At 4.37% CAGR, Medical Electrodes Market Size to hit USD 1715.8 Million in 2028, Says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

14 Mar, 2022, 11:30 GMT

LONDON, March 14, 2022 /PRNewswire/ -- The Medical Electrodes Market Value is expected to record a valuation of USD 1715.8 Million by 2028, Registering to Accelerate at a 4.37% CAGR, According to the most recent study by Brandessence Market Research.

The Global Medical Electrodes Market size was Valued at USD 1271.6 Million in 2021.

Growing use of medical electrode technology in diagnosis of cardiological and neurophysical applications remains the primary driver of growth. The CVD groups of diseases are known for their high-fatalities globally, resulting in nearly 18 million deaths each year. These diseases, sometimes known as the lifestyle disease are on the rise, due to growing intake of junk food, and unhealthy lifestyle. The group includes diseases like heart disease, cerebrovascular disease, and rheumatic disease, among others. It is estimated that heart disease and strokes disease account for 4 in five deaths globally. Furthermore, the disease also affects people under the age of 70 years, making it tied to more than just age as a factor for potential deaths.

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What is medical electrode? Medical electrode devices transfer ionic energy into electrical current in the body to treat, as well as diagnose various illnesses, and life-threatening conditions. Key application of medical electrodes continues to grow as these have established potential in disease treatment in the field of neurology, and cardiology. Furthermore, globally, the burden of chronic cardiovascular diseases continues to grow. The medical electrode promise key application including patient monitoring, diagnosis, cardiovascular surgery, and more. The medical electrodes are also used regularly in other applications including general surgery, orthopedic surgery, cosmetic surgery, among others. Their vital place in surgery ensures a safe, and stable growth for medical electrode companies in the near future.

Medical Electrode Market Scope of Report

Medical electrodes like electrocardiogram or ECG are leading tests devices for understanding heart conditions. These are simple, and fast to use. With small, and plastic patches stuck to the skin, these devices can detect, interpret, and print out movement of electrical impulses within heart, mapping out heart conditions. These devices are used regularly by physicians when a patient experiences chest pain, or experiences severe tiredness, fainting, to  help determine the outcome of a surgery, understand the conditions of implanted pacemaker, to monitor progress of heart medicines, and during regular heart exams.

Growing reliability of devices like ECG, increasing cardiovascular diseases, and increased advancements in neuron diagnosis for conditions like Parkinson's, brain disorders, gout, body ache, among others remain key drivers for growth in the medical electrode market.  Medical electrode devices also show promise in treatment for conditions like Alzheimer's. For example, devices in clinical trial phase like one from NeuroEM Therapeutics promise to significantly reduce memory loss in Alzheimer patients. Seven other Similar devices based on electromagnetic frequency for therapeutical use are in line for FDA approval.

Medical Electrode Market: Competitive Analysis 

The medical electrode market is a fragmented, innovative, and competitive landscape. The medical electrode market exhibits low-barriers to entry, growing opportunities for new niche applications, and promising investment opportunities as both private and public funding in research continues to grow. Key players in the medical electrode market maintain strategic focus on expansions via mergers, collaborations, and acquisitions. Increased expansion in new regions are likely to come via these strategies as growing crossover between technology, and medicine remains still an unexplored territory for most established players. Some key players in the medical electrode market are:

  • CONMED
  • Dymedix Diagnostics
  • Ambu A/S
  • Cognionics Inc
  • Natus Medical Incorporated.
  • General Electric Company
  • Medtronic Plc
  • CONMED Corporation
  • Compumedics Limited
  • Rhythmlink International LLC
  • Nihon Kohden Corporation
  • Medtronic PLC
  • Koninklijke Philips N.V.
  • 3M Company
  • Lepu Medical Technology
  • Biotronik SE & Co.
  • KG Zoll Medical Corporation
  • Abbott Laboratories
  • Oscor Inc.
  • OSYPKA AG
  • Pacetronix Limited
  • Boston Scientific Corporation

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Global Medical Electrodes Market Segmentation:-

By Type:

  • Wet
  • Dry
  • Needle

By Applications:

  • Cardiology
  • Neurophysiology
  • Sleep Disorders
  • Intraoperative Monitoring

By Usability:

  • Disposable
  • Reusable

By End-Users:

  • Hospitals
  • Diagnostic Centers

Medical Electrode Market Key Trends:

The disposable electrodes promise to hold the largest share of usability segment in the medical electrode market. The usability segment in the medical electrode market is divided into disposable, and reusable products. Among these, the disposable products promise high adoption, thanks to low risks associated with infections, amidst a clouded environment of Covid-19 pandemic. The growing demand from hospitals to use disposable technology to keep Hospital Associated Infections (HAIs) also remains a promising driver of the disposable electrode segment.

The wet electrode technology also remains most promising in the medical electrode market, as preference for quality signaling solutions remains high among end-users like hospitals, clinics, and others. The segment accounted for highest share, totaling more than 56% market share in 2020. The medical electrode market is divided into wet electrode, needle electrode, and dry electrodes, based on technology. 

Polysomnography or PSG test promise significant growth in the medical electrodes market, due to growing cases of insomnia, and other sleeping disorders. It is estimated that over 70 million Americans suffer from sleep disorders, while Insomnia remains the most common one, with over 30% adults falling victims to the condition. Furthermore, almost 40% adults report falling asleep accidently every day, resulting in increased need of diagnosis, and treatment options for sleep disorders.

The growing elderly population globally also remains a prominent driver of growth in the medical electrode market. Recent population estimates suggest that there were total 7.34 billion people in the world in 2015, while elderly accounted for just 901 million. The population is expected to increase to 1.4 billion by 2030 end. The elderly remain highly vulnerable to spread of chronic conditions like Alzheimer's, which remains a deep worry due to high-risk of fatalities, and little in promising medical solutions. Furthermore, growth of cardiovascular diseases like heart disease, and growing incidences among the elderly in key regions like North America, and habits like high-consumption of red-meat filled diets continue to drive sicker elderly population to hospitals. Hence, growth of the elderly population remains a major driver of growth in the medical electrode market.

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North America dominates medical electrode market due to factors such as high occurrence of neurological and cardiovascular disorder and increasing awareness about the benefits of early diagnosis. According to American Heart Association, approximately 84 million people in this country suffer from some form of cardiovascular disease, causing about 2,200 deaths a day, averaging 1 death in every 40 seconds. Such kind of chronic diseases may generate lucrative revenue in medical electrodes market over forecast period in this region.

The medical electrode market report is divided in key regions including North America, Asia Pacific, Latin America, Middle East & Africa. Among these, the North America region remains a home to a large population of elderly, and sick individuals, with burden of chronic diseases growing in the region. The medical electrode market in Europe also remains a promising place for growth as public health service, large population of elderly, and sick patients remain key drivers of growth. The Asia Pacific region remains the fastest region for future growth, as large population, increased expansion of health facilities, and increased disposable income remain key drivers of growth.  

On Special Requirement Medical Electrodes Market Report is also available for below region:

North America

  • U.S, Canada

Europe

  • Germany, France,U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South_Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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