Implantable Loop Recorders Market To Generate $2,490.4 Million Revenue by 2030
- Published: July 2023
The implantable loop recorders market size is expected to advance at a CAGR of 8.0% during 2022–2030, to reach $2,490.4 million by 2030. This can be ascribed to the rising death frequencies caused by CVD worldwide, enhancing living standards and awareness of healthcare devices and procedures, consistent innovation in ILR devices by industry players, increasing government support for health infrastructure, and surging healthcare spending.
To monitor the heartbeat patterns of patients having heart rhythm disorders, there have been various cardiac monitoring devices available in the market, such as cardiac loop recorders, pacemakers, and implantable cardioverter defibrillators (ICDs), which help in controlling or monitoring irregular heartbeats of people with certain heart diseases. For instance, an ILR device is implanted near the chest and aids in providing ECG data for almost three years, which is not the case with a standard ECG machine that records heartbeat at the time of patient monitoring.
Rising Cases of Cardiovascular Diseases Propel the Market
CVD is considered a public health burden across the world, as it is the leading cause of death worldwide. As per an international government source, CVD represents nearly 32% of the total number of deaths globally and 85% of these deaths are due to heart attack and stroke. In addition, nearly half of the adults in the U.S. have some type of CVDs, and by 2035, around 45% of the population of the country is likely to get affected by some form of CVD.
Moreover, cardiovascular illnesses may occur due to some behavioral issues and unhealthy lifestyles, such as lack of physical exercise, obesity, unhealthy diets, and excessive alcohol or tobacco consumption. These factors may result in diabetes, high blood pressure, and high cholesterol. In addition, heart disease may occur with an increase in age or it may be inherited.
With the advent of devices like implantable loop recorders, various types of heart diseases can be prevented through pre-monitoring and early diagnosis. For instance, any anomalies in the heart functioning (arrhythmias) can be deterred with early diagnosis and treatment. Owing to such benefits, the demand for implantable devices is increasing to save the lives of patients.
North America Is the Market Leader
The demand and usage of implantable heart monitoring devices are considerably high in North America, due to the presence of advanced health infrastructure, the consistent invention of health-related medicinal products and devices, and the increasing number of healthcare programs. Therefore, the region captured the largest revenue share, of 40%, in the market in 2022. In addition, the ease of accessibility to effective healthcare services and the high propensity to spend on health services are propelling the regional implantable loop recorders market growth.
Whereas, in the forecast period, the demand for ILRs is projected to witness the highest growth in APAC. This can be ascribed to the rise in CVD incidences due to lifestyle and behavioral changes, governments’ solution-based approach to creating better healthcare infrastructure, an increase in heart health awareness, augmented health expenditure, rapid population growth, and a surge in disposable income of people, in the region.
The major implantable loop recorders market players are Medtronic plc, Abbott Laboratories, Biotronik SE & Co. KG, Boston Scientific Corporation, Vectorious Medical Technologies Ltd., NIHON KOHDEN CORPORATION, Koninklijke Philips N.V, Midmark Corporation, ZOLL Medical Corporation, and SunTech Medical Inc.