Implantable Loop Recorders Market: By Indication (Atrial Fibrillation, Cardiac Arrhythmia, Cardiac Syncope, Stroke, and Others), By End-user (Hospitals, Cardiac Centers, and Ambulatory Surgical Centers), and Geography

Implantable Loop Recorders Market size was valued at USD 1,273.6 million in 2023 and is poised to grow at a CAGR of 4.9% from 2024 to 2030. The Implantable Loop Recorder (ILR) market refers to the industry involved in producing, distributing, and selling implantable loop recorders, which are medical devices used to monitor and record the heart's electrical activity over extended periods. These devices are typically used for patients who experience infrequent symptoms related to abnormal heart rhythms (arrhythmias) that are difficult to diagnose using traditional methods. The market growth can be attributed to various factors, including ongoing advancements in implantable loop recorder (ILR) technology, increasing prevalence of cardiac arrhythmias, rising demand for remote monitoring solutions, growing awareness about cardiac health, and the continual growth of healthcare expenditure, among other contributing factors. The demand for efficient diagnostic and monitoring methods to identify and treat arrhythmias growing owing to the ageing global population and a rising incidence of cardiovascular disease. For instance, according to the American Heart Association, Inc., approximately 2 to 6 million Americans suffer from atrial fibrillation, and by 2050, the number is anticipated to rise to 6 to 16 million. Hence ILRs are becoming an essential device in cardiac care. The growth of the market will be hindered by challenges such as the limited availability of early detection methods, the high expense associated with devices, and the inaccuracies found in non-contact implantable loop recorders.

Implantable Loop Recorders Market Key Developments:

• In April 2022, Implicity raised USD 23 million in Series A funding led by new investors. This new funding comes just months after Implicity received FDA clearance for a novel AI algorithm that analyses ECG episodes from implantable loop recorders (ILRs).
• In July 2020, Medtronic received FDA approval for its LINQ II insertable cardiac monitor. This cardiac monitor has been used for the detection and classification of cardiac arrhythmias, as well as remote patient monitoring. The LINQ II has remote programming capabilities, allowing cardiologists to fine-tune implant settings without requiring the patient to visit the office.