Wilmington, Delaware, United States, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global implantable loop recorders market was projected to attain US$ 1.3 billion in 2022. It is anticipated to garner a 10.2% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 3.1billion by 2031.
An implantable loop recorder (ILR) is a device that records heartbeats and is placed beneath the chest skin. The implanted loop recorder is useful for determining the reasons of palpitations, fainting, slow or rapid heartbeats, and hidden rhythms that may lead to strokes.
Loop recording implanted devices serve as electrocardiograms (ECGs). They help identify aberrant cardiac rhythms. Wireless communication characteristics in loop recorder implants allow physicians to better understand disorders and arrange therapy appropriately.
However, these implantable cardiac monitoring devices may provide negative or erroneous results. This may result in inadequate data on genuine symptoms, perhaps leading to a misdiagnosis. The technician must employ a lead shield to protect the insertion location. These issues reduce the size of the implanted loop recorders market to some extent.
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Key Findings of the Market Report
- Subdermal cardiac monitoring devices help to enhance the technology of implanted loop recorders for atrial fibrillation identification.
- In November 2022, Boston Scientific announced the LUX-Dx Insertable Cardiac Monitor (ICM), a long-term diagnostic device placed beneath patients' skin to identify arrhythmias linked with atrial fibrillation (AF), syncope, and cryptogenic stroke.
- The introduction of technologically sophisticated implanted loop recorders that aid in the reduction of cardiovascular mortality is driving the global implantable loop recorders market.
Global Implantable Loop Recorders Market: Key Players
Leading firms in the global implantable loop recorder market are focusing on producing technologically improved equipment to expand their global footprint. The US FDA approved Medtronic's LINQ II insertable cardiac monitor in July 2020. The gadget is intended to categorize and detect cardiac arrhythmias while also providing remote patient monitoring.
LINQ II incorporates remote programming features. Cardiologists may fine-tune the implant settings without requiring patients to see the doctor. The following companies are well-known participants in the global implantable loop recorders market:
- Medtronic plc
- Biotronik AG
- Abbott Laboratories
- Angel Medical Systems, Inc.
- Boston Scientific Corporation
- Vectorious
Key developments by the players in this market are:
- In May 2023, Medtronic reported that it has acquired authorization from the U.S. FDA for using AcuRhythm Artificial Intelligence (AI) algorithms to Reveal LINQ insertable cardiac monitor (ICM), with the target of lowering close to 80.2% of pause and 89.5% of AF false signals.
- In May 2023, Abbott announced that the US FDA had authorized their Assert-IQ implants, which give two battery life options and are effective for approximately six years.
Market Trends for Implantable Loop Recorders
- Remote patient monitoring systems are gaining popularity across the world as clinical evidence and non-clinical benefits become more apparent. Remote patient monitoring comprises using linked technological tools to record personal health and medical data in one area and then reviewing it with a professional in another location.
- Health care practitioners are increasingly using remote patient monitoring technologies to keep track of patients in between clinic visits or when in-person treatment is not available. The Centers for Medicare and Medicaid Services' regulatory modifications have resulted in increased usage of remote patient monitoring.
- The implantable rhythm tracker has a transmitter that transfers data from the tracker to the clinic. The precision provided by these remote broadcasts is boosting demand for remote monitoring of heart conditions. Remote monitoring can also make long-term monitoring with implanted loop recorders more manageable.
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Global Market for Implantable Loop Recorders: Regional Outlook
- North America dominated the global landscape in 2022. The region is predicted to retain its dominant position during the projection period.
- The high implantable loop recorder market share in North America may be attributed to increased knowledge about the beneficial use of insertable cardiac monitoring implants and developments in implantable loop recorder technology in the United States. According to the CDC, cardiovascular illnesses accounted for 20% of mortality in the United States in 2021.
- Asia Pacific is also expected to account for a significant part of the implanted loop recorders market in the coming years, driven by substantial investments in research and development by major firms in the region.
Global Implantable Loop Recorders Market Segmentation
Product
- Manual
- Automatic
Indication
- Cardiovascular Syncope
- Stroke
- Heart Failure
- Cardiac Arrhythmia
- Atrial Fibrillation
- Bundle Branch Block
- Others
End User
- Hospitals
- Cardiac Centers & Clinics
- Ambulatory Surgical Centers
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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