Rise in Deaths from Cardiovascular Diseases to Drive Demand for Implantable Loop Recorders
According to the National Institute of Health, heart-related diseases are a leading cause of deaths in the U.S. Heart-related diseases continue to be a global burden and as per the estimates of the Science Daily, deaths caused by cardiovascular diseases grew by around 41% between 1990 and 2013, which, in turn, increased the demand for prolonged electrocardiographic (ECG) monitoring devices and self-care management. After significant research, the first line of implantable loop recorders was introduced in 1990. Since then, technological advancements have played a key role in nurturing the growth of the implantable loop recorders market. Advancements in technology include integration of more accurate algorithms, miniaturization of implantable loop recorders, and remote monitoring.
Over the past three decades, the adoption of implantable loop recorders has grown at a consistent rate, owing to its exceptional ability to detect irregular heart rhythms and disorders. More recently, implantable loop recorders are increasingly being used to treat cardiac arrhythmia indications - a leading factor that is expected to increase the demand for implantable loop recorders in the near future. Furthermore, the European Heart Rhythm Association (EHRA) expects the adoption of implantable loop recorders for continuous heart rhythm monitoring, with use of implantable loop recorders expected to grow particularly in clinical practice. Following these factors, the global implantable loop recorders market is expected to reach a value of ~US$ 1 Bn in 2020. North America and Europe are expected to be the most prominent regions in the global market.
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Implantable Loop Recorders Replacing External Monitoring Devices
Sub-clinical atrial fibrillation is primarily the process of detecting atrial fibrillation in asymptomatic patients without any diagnosis. Significant progress in ambulatory ECG monitoring has provided immense clarity over links between cryptogenic stroke and atrial fibrillation. The advent of implantable loop recorders has played a crucial role in improving long-term ECG monitoring and the detection of atrial fibrillation post a cryptogenic stroke. Moreover, insertable cardiac monitors have also emerged as an ideal solution for patients experiencing unexplained syncope. At present, albeit the links between atrial fibrillation detection among patients who have suffered from a cryptogenic stroke, cardiology society guidelines are vague and uncertain.
Due to significant research, at present, within the implantable loop recorders market, there is a range of modalities available for ECG monitoring and their applicability in the detection of sub-clinical atrial fibrillation in patients with cryptogenic stroke. Implantable loop recorders are gaining significant popularity over external devices such as mobile cardiac telemetry monitors, Holter, etc.
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Cardiovascular syncope, heart failure, stroke, and atrial fibrillation are some of the most common indications for which the adoption of implantable loop recorders is projected to grow. Cardiovascular syncope and cardiac arrhythmias indication segments are expected to account for a combined share of ~53% of the implantable loop recorders market in 2020 and projected to maintain a similar trend during the forecast period (2019-2027). Clinical utility of implantable loop recorders is on the rise, as healthcare expenditure is increasing due to the ascending number of deaths following heart-related problems.
Stakeholders Leverage Advanced Technologies to Launch ‘Smart’ Implantable Loop Recorders
Technological advancements are expected to play a major role in the adoption of new-age implantable loop recorders. Stakeholders operating in the current implantable loop recorders market landscape are expected to launch better and ‘smarter’ implantable loop recorders over during the forecast period to expand their footprint in the market. Manufacturers in the implantable loop recorders market are launching new products that can be connected to smartphone applications via Bluetooth and Wi-Fi.
For instance, in May 2019, Abbot announced the launch of a newly developed implantable monitor to detect irregular heartbeat patterns, which is expected to significantly reduce the rate of faulty detection by as much as 97%. The newly developed product offers a high degree of convenience to users, in terms of remote detection of arrhythmias without requiring added transmitter hardware. North America and Europe are likely to remain at the forefront in terms of innovation and development of new products, as these regions are highly concentrated with multiple tier 1 companies.
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