July 22, 2024

Rising Demand for Disposable Electrodes to Propel Medical Electrodes Market Growth

Market Overview:

Medical electrodes are used for diagnosis as well as therapeutic purposes in various cardiology, neurophysiology, and other applications. Key products include electrocardiography, electroencephalography, electromyography and others electrodes which help in monitoring electrical activities and signals of heart, brain and muscles.

Market Dynamics:

Growing geriatric population susceptible to chronic diseases is a major driver propelling the medical electrodes market growth. As per the United Nations report, by 2050 approximately 16% of the global population will be aged 65 and above. With aging comes vulnerabilities to cardiovascular, neurological disorders further augmenting the demand for diagnostic and monitoring electrodes. Additionally, increasing preference for disposable electrodes over reusable ones owing to easy handling and prevention of cross-contamination is also fueling the market growth.

Market key trends
The medical electrodes market is witnessing high demand for self-adhesive electrodes. These electrodes provide convenience to patients as they can be placed easily on the skin surface without needing conductive gels or pastes. Self-adhesive electrodes offer quick setup and are more comfortable for patients compared to conventional electrodes. Various key players are focusing on developing innovative self-adhesive electrode products to gain market share. For instance, 3M Company offers a collection of self-adhesive solid gel electrodes for ECG and EEG procedures.

SWOT Analysis
Strengths: Self-adhesive electrodes provide convenience of application without gels. Increased demand for portable medical devices is driving the need for compatible electrodes.
Weaknesses: Limited lifespan requires frequent replacement of electrodes. Gel-based electrodes need preparation time.
Opportunities: Growth of telehealth and home healthcare creates opportunities. Advancements in wearable devices and remote patient monitoring will spur demand.
Threats: Price compression due to growing competition. Reimbursement issues and regulatory hurdles associated with new products.

Key Takeaways

The Global Medical Electrodes Market is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing preference for wearable medical devices for remote patient monitoring.North America dominates the medical electrodes market, accounting for around 40% of the global market share in 2021. This is attributed to presence of advanced healthcare infrastructure and rising adoption of home healthcare devices in the region.

Key players operating in the medical electrodes market are Koninklijke Philips NV, Dymedix Diagnostics, Medtronic PLC, CooperSurgical Inc., Cognionics Inc., Ambu A/S, 3M Company, Nihon Kohden Corporation, CONMED Corporation, and Natus Medical Incorporated, among others. These players are focusing on new product launches and collaborations with device makers to strengthen their market position.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it