Rohtak News Magazine

Implantable Loop Recorders Market Size Worth $2.1 Billion By 2027 | Grand View Research, Inc.

 Breaking News
  • No posts were found

Implantable Loop Recorders Market Size Worth $2.1 Billion By 2027 | Grand View Research, Inc.

July 24
04:04 2020
Implantable Loop Recorders Market Size Worth $2.1 Billion By 2027 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report by Grand View Research, Inc., The global implantable loop recorders market size was estimated at USD 1.0 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 9.6% from 2020 to 2027. Increasing incidence of cardiac disorders, technological advancement in cardiac monitors, and demand for remote patient monitoring are boosting the market for implantable loop recorder.

The global implantable loop recorders market is anticipated to be worth USD 2.1 billion by the year 2027, advancing at a healthy CAGR of 9.6% through this period, according to a recent report by Grand View Research, Inc. Implantable loop recorders refer to a type of heart monitoring device that can record a person’s heart rhythm continuously for up to 3 years. The device holds advantage over a standard electrocardiogram (ECG or EKG) or Holter monitor, as it can capture information of even irregular or infrequent heart rhythms, which the others cannot. The global increase in prevalence of heart-related disorders such as cardiac arrhythmia, asymptomatic syncope, as well as other cardiovascular disorders has influenced the industry for implantable loop recorders.

Implantable loop recorders are relatively new in the medical community, but have gained high attention on account of their importance in detecting issues that may otherwise remain undetected even after multiple tests. A study published in AHA (American Heart Association) journal in 2019 looked into the role of implantable loop recorders (ILR) placed in patients with cryptogenic stroke, in detecting atrial fibrillation (AF). Approximately 20% of the 178 patients were found to suffer from AF, due to ILR surveillance. With further improvements, ILR can gain huge importance in detecting majority of atrial fibrillation cases, whose number in the US according to CDC is up to 6 million. According to the AHA, in 2018, approximately 103 million adults in the US suffered from high BP; additionally, according to the CDC, over a period of 2003-2014, high BP cost the country USD 131 billion each year, which highlights the importance of early detection and treatment of such disorders.

Download Free Sample Report @

https://www.grandviewresearch.com/industry-analysis/implantable-loop-recorders-market/request/rs1

https://www.grandviewresearch.com/static/img/research/us-implantable-loop-recorders-market.png

The lack of physical activity among a good proportion of adults globally, owing to sedentary work environment and long working hours, has increased the prevalence of chronic cardiac conditions among this demographic. A report by HHS stated that fewer than 5% of adults in the US participate in 30 minutes of physical activity each day, while only one in three receive the recommended amount of physical activity per week. This puts more focus on self-care management for such people who may be at risk of developing various cardiovascular conditions in the future. Moreover, flexible working hours have impacted patient-doctor visits, which has upped the market for self-monitoring devices. The CDC states that sudden cardiac deaths and arrhythmia accounted for 15-20% of global deaths in 2018, which can be greatly reduced with the introduction of devices such as ILRs.

In terms of application, the implantable loop recorders market has been segmented into application and end-use. The major applications of ILRs include atrial fibrillation, cardiac arrhythmia and cardiac syncope. Atrial fibrillation led in terms of revenue on account of its growing global prevalence, along with rising demand for remote patient monitoring. ILRs improve long-term ECG monitoring and the diagnosis of AF post cryptogenic stroke, which is the leading cause for the rise in their demand. The cardiac arrhythmia segment is expected to show substantial growth in the coming years, on account of rising incidences of arrhythmia around the globe, as well as growing R&D in this space. As of 2019, the AHA states that more than 4.0 million people in the US are suffering from arrhythmias, resulting in approximately half a million deaths per year.

Have some specific queries about this report, our team of analyst will be glad to help!

https://www.grandviewresearch.com/static/img/research/global-implantable-loop-recorders-market.png

Trends and Developments:

  • The current COVID-19 pandemic that has gripped the world has led to a drastic increase in the number of hospital admissions for the disease, which has created unprecedented pressure on the doctors and other resources. Moreover, in order to contain the spread of the coronavirus, governments across the globe implemented strict lockdown measures and advised people to stay indoors as much as possible. This has led to an increased adoption of home healthcare and self-care measures by people suffering from various other disorders. As ILRs can function effectively for a period of almost 3 years, these devices are expected to witness increased demand in the near future.

 

  • The prevalence of COVID-19 can potentially open promising avenues for ILR manufacturers. One of the most common symptoms in a coronavirus-afflicted person is the rise in body temperature. This is a very sensitive parameter, and under normal circumstances, a person may not identify such small increases. The integration of temperature monitoring features in ILRs can potentially alert a person to seemingly minor temperature elevations, which can help in early detection of COVID-19.

 

  • Medtronic has recently received the FDA 510(k) clearance and CE marking for its Linq II insertable cardiac monitor, which can be remotely programmed by the patient’s physician. The device is expected to be launched in the US and European markets in the coming months, and is expected to offer patients every possible feature so that they can self-monitor at home and engage in remote consultations with doctors, thus minimizing physical interaction.

 

  • Biotronik received FDA clearance for the BIOMONITOR III injectable cardiac monitor (ICM) in July 2019, which has been designed to document suspected arrhythmia or unexplained syncope with high accuracy to facilitate early diagnosis and treatment. The device is 60% smaller than its predecessor, and features a simplified insertion process. With 80% of strokes in people with AF being preventable, the device is expected to go a long way in solving medical needs for both the doctor and patients.

 

Check out special pricing options  for sectional purchase and startup companies

In terms of application, the implantable loop recorders market has been segmented into application and end-use. The major applications of ILRs include atrial fibrillation, cardiac arrhythmia and cardiac syncope. Atrial fibrillation led in terms of revenue on account of its growing global prevalence, along with rising demand for remote patient monitoring. ILRs improve long-term ECG monitoring and the diagnosis of AF post cryptogenic stroke, which is the leading cause for the rise in their demand. The cardiac arrhythmia segment is expected to show substantial growth in the coming years, on account of rising incidences of arrhythmia around the globe, as well as growing R&D in this space. As of 2019, the AHA states that more than 4.0 million people in the US are suffering from arrhythmias, resulting in approximately half a million deaths per year.

The market is segmented based on end-use into hospitals and cardiac centers, among others. Hospitals segment dominated the market in 2019, on account of the rising number of minimally invasive surgeries that are witnessed in this setup each year. This factor, along with favorable reimbursement policies, are expected to boost segmental growth. Region-wise, North America led the market in 2019, on account of the large target population, better awareness of the technology, as well as the presence of advanced healthcare infrastructure in the region. Asia Pacific is also expected to become an attractive region for market competitors, due to the growing target demographic, as well as increased investments in this space by organizations such as Asian Pacific Society of Cardiology (APSC) and China Cardiovascular Association.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/implantable-loop-recorders-market