Medical electrodes play a crucial role in diagnosing various medical conditions by monitoring biopotentials such as electrocardiography (ECG), electromyography (EMG), and electroencephalography (EEG). These devices are an essential part of preventive healthcare for conditions such as heart diseases, neurological disorders, and neuromuscular conditions.
The global Medical Electrodes Market is estimated to be valued at US$ 1,122 Million in 2023 and is expected to exhibit a CAGR Of 3.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing awareness about preventive healthcare has been driving the growth of the medical electrodes market. Preventive healthcare aims to prevent diseases, disorders, and injuries through regular check-ups and health risk assessments. This allows early detection of medical conditions and timely intervention, improving health outcomes. Various government initiatives focused on increasing awareness about the importance of preventive healthcare and availability of affordable medical testing facilities are expected to surge the demand for medical electrodes used in diagnostic procedures like ECG, EEG, and EMG. With growing healthcare expenditure and demand for improved quality of care, the trend of preventive healthcare is gaining significant traction globally and accelerating the growth of the medical electrodes market over the forecast period.
Segment Analysis
The global medical electrodes market is dominated by surface electrodes sub-segment. Surface electrodes find wide applications in electrocardiography (ECG), electroencephalography (EEG), and electromyography (EMG) procedures. This is because surface electrodes are easy to apply and remove, non-invasive, and provide clear signals for various diagnostic procedures. Developments in biosignal monitoring devices and rising demand for long-term ECG monitoring will further propel the growth of this sub-segment during the forecast period.
Key Takeaways
The Global Medical Electrodes Market Demand is expected to witness high growth in the coming years. Advancements in medical devices and increasing incidence of cardiac disorders are driving the demand for medical electrodes. The market is estimated to reach a value of over US$ 1122 million by 2024.
Regional analysis:
North America dominated the global medical electrodes market in 2018. High healthcare spending and rapid adoption of advanced technologies in the US and Canada are supporting the growth of the medical electrodes market in the region. However, Asia Pacific is expected to witness the fastest growth during the forecast period owing to rising healthcare awareness, improving access to healthcare services, and expansion of private healthcare facilities in emerging countries such as China and India.
Key players:
Key players operating in the medical electrodes market are 3M, Boston Scientific Corporation, C.R Bard, Medtronic, Ambu A/S. 3M has a strong footprint in both developed and emerging markets and offers a wide range of electrodes for various applications. Medtronic is focused on developing minimally invasive electrophysiology products and provides electrodes for cardiac diagnostic and therapeutic procedures.
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The global medical electrodes market was valued at $842.9 million in 2020, and it is expected to advance at a CAGR of 6.7% between 2021 and 2025.
The market will also generate a revenue of $1,151.6 million by 2025, as per the forecast of P Intelligence, a market research company based in India.
The factors fueling the growth of the market are the rising incidence of chronic diseases, mushrooming geriatric population, and the rapidly developing healthcare infrastructure across the world.Additionally, the burgeoning requirement for advanced medical devices including diagnostic instruments and equipment, is also propelling the advancement of the market.
Several technologically advanced devices are increasingly being adopted in the healthcare sector for providing better healthcare to patients, improving the quality of patient care, enhancing the performance of medical devices, and increasing their monitoring accuracy.
For example, Ambu A/S’ Ambu BlueSensor BR is equipped with a skin-friendly solid gel that provides an excellent signal quality in several applications.Depending on modality, the market is classified into electroencephalography (EEG) & brainstem auditory evoked potential (BAEP), electrocardiography (ECG), and electromyography.
Amongst these, the ECG category held the largest share in the market in 2020, because of the high incidence of cardiovascular diseases such as coronary artery diseases, atherosclerosis, and arrhythmias.
