Implantable Loop Recorders Market: Introduction
Transparency Market Research has published a new report titled, “Implantable loop recorders market”. According to the report, the implantable loop recorders market was valued at ~US$ 910 Mn in 2018 and is projected to expand at a CAGR of ~7% from 2019 to 2027.
Implantable Loop Recorders Market: Leading Segments
In terms of indication, the cardiovascular syncope and cardiac arrhythmias segments accounted for major shares of the implantable loop recorders market in 2018. The segments are anticipated to witness strong growth from 2019 to 2027. Atrial fibrillation is one of the most common conditions of the heart, where the heart rate is irregular and faster. Implantable loop recorders are the best way to keep track of arrhythmia, as most of the time this condition provides pseudo detection. Implantable cardiac loop recorders help improve the quality of life of patients with cardiovascular syncope through constant monitoring of heart rhythm and also aid in the early detection of any alarming condition. According to research studies, 34%, or approximately 1/3 cases, of syncope are unexplained. Cardiac syncope is associated with a 6-month mortality rate. Heart valve disease, cardiac arrhythmias, and hypertrophic cardiomyopathy play a major role in cardiac syncope.
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Based on end user, the hospitals segment is expected to grow at a rapid pace during the forecast period, due to benefits associated with the use of implantable loop recorders coupled with resources and capabilities to deploy these platforms. The segment is also driven by availability of various innovative tools and techniques in these facilities and favorable reimbursement policies in various countries. Dependence on hospitals has increased, contributing to the high market share of the segment. Moreover, surge in investments in the hospital sector, particularly in developing countries, is expected to increase the number of hospitals in countries such as China, India, and Brazil, thereby boosting the need of procuring implantable loop recorder systems.
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Implantable Loop Recorders Market: Prominent Regions
North America held the largest share of the global implantable loop recorders market in 2018. The market in the region is driven by the presence of key players, large number of research activities, and a highly structured healthcare industry. The U.S. is projected to dominate the implantable loop recorders market in the region during the forecast period, owing to early adoption of technologies such as Medtronic’s Reveal LINQ. The country is anticipated to be the most attractive market for implantable loop recorders, with high attractiveness index. The implantable loop recorders market in the U.S is expected to expand at a CAGR of 7.5% during the forecast period. Increase in adoption of implantable loop recorders by hospitals, technological advancements, rise in research & development of implantable loop recorders for new applications, and surge in demand for rapid and safe cardiac monitoring products drive the implantable loop recorders market in the U.S.
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Asia Pacific accounted for a significant share of the global implantable loop recorders market in 2018. The market in the region is likely to grow at a rapid pace during the forecast period. Increase in investment by key players in Asia Pacific and rise in prevalence of cardiovascular diseases are projected to propel the implantable loop recorders market in Asia Pacific. Emerging economy, government funding for research, improving healthcare infrastructure, and rise in presence of major global players in countries such as China and India are anticipated to propel the implantable loop recorders market in the region at a significant growth rate during the forecast period.
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Implantable Loop Recorders Market: Key Players
Key players focus on strengthening their positions in the global implantable loop recorders market. These players are collaborating with other companies to secure and strengthen their positions in the market. For instance in January 2017, Abbott Laboratories acquired St. Jude Medical, a global medical device manufacturer, in order to expand its portfolio. In 2017, Abbott launched Confirm Rx, the first and only smartphone compatible implantable cardiac monitor.
Additionally, regulatory approvals is expected to be a major trend in the next few years, leading to advancements and increase in competition in the implantable loop recorders market. For Instance, in April 2018, Angel Medical System received the FDA approval with premarket approval for AngelMed Guardian System, an implantable cardiac monitor for patients who have had prior ACS events, including heart attack.
Major players operating in the implantable loop recorders market include Vectorious, Medtronic plc, Abbott Laboratories, Biotronik, Angel Medical Systems, Inc., and Boston Scientific Corporation.
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