ALBANY, New York, June 5, 2019 /PRNewswire/ -- Based on the research study by Transparency Market Research, the global medical electrodes market is anticipated to grow at a steady CAGR of 6.0% within the forecast period from 2017 to 2022. The market was valued around worth US$641.3 mn in 2017, and is foreseen to soar the value nearby US$857 mn by the end of forecast period.
In terms of application, global medical electrodes market is likely to be dominated by the cardiological and the neurophysiological segments. Geographically, North America region is likely to sustain its lead in the upcoming years as well, like past few years. Presently, the region holds the highest share of global medical electrodes market. Besides, emergence of various players in the regional market is another key factor supporting the development in the North America medical electrodes market.
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Growth in Healthcare Sector to Benefit Medical Electrodes Market
Medical electrodes are highly accurate devices. The diseases caused due to change in lifestyle in the world is an important aspect responsible for the uptake of technologies global medical electrodes market, says a lead analyst of the report. Rising cases of cardiac ailments in the developed countries of North America and Europe is another factor fueling the demand in the global medical electrodes market. Apart from this, these devices are also utilized in the detection of cardiac and neurophysical disorders along with the Parkinson's and Alzheimer's treatment, thereby pumping the growth in medical electrodes market. They are also utilized in biomarkers identification arising due to various medical situations.
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Advancement in several healthcare services has accelerated the popularity of electronic devices, which is foreseen to stimulate the demand in medical electrodes market as well. The rising initiatives by the government of several states with respect to better healthcare framework is another factor contributing in growth of the medical electrodes market. Moreover, the private firms are also supporting the market through various investments. In addition, growth in the healthcare sector across the globe is also propelling the development of medical electrodes market in future.
Rising adoption of nanotechnology and growth in medical tourism across the globe are some more aspects on which the market's growth is dwelling upon.
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Low Awareness among People to Hamper Market Growth
Nevertheless, lack of awareness among the people about the latest technologies, particularly in growing economies is estimated to hinder the entire market growth in the coming years. However, initiatives by government and awareness programs are expected to help the market overcome the restricting factors, contributing in the development globally.
The global medical electrodes market is estimated to be highly fragmented with intense competition among the players operating in it. The competition is foreseen to become highly aggressive in the forthcoming years, especially owing to the advent of new players in regional market. According to a recent report by Transparency Market Research (TMR), growth in medical devices and rising investments in research and development activities are some of the major aspects considered in the medical electrodes market. Improvement in existing products and better product portfolios are the important strategies taken up by the companies reigning in the medical electrodes market in forthcoming years.
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Some of the leading firms operating in the global market are Biotronik SE & Co. KG, Lepu Medical Technology, Zoll Medical Corporation, Oscor Inc., Abbott Laboratories, Pacetronix Limited, Medtronic Plc., OSYPKA AG, and Boston Scientific Corporation.
The study presented here is based on a report by Transparency Market Research (TMR), titled, "Medical Electrodes Market (Type - Wet, Dry, Needle; Application - Cardiology, Neurophysiology, Sleep Disorders, and Intraoperative Monitoring; End Use - Hospitals, Diagnostic Centers; Usability – Disposable and Reusable) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022."
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