Allied Market Research published a report, titled, “Medical Electrodes Market by Product Type (Surface Electrodes, Needle Electrodes), by Application (Cardiology, Neurophysiology, Electrosurgery, Intraoperative Monitoring (IOM), Sleep Study), by Modality (Electrocardiography (ECG), Electroencephalography (EEG), Electromyography (EMG), Brainstem auditory evoked potentials (BAEPs), Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report published by Allied Market Research, the global medical electrodes industry was estimated at $1.7 billion in 2021 and is expected to hit $2.4 billion by 2031, registering a CAGR of 3.6% from 2022 to 2031.
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Drivers, restraints, and opportunities –
Rise in focus on early diagnosis, growth in geriatric population, and increase in burden of cardiology and neurology diseases across the globe drive the global medical electrodes market. On the other hand, stringent government regulations associated with the approval of these devices restrain the growth to some extent. However, increase in number of R&D investments for medical devices is projected to create lucrative opportunities in the industry.
Medical electrodes facilitate the transfer of energy of ionic currents in the body into electrical currents that can be amplified, studied, and used for diagnosis of the medical condition of the patient. Medical electrode comprises lead, metal, and electrode conducting plate. These devices are combined with monitoring systems to provide continuous monitoring of patients suffering from various disorders. These electrodes are used for the diagnosis of several ocular, muscular, cardiac, and nervous diseases.
Factors that drive the medical electrodes market growth include the rise in prevalence of neurological and cardiovascular disorders, rise in number of R&D investments for medical devices, surge in geriatric population. Rising incidence and prevalence of cardiovascular and neurological disorders is one of the major factor propelling the growth of the medical electrodes. The risk of high mortality is very prevalent in such disorders which has resulted in the rise of frequent medical diagnosis of patients which has increased the demand of medical electrodes market.
Hence, increasing prevalence of chronic diseases across the globe will significantly drive the market growth. Increase in various government-led favorable policies and rise in focus on minimally invasive surgeries are recently observed medical electrodes market trends. Along with this, the adoption rate is expected to increase owing to the higher affordability and lower risk of cross-contamination. Medical electrodes are easier to use and disposable or reusable in nature, which are increasing their usage during laboratory and clinical applications. Moreover, improvements in the test effectiveness are assisting for the measurement of brain activity at patient’s home.
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The surface electrodes segment to retain the lion’s share –
By product type, the surface electrodes segment held the major share in 2021, garnering more than two-thirds of the global medical electrodes market. Introduction of new electrode indications propels the segment growth. The needle electrodes segment, on the other hand, is projected to cite the fastest CAGR of 4.5% throughout the forecast period, due to rise in medical indications in the area of neurophysiology.
North America held the major share in 2021 –
By region, North America dominated in 2021, garnering nearly two-fifths of the global medical electrodes market. Growing focus on technological advancements in medical electrodes, rising geriatric population, increasing incidence of chronic diseases, and high healthcare expenditure in the region drive the market growth. The market across Asia-Pacific, simultaneously, is expected to cite the fastest CAGR of 4.9% throughout the forecast period, due to increase in the number of private and public health care facilities in the region.
Key players in the industry are –
- Becton
- ConMed
- 3M Company
- DyMedix
- Koninklijke Philips N.V.
- Medtronic, Plc.
- Ambu A/S
- Natus Medical Inc
- Dickinson and Company
- The Cooper Companies, Inc.
- Cognionics, Inc.
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