by The Medical Electrodes Market is estimated to be valued at US$ 1122.06 Mn or in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Medical electrodes are skin contact sensors that are used in various medical equipment to monitor physiological signals such as electrocardiography (ECG), electroencephalography (EEG), and electromyography (EMG). Electrodes help capture very low electrical signals produced by the heart, brain, and muscles and transmit them to monitoring devices for diagnosis and treatment purposes. Common types of medical electrodes include surface electrodes, needle electrodes, ECG electrodes, EMG electrodes, and EEG electrodes. They come in different sizes, designs, and adhesive materials depending on their application area.
Market Dynamics:
Increasing prevalence of cardiovascular diseases is a major factor expected to drive the growth of the medical electrodes market over the forecast period. For instance, according to World Health Organization, cardiovascular diseases accounted for over 17.9 million deaths globally in 2016 representing 31% of all global deaths. Furthermore, wide adoption of electrocardiography (ECG) monitoring devices for diagnosis and monitoring of cardiovascular diseases is also anticipated to boost the market growth. Growing geriatric population which is more prone to chronic diseases also contributes to market expansion. However, side effects and complications associated with external medical electrodes and lack of skilled professionals may hamper the market growth.
Segment Analysis
The global medical electrodes market is dominated by the surface electrode segment. This segment holds a market share of over 50% due to its extensive use in various medical applications such as electrocardiography, electroencephalography, and electromyography. Surface electrodes have a flat contact surface that is placed directly on the skin. They are cost-effective and convenient to use for recording biopotentials.
PEST Analysis
Political: Regulations regarding medical device approval are becoming more stringent. This encourages companies to invest more in R&D to comply with new guidelines.
Economic: Rising disposable incomes in developing countries have increased healthcare spending and driven demand for advanced medical devices.
Social: Growing geriatric population and prevalence of chronic diseases have fueled the need for diagnostic and therapeutic procedures, boosting the electrodes market.
Technological: Companies are developing electrodes integrated with sensors and wireless technology for remote monitoring of vital health parameters.
Key Takeaways
The Global Medical Electrodes Market Size is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing prevalence of chronic conditions like cardiovascular diseases and neurological disorders. The market size for 2023 is estimated to reach US$ 1122.06 Mn.
The North American region dominates the medical electrodes market led by the United States. This is attributed to rising healthcare expenditure, presence of major market players, and growing implementation of advanced medical technologies.
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. Major players are focusing on new product launches, partnerships, and geographical expansion 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
