DUBLIN, September 24, 2021--(BUSINESS WIRE)--The "Implantable Loop Recorders Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The implantable loop recorders market is projected to register a CAGR of more than 9% during the forecast period.
Charles River Laboratories International, Inc
Labcorp Drug Development (Covance)
Paraxel International Corporation
Pharmaceutical Product Development, LLC (PPD)
IQVIA Holdings Inc
Key Market Trends
Atrial Fibrillation Segment is Expected to Witness a Significant Growth Over the Forecast Period
Based on application, the atrial fibrillation segment is expected to witness significant growth. Increasing incidences of atrial fibrillation is one of the major factors driving the demand for implantable loop recorders. Implantable loop recorders (ILRs) aid in improving the long-term ECG monitoring and the diagnosis of atrial fibrillation after a stroke. Therefore, such patients undergo a minor surgery for implantation of loop recorders to reduce the consequences of atrial fibrillation.
As per the 2020 statistics by the Centers for Disease Control and Prevention (CDC), in 2018, atrial fibrillation accounted for the 25,845 deaths in the United States. In addition, according to the same source mentioned above, it is estimated that 12.1 million people in the United States will suffer from atrial fibrillation by 2030. Moreover, as per the 2020 statistics by the CDC, people from European descent are more likely to suffer from atrial fibrillation than African Americans. Such growth in incidences will fuel the demand for self-monitoring cardiac devices including implantable loop recorders. Thus, in view of the aforementioned factors, the segment is expected to grow significantly over the forecast period.
North America is Expected to Witness a Significant Growth Over the Forecast Period
Within North America, the United States has held major share of the market and expected to dominate over the forecast period. The increase in research and development in the country owing to the presence of technologically advanced infrastructure and presence of major market players such as Abbott and BIOTRONIK is contributing to the market growth. For instance, in December 2020, BIOTRONIK received FDA clearance for the Vital Data Sensor, a body temperature component within the BIOMONITOR IIIm injectable cardiac monitor (CM). It is designed to aid cardiologists in detection and diagnosis of cardiac arrhythmias remotely along with monitoring the signs of fever.
The product is anticipated to witness a huge demand owing to the pandemic. Additionally, increasing adoption of remote patient monitoring owing to greater awareness is leading to significant demand for implantable loop recorders in healthcare facilities. Moreover, increasing incidences of cardiac disorders in the country is further contributing to the rising demand for implantable loop recorders. For instance, as per the 2021 statistics by the American Heart Association (AHA), 2.7 to 6.1 million people in the United States have been diagnosed with atrial fibrillation (AF). Thus, in view of the above-mentioned factors, the implantable loop recorders market is anticipated to grow significantly over the forecast period in North America.
Key Topics Covered:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Prevalence of Cardiac Disorders
4.2.2 Recent Technological Advancements in Cardiac Monitoring Devices
4.2.3 Increasing Demand for Remote Patient Monitoring
4.3 Market Restraints
4.3.1 High Cost of the Device
4.3.2 Stringent Regulations
4.4 Porter's Five Force Analysis
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 Application Type
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/m4e8hj
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