Market Trends of ECG Telemetry Devices Industry
This section covers the major market trends shaping the ECG Telemetry Devices Market according to our research experts:
The Implantable Loop Recorder Segment is Expected to Hold a Major Market Share Over the Forecast Period
The implantable loop recorder segment is expected to witness significant growth in the ECG telemetry devices market over the forecast period owing to factors such as the growing prevalence of cardiac disorders, recent technological advancements in cardiac monitoring devices, and increasing demand for remote patient monitoring. An implantable loop recorder (ILP), also called a cardiac event recorder, is a type of heart-monitoring device that constantly records the heart rhythm for up to three years. It also allows doctors to remotely monitor the heartbeat. According to an article published in Cardiovascular Diagnosis and Therapy (CDT) in December 2021, it has been observed that ILP offers a significant supplemental diagnostic value for the identification and classification of benign and malignant arrhythmias in symptomatic CHD patients at risk of life-threatening cardiac events. Also, as per the same source, ILR implantation should be considered in patients with CHD of any complexity who need medium or long-term arrhythmia monitoring, especially if short-term Holter monitoring is unable to provide adequate diagnostic certainty. This is anticipated to increase the adoption of implantable loop recorders in patients suffering from a wide range of cardiovascular diseases, hence bolstering the segment's growth.
Furthermore, the increasing adoption of remote patient monitoring (RPM) among patients due to the introduction of new reimbursement policies and the rising adoption of various business strategies such as collaborations, acquisitions, and others are also expected to increase the demand for ILP, hence boosting market growth. For instance, in January 2021, the CMS amended the 2021 Physician Fee Schedule to increase the reimbursement criteria for remote patient monitoring (RPM). This indicates wider adoption of RPM 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. Moreover, 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. Therefore, owing to the abovementioned factors, the studied segment is expected to grow over the forecast period.
North America is Expected to Hold Significant Market Share Over the Forecast Period
North America is expected to dominate the market over the forecast period. The factors attributed to the market's growth are the rising cardiovascular burden among the population, high healthcare expenditure along with reimbursement policies, and rising demand and adoption for ECG telemetry devices in the region.
The increasing prevalence of cardiovascular diseases is the key factor driving the demand for ECG telemetry devices in the region. For instance, according to the statistics published by the AHA in June 2021, the prevalence rate of heart failure in Canada was between 1.5% to 1.9% in 2021. As per the same source, in an estimate, more than 130 million adults in the United States are expected to have some type of heart disease by 2035. Also, according to the 2022 data published by the CDC, heart disease is the leading cause of death in the United States, and every year, about 805,000 people in the United States have a heart attack. Thus, the high number of heart failure cases among the population increases the risk of atrial fibrillation and cardiac arrhythmias, which requires regular monitoring of the heart rate and oxygen saturation to prevent further risk to the heart, hence propelling the demand for ECG telemetry devices. Additionally, as per a research study published in the International Journal of Stroke in July 2021, it has been observed that about 6-12 million people in the United States are expected to suffer from atrial fibrillation by 2050 and 17.9 million people by 2060. Thus, the expected increase in the burden of cardiovascular-related health problems among the population is anticipated to fuel the demand for regular heart monitoring as well as a patient-parameters monitoring device. This is expected to propel the market's growth over the forecast period.
Furthermore, the technological advancements in patient monitoring devices, as well as the presence of key players in the region that are developing and launching products for helping patients with cardiovascular diseases, are expected to augment the market's growth over the forecast period. For instance, in July 2021, Abbott launched Jot Dx, an insertable cardiac monitor (ICM), in the United States. It allows remote detection and improved diagnostic accuracy of cardiac arrhythmia in patients. Also, Jot Dx is supported by SyncUP, a personalized service that offers one-on-one training and instruction to help patients become connected and stay connected to their ICM. Similarly, in July 2021, the US Food and Drug Administration approved Medtronic's two AccuRhythm artificial intelligence (AI) algorithms for use with the LINQ II insertable cardiac monitor (ICM). Therefore, owing to the abovementioned factors, the studied market is expected to grow over the forecast period.
