Implantable Loop Recorders Market Size, Share & Trends Analysis Report By Application (Atrial Fibrillation, Cardiac Arrhythmia), By End-use (Hospitals, Cardiac Centers), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global implantable loop recorders market size was estimated at USD 1.3 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 10.1% from 2023 to 2030. The increasing incidence rate of cardiovascular disorders, technological advancements, and growing demand for remote patient monitoring are some of the factors propelling the market growth. Moreover, physical inactivity due to a sedentary lifestyle increases the risk of developing chronic cardiac conditions, which is further expected to drive the market growth.

The increasing number of mortality due to cardiac disorders is expected to boost the market growth in the coming years. According to the Centers for Disease Control and Prevention (CDC), sudden cardiac deaths and arrhythmia accounted for around 15.0 to 20.0% of all deaths globally in 2018. Studies show that 23% of the population suffers from bradycardia.

According to the World Health Organization (WHO), cardiovascular diseases cause 17.9 million deaths each year. Moreover, the increasing geriatric population thereby leading to an increasing risk of cardiovascular disorders, and favorable government policies in developed economies such as the U.S., the UK, and others are propelling growth.

The COVID-19 outbreak caused due to SARS-CoV-2, affected millions of people globally as of April 2020. The pandemic had a negative impact on various sectors including the medical device industry. Patients with chronic diseases such as cardiovascular and diabetes faced challenges in managing medications, and visiting healthcare providers due to worldwide lockdown.

Application Insights

Based on application, the market is segmented into atrial fibrillation, cardiac arrhythmia, and cardiac syncope. The Atrial Fibrillation (AF) segment dominated with the largest revenue share of 39.0% in 2022, owing to the increasing incidence rate of AF around the globe. According to a report by NIH, AF affects 37,574 million people globally (0.51% of the population), and its incidence has grown by 33% during the past 20 years. The implantable loop recorders help to improve the long-term electrocardiogram (ECG) monitoring and the diagnosis of atrial fibrillation post-cryptogenic stroke. In patients suffering from AF, the risk of a blood clot forming in the heart and causing a stroke is increased to almost five times more than others.

Cardiac arrhythmia is expected to be the fastest growing segment with a CAGR of 10.2% over the forecast period owing to an increased number of patients suffering from arrhythmia along with other cardiac disorders. Cardiac arrhythmia is very common in India affecting more than 10 million people annually. Continuous R&D investment by the key industry players has led to the evolution of micro-sized implantable loop recorders that work well for the diagnosis of arrhythmias, and syncope, or to monitor risks that may lead to cardiovascular disorders.

End-use Insights

Based on end-use, the market is segmented into hospitals, cardiac centers, and others. The hospital segment dominated with the largest revenue share of around 60.7% in 2022. The growth of the segment can be attributed to an increasing number of Minimally Invasive Surgeries (MIS) in hospital settings. Moreover, revised reimbursement policies are further increasing the demand for implantable loop recorders. The continuous advancement in minimally invasive surgeries is further boosting growth.

The others segment is expected to grow at the fastest CAGR of 10.4% over the forecast period. The others segment includes ambulatory and surgery centers. Ambulatory surgery centers (ASCs) are modern healthcare facilities focused on providing same-day surgical care, including diagnostic and preventive procedures. The growth can be attributed to an increased number of surgery centers and the easy availability of surgeons under these facilities. Increasing demand for data preservation and remote monitoring is boosting the demand for these healthcare settings. There are 8,469 ASCs in the U.S. as of 2023. Outpatient facilities are also expected to exhibit significant growth in the coming years owing to their cost-effectiveness and faster surgery procedures.

Regional Insights

North America dominated the market with a revenue share of around 35.0% in 2022. This can be attributed to various factors including high disposable income, growing awareness about various cardiac monitoring devices & their benefits, and advanced healthcare infrastructure in countries such as the U.S.  According to the Centers for Disease Control and Prevention (CDC), every 1 in 5 deaths were caused by cardiovascular disorder, claiming 695,000 lives in the U.S. in 2021. Moreover, the presence of major service providers with improved healthcare solutions is expected to fuel the growth of the market for implantable loop recorders in the region during the forecast period.

Asia Pacific is expected to be the fastest-growing region with a CAGR of 11.5% over the forecast period. The growth can be attributed to R&D investments to produce technologically advanced cardiac care by the Asian Pacific Society of Cardiology (APSC) and the China Cardiovascular Association. In addition, factors such as dietary habits and the rising adoption of a sedentary lifestyle leading to physical inactivity are contributing to the increased cardiovascular morbidities in the region. Almost 35% of total deaths in Asia were caused by cardiovascular disease, claiming almost 11 million lives in 2019. These factors are further fueling the demand for implantable loop recorders.

Key Companies & Market Share Insights

The market for implantable loop recorders is technology-driven and key players are undertaking strategies such as product launches, mergers & acquisitions, and collaboration to increase their market penetration. The players are developing technologically advanced products to gain greater market share.

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 addition, in September 2022, the company announced the FDA approval of Linq II ICM, for the application in pediatric patients over 2 years of age with heart rhythm abnormalities and requiring continuous long-term monitoring.

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. Some prominent players in the global implantable loop recorders market include:

• Medtronic

• Abbott

• BIOTRONIK. Inc.

Implantable Loop Recorders Market Report Scope

Global Implantable Loop Recorders Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global implantable loop recorders market report based on application, end-use, and region:

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Atrial Fibrillation

  • Cardiac Arrhythmia

  • Cardiac Syncope

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Cardiac Centers

  • Others

• Regional Outlook (Revenue in USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Sweden

    • Norway

    • Denmark

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East and Africa

    • Saudi Arabia

    • South Africa

    • UAE

    • Kuwait