According to a study published by Insure Insights, the global Implantable Cardiac monitors (ICM) is estimated to grow at a CAGR of 21.3% during the forecast period. The ICM is a diagnostic tool that monitors the heart’s electrical activity and helps a heart rhythm specialist determine the cause of symptoms. This device is compact and offers the same benefits as a traditional ILR. Virtually it is invisible to the naked eye. Hence, it is more comfortable and much less noticeable under the skin. The device’s implantation requires an incision of less than 1cm, which is later closed with medical adhesive, or one suture. ICM does not require a separate device to record as the device is remotely monitored, wirelessly, through a receiver in the user’s house. Any unusual heart activity transmits via a 3G signal to a secure system that alerts the heart rhythm specialist.

Top Driver: The Rise in the Incidence of Cardiac Arrhythmias and Technological Advancements

The rise in the incidence of cardiac arrhythmias such as atrial fibrillation and bradycardia is estimated to drive the global implantable cardiac monitor market. Besides, technological advancements and the growing geriatric population globally are projected to fuel the market. In addition to this, a rise in stroke cases, gradual adoption of ECG monitoring of the heart rhythm, development in health care infrastructure, and a surge in demand for subcutaneous implanted cardiac monitors are expected to stimulate the global implantable cardiac monitor market during the forecast period. However, the time-consuming process of implantation of cardiac monitors, high cost of treatment, and stringent regulations related to implantable devices’ approval is likely to hinder the market.

Atrial Fibrillation Market is Estimated to Grow at a Significant Pace

The global implantable cardiac monitor market has been segmented into atrial fibrillation, bradycardia, and others based on arrhythmia. The atrial fibrillation segment dominates the global implantable cardiac monitor market. The segment is estimated to grow at a significant CAGR due to an increase in the geriatric population worldwide. The bradycardia segment is estimated to proliferate due to the higher prevalence of cardiovascular indications. Based on the end-user, the market is segmented into hospitals, specialized cardiac centers, and ambulatory surgical centers.

High Adoption of Implantable Loop Recorders and Considerable Health Care Investments to Benefit North America Market

North America dominates the global implantable cardiac monitor market due to the high adoption of implantable loop recorders, considerable health care investments by the government, rise in the prevalence of cardiac arrhythmia, and significant players in the region. Following North America, Europe is expected to expand at a significantly high CAGR in the coming future due to a rise in atrial fibrillation prevalence. Besides, the growing geriatric population, an increase in obesity, and improvements in survival after cardiovascular events are estimated to offer lucrative opportunities for increasing cardiac monitoring devices.

Players to Focus on Product development

The major market players operating in the market are Medtronic, Abbott, Biotronik Angel Medical Systems, Inc., vectoriousmedtech.com. Boston Scientific Corporation or its affiliates, and Biosense Webster, Inc.

Medtronic: In July 2020, Medtronic received FDA 510(k) clearance and CE marking for its Linq II insertable cardiac monitor that can be programmed remotely by a patient’s physician. The company plans to launch the device in the U.S. and European markets later this summer. The device is designed for long-term monitoring of patients with abnormal heart rhythms who infrequently experience symptoms such as dizziness, palpitations, fainting and chest pain.

IBM: In May 2019, Abbott launched a new, smarter heart monitor for better arrhythmia. With CE Mark in Europe and U.S. Food and Drug Administration (FDA) clearance, the next-generation Confirm Rx insertable cardiac monitor (ICM), a paperclip-sized implantable device, combines smartphone connectivity and continuous, remote monitoring to track unpredictable heart rhythm problems for fast and accurate diagnosis.

Scope of the Report

By Arrythmia

• Atrial Fibrillation
• Bradycardia
• Others

By End-User

• Hospitals
• Special Cardiac centers
• Ambulatory surgical centers

By Region

• North America
• Europe
• Asia Pacific
• SAMEA

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.