by Medical electrodes are an essential component of various medical devices used for diagnosis, treatment, and monitoring of diseases. These electrodes facilitate electrical signal transmission between medical devices and the body. Growing demand for emergency care and minimal invasive surgeries has increased the demand for medical electrodes.
The global Medical Electrodes Market is estimated to be valued at US$ 1122.06 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rapid adoption of non-invasive medical devices is the major trend contributing to the growth of the medical electrodes market. Non-invasive medical devices that rely on electrodes such as ECG, EEG, EMG and other diagnostic equipment have seen increased usage driven by growing need for early disease diagnosis and remote patient monitoring. Growing geriatric population suffering from chronic diseases also require constant health monitoring which has augmented the demand for non-invasive monitoring devices that use medical electrodes. With technological advancements, more accurate, miniaturized and easy to apply electrodes are being integrated in these devices which has attracted more customers. This rapid adoption of non-invasive medical devices will continue propelling the medical electrodes market during the forecast period.
SWOT Analysis
Strength: Medical electrodes have established usage in diagnostic and therapeutic procedures. They provide reliable signals for various cardiovascular and neurological procedures.
Weakness: Sensitivity to external interference can compromise signal integrity. Adhesives used can cause irritation or allergic reactions in some patients.
Opportunity: Growth of home healthcare and telehealth opens new areas for reusable and wireless electrodes. Emerging therapeutic applications in pain management and physical therapy present opportunities.
Threats: Competition from alternative monitoring technologies like wearables. Supply chain disruptions and price volatility of raw materials are potential threats.
Key Takeaways
Global Medical Electrodes Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising geriatric populations and increasing adoption of home healthcare.
Regional analysis: North America currently dominates the global market due to advanced healthcare infrastructure and high healthcare spending. Asia Pacific is expected to grow at the fastest pace owing to rising medical tourism, growing healthcare awareness and improving access in developing countries of the region.
Key players: Key players operating in the medical electrodes market are Brenntag AG, Arkema Group, Guangxi Qinzhou Capital Success Chemical Co. Ltd, OCP SA, Grasim Industries Limited, Merck KGaA. These players are focusing on developing innovative adhesive formulations and investing in R&D to expand therapeutic applications of electrodes.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
