Implantable Loop Recorders Market Size, Share, Growth, Trends, Consumption, Revenue, Company Analysis, Regional Insights and Forecast 2021-2028

Published Date : Nov 2020 | No. of Pages : 200 Pages | Category : Healthcare

The implantable loop recorders market size was valued at US$ 920 Mn in 2019 and to reach 1.8 billion by 2028 with a CAGR of 7.3% from 2021 to 2028.

Rise in prevalence of cardiac disorders, aging population, technological advancements, entry of new players, and increase in access to healthcare are anticipated to drive the global implantable loop recorders market.

Implantable cardiac monitor helps monitor the heart continuously, which leads to the detection of chronic heart conditions such as stroke and heart failure. It is possible to identify and track the progression of disease by focusing on functional and structural abnormalities of the arteries and heart. Early detection through implantable cardiac monitor fuels the demand for implantable cardiac monitors (ICM) and more effective results than external cardiac monitor. This, in turn, is likely to augment the implantable loop recorders market.

Rise in population of patients suffering from cardiovascular diseases, including stroke and heart failure, propels the implantable loop recorders market. Implantable cardiac monitor is an innovative equipment that creates alertness among patients with respect to irregular heartbeats, which could lead to potential cardiovascular conditions. According to the National Institutes of Health, heart disease is a leading cause of death in the U.S. Of the several different forms of heart diseases, coronary artery disease (CAD) is the most common and a major cause of myocardial infarction (heart attack).

Companies in the implantable loop recorders market are increasingly turning to in-licensing and collaboration agreements to launch new products in Asia Pacific. Rise in demand for technology-driven solutions, economic growth, surge in disposable income, and increase in awareness about cardiac disorders present significant opportunities for players operating in the implantable loop recorders Surge in healthcare awareness programs is expected to boost Asia Pacific’s healthcare spending by annual average of 6.5% during the forecast period.

Long Implantation Procedure, High Cost, and Lack of Skilled Professionals to Hamper Market

  • The implantable loop recorders market is technology driven. Introduction of new technologies in the market increases demand for these systems due to improved efficiency and outcomes. However, high cost of these new devices raises the affordability issue, which hampers the growth of the implantable loop recorders market, especially in the developing countries. Moreover, lack of reimbursement affects demand for implantable loop recorders.
  • Implantable loop recorders have been adopted by patients and doctors in the last decade. However, standardization in training for product and accreditation guidelines to ensure surgeon competence and patience safety is still lacking. Hence, failure of implantable loop recorders has been observed during clinical practice, which results from product failure.
  • Implantable cardiac monitors are inserted subcutaneously, which is convenient, owing to its small size. However, removal or explant of the device is a complicated process. These small implantable cardiac devices are difficult to locate and remove after the validity expires in a few years. The explant process requires a long time and if the process results in a wound, it takes longer to heal than the implant process. Any disruptions to this signaling pathway could result in heart rhythm problems. These could cause a number of problems, such as fainting and palpitations.

Leading Segments

In terms of indication, the cardiovascular syncope and cardiac arrhythmias segments accounted for major shares of the implantable loop recorders market in 2020. The segments are anticipated to witness strong growth from 2021 to 2028. 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.

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.

Prominent Regions

North America held the largest share of the global implantable loop recorders market in 2020. 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.

Asia Pacific accounted for a significant share of the global implantable loop recorders market in 2020. 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.

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.

Market Segmentation

By Product

  • Manual
  • Automatic

By Indication

  • Cardiovascular Syncope
  • Stroke
  • Heart Failure
  • Cardiac Arrhythmias
  • Atrial Fibrillation
  • Bundle Branch Block
  • Others

By End User

  • Hospitals
  • Cardiac Centers & Clinics
  • Ambulatory Surgical Centers

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

Report Scope

The Implantable loop recorders market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Implantable loop recorders market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Implantable loop recorders market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Implantable loop recorders market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Implantable loop recorders market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Implantable loop recorders capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Implantable loop recorders by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Implantable loop recorders market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Implantable loop recorders market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Implantable loop recorders market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Implantable loop recorders industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Implantable loop recorders market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Implantable loop recorders market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Implantable loop recorders market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Implantable loop recorders market. These factors have benefited the growth of the global market for Implantable loop recorders. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Implantable loop recorders. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Implantable loop recorders are as follows:

  • History Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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