Implantable Loop Recorders Market Size

Implantable Loop Recorders Market Analysis

The Implantable Loop Recorders Market is projected to register a CAGR of more than 9% during the forecast period.

The COVID-19 pandemic impacted the production of cardiovascular devices. Furthermore, the delay of elective procedures due to COVID-19-related measures adversely affected the cardiac assist devices market, especially in 2020. While some cardiovascular procedures are considered urgent, others were postponed and delayed at the beginning of the global pandemic. Hence, lifestyle changes and medication were temporarily prescribed instead of cardiovascular procedures for some patients. Another factor negatively impacting the market was the reduction in the diagnosis of cardiovascular diseases due to healthcare resources being reserved for COVID-19 patients. Many medical device companies experienced losses in their cardiovascular device businesses due to the pandemic. For example, Medtronic announced a 33% reduction in its cardiac and vascular business sectors in its 2020 quarterly financial results. The continuous strain of the pandemic negatively impacted the growth of the studied market by decreasing product demand. In addition, the market growth is stabilizing in the current scenario after COVID-19 as the worldwide restrictions have eased down and the disease screening services have been resumed. Moreover, increasing initiatives by most organizers to provide solutions to the surging cardiovascular diseases are the prime boosting factors for market growth during the forecast period.

Certain factors propelling the market growth are the growing prevalence of cardiac disorders, recent technological advancements in cardiac monitoring devices, and increasing demand for remote patient monitoring.

The growing prevalence of heart disorders is significantly augmenting the demand for implantable loop recorders for the treatment of cardiovascular disorders. For instance, according to the British Heart Foundation England Factsheet, published in January 2022, about 6.4 million people were living with cardiovascular diseases in England in 2022. Also, according to AHA, in June 2021, the prevalence rate of heart failure in Europe was between 1% and 2%. Thus, the increasing burden of cardiac disorders among the population is expected to increase the demand for implantable loop recorders to monitor patients' heart rhythms, thereby fuelling market growth.

Furthermore, recent technological advancements are contributing to market growth. For instance, in February 2021, RhythMedix, a remote cardiac monitoring organization, launched its next-generation RhythmStar wearable device with built-in 4G cellular connectivity. The technology enables rapid ECG analysis and reporting of cardiac abnormalities. Also, in January 2021, Boston Scientific acquired Preventice Solutions for USD 925 million. With this acquisition, Boston expanded its business segment of core cardiac rhythm management and electrophysiology.

Moreover, the increasing adoption of remote patient monitoring (RPM) is contributing to the market growth owing to the introduction of new reimbursement policies. For instance, in January 2021, the Centers for Medicare & Medicaid Services amended the 2021 Physician Fee Schedule, making it possible for increased reimbursement for remote patient monitoring. This indicates wider adoption of remote patient monitoring for cardiac monitoring, thereby increasing the demand for implantable loop recorders. Also, as per the AHA, recent clinical guidelines strongly recommend the use of remote patient monitoring for atrial fibrillation detection in both stroke and non-stroke patients, thereby further increasing the demand for implantable loop recorders, hence boosting the market growth.

However, the high cost of the device and stringent regulations are some of the factors impeding the market growth.