Implantable Loop Recorders Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Implantable Loop Recorders Market Size

Implantable Loop Recorders Market Analysis

Rising Cardiac Arrhythmia Incidence Boosts the Market

The cardiac arrhythmia category is expected to witness considerable growth in the coming years, due to the rising CVD incidences, the increasing adoption and usage of remote patient monitoring devices, and the growing incidence of Atrial fibrillation (AFib or AF), which is one of the sub-types of cardiac arrhythmia. For instance, nearly 33.5 million patients are suffering from AFib worldwide and it causes more than 150,000 deaths every year in the U.S.

Similarly, as per an article published on a European government website, AF is the most common heart rhythm disorder and accounts for approximately 3% of healthcare expenditure in European countries. Further, patients having AF are prone to have a five-time higher risk of stroke, and more than 20% of strokes are caused by this form of cardiac arrhythmia. Also, such strokes are more fatal than strokes caused by other reasons. Thus, this factor drives the demand for self-monitoring cardiac devices, which, in turn, is bolstering the market growth.

Moreover, remote patient monitoring is gaining traction for people having heart failure for the record of patients’ heart conditions. Heart failure is a common chronic life-threatening illness. To better define the probable risk of deteriorating heart failure and as a life-saving step, several approaches have been conjectured to track the patient’s condition without the need for frequent hospitalizations. Further, for patients having heart failure, the ICM monitoring is suitable when they reach a clinical status and may avoid indications for other types of cardiac implantable electronic devices (CIEDs).

In addition to the intensive care of arrhythmias, implantable systems have the capability to utilize parameters such as an upsurge in respiratory rate and pulse rate to predict a worsening medical condition of patients that may lead to hospitalizations. Such kind of prior monitoring serves early remedial involvement and thus provides outpatient and home management without frequent hospital visits, which, in turn, reduces economic costs. Also, the use of such devices positively impacts the patient’s quality of life, along with minimizing the chances of hostile events such as infection caused by frequent hospitalizations. Therefore, such incidences of heart failure, cardiac arrhythmia, and strokes are expected to fuel the demand for implantable loop recorders.

Direct Distribution Channel Captures a Larger Market Share

Based on the distribution channel segment, the distribution of ILRs is dominated by the direct purchase of cardiac rhythm monitoring devices by end users like hospitals, ambulatory surgery centers, cardiac centers, and others. Thus, in 2022, the direct category captured a larger revenue share of 90%. This is also ascribed to the rising CVD patient population in both developed and emerging nations, the escalated number of hospital visits for diagnosis, and the increasing number of cardiac implantable electronic device procedures.

Technological Developments in Cardiac Monitoring Devices

The rising advancements in cardiac solutions and services and advanced product launches are key reasons for the augmented growth of the implanted loop recorders market. For instance, in February 2023, Medtronic plc announced the successful results of recent clinical data from the STROKE AF clinical study. It presented that the company’s Reveal LINQ insertable cardiac monitor detects 10-fold more in AF detection of patients suffering from large vessel diseases and microvascular dysfunction stroke patients. It is an automatic, wireless, and patient-responsive intravenous ECG monitoring device.

Similarly, in 2021, RhythMedix, a medical device manufacturer, launched the next-generation RhythmStar, a wearable cardiac monitoring device with integral 4G cellular connectivity. It is worn for extended remote monitoring with no requirement for smartphones or any other communication device. The technology aids in quick ECG studies, reports heartbeat irregularities, and alerts doctors if any risk related to arrhythmia is detected.

Likewise, in 2020, Biotronik SE & Co. KG launched an ICM BIOMONITOR III. It is intended to help patients with irregular heart rhythms by describing unexplained syncope with amplified precision. It aims at providing the accuracy of arrhythmia detection and analysis, and it proposes enhanced signal quality. The product can be implanted under the skin with a quick injectable procedure following a small incision.

Furthermore, with the benefits such as automatic pairing, ease of data transmission, and no active patient involvement, the adoption of cardiac monitors is increasing. Also, the feature of intelligent memory management averts the double recording of medically relevant events so that no relevant evidence is missed. These devices are also used as monitoring equipment for patients with unexplained episodes of palpitations. Thus, these factors drive the growth of the market.

Regional Analysis

High Usage of ILRs in North America

Due to the presence of well-developed healthcare infrastructure and facilities, the rising CVD incidences, the growing healthcare expenditure, high disposable income, and the augmented demand for remote patient monitoring devices in the region, the North American implantable loop recorders market accounted for the highest revenue share, of 40%, in 2022, and it is projected to grow at a CAGR of 7% during the forecast period.

Moreover, the rising heart disease and stroke statistics show an alarming rate of deaths in the U.S., and hence largely supporting the regional market growth. For instance, around 700,000 people die of heart disease in the country every year. Amongst these, around 150,000 people die from stroke every year. Additionally, the growing elderly population is more likely to develop heart diseases and necessitates unceasing cardiac activity monitoring and the wide availability of technologically advanced products are bolstering the demand for ILR devices in the region.

Furthermore, the European market is expected to witness significant growth in the coming years. This can be ascribed to the presence of established healthcare infrastructure and substantial healthcare investment. For instance, countries like Germany, the U.K., France, and Switzerland have a developed healthcare sector, owing to which new technology and diagnostic procedures are more frequently used. Further, the rapid increase in the proportion of the aging population and the rising CVD cases are creating a lucrative demand for ILRs.

In addition, in Europe, CVD causes more than three million deaths every year and accounts for around 45% of all deaths in the EU and thereby expected to bolster the need for enhanced heart care solutions to treat the patient population. Thus, this factor drives the regional market growth.

Market Breakdown

This fully customizable report gives a detailed analysis of the implantable loop recorders industry from 2019 to 2030, based on all the relevant segments and geographies.

Based on Indication

• Cardiac Syncope
• Stroke
• Heart Failure
• Cardiac Arrhythmia
• Bundle Branch Block

Based on End User

• Hospitals
• Cardiac Centers
• Ambulatory Surgical Centers

Based on Distribution Channel 

• Direct
• Indirect

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • U.A.E.

Top Implantable Loop Recorders Manufacturers