growth.

Furthermore, the rising company activities in developing advanced technological devices for monitoring cardiac rhythms and increasing product launches are also contributing to the growth of the market. For instance, in October 2020, Abbott launched a new Implantable Cardioverter Defibrillator (ICD) and Cardiac Resynchronisation Therapy Defibrillator (CRT-D) devices for people with abnormal heart rhythms and heart failure. Through smartphone connectivity and associated applications, the devices provide new opportunities for patient interaction and remote monitoring. Also, In June 2020, Boston Scientific Corporation announced receiving the United States Food and Drug Administration (USFDA) approval for the LUX-Dx Insertable Cardiac Monitor (ICM) System, a new, long-term diagnostic device. The device will be implanted in patients to detect arrhythmias associated with conditions such as cryptogenic stroke, atrial fibrillation (AF), and syncope.

Therefore, due to the increasing burden of cardiac arrhythmia disorders among the population as well as increasing company activities and product launches, the studied market is expected to grow over the forecast period.

North America Dominates the Market and Expects to do Same Over the Forecast Period

North America is expected to account for a major share of the implantable loop recorders market over the forecast period, owing to the increasing prevalence of cardiovascular diseases, rising demand for remote patient monitoring devices, the presence of well-established healthcare infrastructure, and the growing healthcare expenditure.

In addition, the rising geriatric population who are more prone to develop cardiovascular diseases and requires continuous cardiac activity monitoring, increasing the demand for implantable loop recorder devices, thereby boosting the market growth.

The rising burden of cardiovascular diseases such as cardiac arrhythmias, hypertension, and others among the population is expected to increase the demand for implantable loop recorders for measuring and detecting irregular heart rhythms. For instance, according to a research study published by Giuseppe Lippi et. al., in January 2020, it is estimated that atrial fibrillation would affect 6–12 million people in the United States by 2050, and 17.9 million people by 2060. Thus, the increasing prevalence of atrial fibrillation among the population is likely to increase the demand for patient monitoring devices, thereby propelling the market growth. Additionally, according to American Heart Association, in June 2021, the prevalence rate of heart failure in Canada was between 1.5% to 1.9% in 2021. Thus, the increased cases of heart failure among the population increase the risk of atrial fibrillation, which requires regular monitoring of heart rhythm and is expected to augment the demand for implantable loop recorders over the forecast period.

Moreover, the technological advancements in remote patient monitoring devices, as well as the presence of key players in the region, are developing and launching products for helping patients with cardiovascular diseases, which is expected to augment the market growth over the forecast period. For instance, in July 2021, Abbott launched Jot Dx, an insertable cardiac monitor (ICM) in the United States. This technology allows for remote detection and improved diagnostic accuracy of cardiac arrhythmia in patients. In addition, SyncUP is a personalized service that offers one-on-one training and instruction to help patients become connected and stay connected to their ICM. Also, in July 2021, the United States Food and Drug Administration approved Medtronic’s two AccuRhythm artificial intelligence (AI) algorithms for use with the LINQ II insertable cardiac monitor (ICM). In addition, AccuRhythm AI improves the information physicians receive so they may more accurately diagnose and treat irregular heart rhythms by applying artificial intelligence (AI) to heart rhythm event data gathered by LINQ II.

Therefore, due to the aforementioned factors, the implantable loop recorders market is expected to grow in the region over the forecast period.

Competitive Landscape

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

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.