Implantable Loop Recorders Market: Granular View of The Market from Various End-Use Segments
TMR’s Implantable Loop Recorders market report helps analyze trends and significant developments in the industry. In addition, it also provides insights predicting growth rates of the Implantable Loop Recorders market using detailed assessment of key drivers, threats, restraints, along with opportunities that are likely to open doors for growth in coming years.
An implantable loop recorder is a small device with integrated leads, which is implanted in the skin of the chest to monitor the electrical activity of the heart. Patients can activate the recorder with a small transmitter, or it can be auto triggered based on the preprogrammed heart rates. The device continuously monitors cardiac activity and stores the information in its memory as an electrocardiogram (ECG). It helps physicians determine whether the symptoms the patient is experiencing are associated with heart diseases. Implantable loop recorders are contained in a small metal alloy case with an internal battery and microchips and record patients’ heart rhythms for up to three years. They are implanted underneath the skin on the left side of the breastbone through a minimally invasive procedure.
Rise in prevalence of cardiovascular diseases in all age groups, improved reimbursement policies for the treatment of bradycardia and cardiac arrhythmia, and rise in the geriatric population are key factors estimated to drive the implantable loop recorders market during the forecast period. However, preference of physicians in emerging countries for traditional methods such as ECG owing to the lack of awareness about implantable devices is expected to restrain the expansion of the implantable loop recorders market in the coming years.
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The global implantable loop recorders market can be segmented based on product, end-user, and region. Based on product, the global implantable loop recorders market can be categorized into auto recorders and manual recorders. Auto recorders record and transmit data to the respective interpretation devices, and there is no involvement of patients. The auto recorders segment accounted for a significant market share in 2017 in terms of revenue. This was attributed to a rise in demand for technologically advanced diagnostic tools and efficient distribution of auto recorders in emerging countries by key manufacturers such as Medtronic. The segment is estimated to continue to remain dominant throughout the forecast period, owing to the improved adoption rate of implanted diagnostic devices among the population and rise in incidence of cardiac arrhythmia. In terms of end-user, the global implantable loop recorders market can be classified into hospitals, clinics, and ambulatory surgical centers. The hospitals segment accounted for significant revenue in 2017 due to rise in investment by public and private players in hospital infrastructure and significant cardiovascular disease patient population treated in hospitals. Availability of well-qualified cardiologists in developed countries and emergence of multispecialty hospitals across the globe are estimated to propel the hospitals segment during the forecast period.
Based on region, the global implantable loop recorders market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America constituted a prominent market value share in 2017, owing to rise in prevalence of cardiovascular diseases in the U.S. and strategic presence of key manufacturers in the U.S. and Canada. Research funding granted by government organizations to promote R&D in advanced cardiovascular diagnostic tools in the U.S. is expected to boost the market in North America in the near future. Europe is estimated to be a significant region of the implantable loop recorders market from 2018 to 2026. Rise in geriatric population in China and Japan and improved distribution network of key manufacturers in the emerging countries of Asia Pacific are expected to propel the expansion of the implantable loop recorders market in Asia Pacific in the coming years.
Major players operating in the global implantable loop recorders market include Medtronic, Schiller AG, Lifewatch AG, Nihon Kohden Corporation, Boston Scientific Corporation, GE Healthcare, Spacelabs Healthcare, Koninklijke Philips N.V., CardioNet, Inc., and St. Jude Medical, Inc. (Abbott).
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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