The global medical electrodes market was valued at $1,676.2 million in 2021, and is projected to reach $2,387.35 million by 2031, registering a CAGR of 3.6% from 2022 to 2031.
Medical electrodes transfer the ionic current energy into electrical current in the body. These devices are used for diagnosis, treatment, and monitoring of various diseases, including ocular diseases, neurology diseases, cardiac diseases, and muscular disorders. These devices play an important part in early diagnosis of cardiac diseases due to the fact that they quantify the internal ionic current in the body to detect various medical conditions.
Rise in focus on early diagnosis, growth in geriatric population, and increase in burden of cardiology and neurology diseases across the globe drive the growth of the medical electrodes market. Factor, including low biocompatibility of medical electrodes is expected to restrain the market growth. Furthermore, developing nations are expected to provide opportunities for the manufacturers of medical electrodes, due to increase in prevalence of cardiovascular and neurological diseases in the developing countries, such as China and India. Rise in electrode applications through use of nanotechnology augments the demand for electrode in various medical applications. Nanotechnology supports the through miniaturization of these devices, making it portable. In addition, in the U.S., major government agencies, such as the National Eye Institute (NEI), the National Science Foundation (NSF), and the Department of Energy (DE) supports R&D for this sector by increase in government funding. These devices are used to treat diseases, including Parkinson’s disease, Alzheimer’s disease, sinus, and body ache. Rise in incidences of these diseases boosts the demand for electrode medical devices across the globe. Moreover, treatment using devices is of minimally invasive nature whichpropels the growth of this market substantially. In addition, in the U.S., medical reimbursement policies include major medical electrodes, which augment the growth of this market.
The medical electrodes market is segmented on the basis of product type, application, modality, and region. By product type, the market is divided into surface electrodes and needle electrodes. On the basis of application, it is categorized into cardiology, neurophysiology, electrosurgery, intraoperative monitoring, and sleep study. By modality, it is classified motor evoked potentials (MEPS), somatosensory evoked potentials (SSEPS), electrocardiography (ECG), electroencephalography (EEG), brainstem auditory evoked potentials (BAEPs), and visual evoked potentials (VEPs). Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA(Brazil, South Arabia, South Africa, and LAMEA).
The major companies profiled in the report include 3M Company, Ambu A/S, Becton, Dickinson and Company, Cognionics, Inc., ConMed, Cooper Surgical, Inc., DyMedix, Koninklijke Philips N.V., Medtronic, Plc., and Natus Medical Inc.
Medical electrodes transfer the ionic current energy into electrical current in the body. These devices are used for diagnosis, treatment, and monitoring of various diseases, including ocular diseases, neurology diseases, cardiac diseases, and muscular disorders. These devices play an important part in early diagnosis of cardiac diseases due to the fact that they quantify the internal ionic current in the body to detect various medical conditions.
Rise in focus on early diagnosis, growth in geriatric population, and increase in burden of cardiology and neurology diseases across the globe drive the growth of the medical electrodes market. Factor, including low biocompatibility of medical electrodes is expected to restrain the market growth. Furthermore, developing nations are expected to provide opportunities for the manufacturers of medical electrodes, due to increase in prevalence of cardiovascular and neurological diseases in the developing countries, such as China and India. Rise in electrode applications through use of nanotechnology augments the demand for electrode in various medical applications. Nanotechnology supports the through miniaturization of these devices, making it portable. In addition, in the U.S., major government agencies, such as the National Eye Institute (NEI), the National Science Foundation (NSF), and the Department of Energy (DE) supports R&D for this sector by increase in government funding. These devices are used to treat diseases, including Parkinson’s disease, Alzheimer’s disease, sinus, and body ache. Rise in incidences of these diseases boosts the demand for electrode medical devices across the globe. Moreover, treatment using devices is of minimally invasive nature whichpropels the growth of this market substantially. In addition, in the U.S., medical reimbursement policies include major medical electrodes, which augment the growth of this market.
The medical electrodes market is segmented on the basis of product type, application, modality, and region. By product type, the market is divided into surface electrodes and needle electrodes. On the basis of application, it is categorized into cardiology, neurophysiology, electrosurgery, intraoperative monitoring, and sleep study. By modality, it is classified motor evoked potentials (MEPS), somatosensory evoked potentials (SSEPS), electrocardiography (ECG), electroencephalography (EEG), brainstem auditory evoked potentials (BAEPs), and visual evoked potentials (VEPs). Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA(Brazil, South Arabia, South Africa, and LAMEA).
The major companies profiled in the report include 3M Company, Ambu A/S, Becton, Dickinson and Company, Cognionics, Inc., ConMed, Cooper Surgical, Inc., DyMedix, Koninklijke Philips N.V., Medtronic, Plc., and Natus Medical Inc.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the medical electrodes market analysis from 2021 to 2031 to identify the prevailing medical electrodes market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the medical electrodes market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global medical electrodes market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
- Surface Electrodes
- Needle Electrodes
By Application
- Cardiology
- Stress test ECG
- Neonatal ECG
- Long-term monitoring ECG
- Short-term monitoring EGG
- Resting ECG
- Neurophysiology
- Electrosurgery
- Intraoperative Monitoring (IOM)
- Sleep Study
By Modality
- Electrocardiography (ECG)
- Electroencephalography (EEG)
- Electromyography (EMG)
- Brainstem auditory evoked potentials (BAEPs)
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- Australia
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- CONMED Corporation
- 3M Company
- Koninklijke Philips N.V.
- Medtronic
- Natus Medical Incorporated
- Ambu A/S
- BD
- Cognionics Inc.
- CooperSurgical, Inc.
- Dymedix
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MEDICAL ELECTRODES MARKET, BY PRODUCT TYPE
CHAPTER 5: MEDICAL ELECTRODES MARKET, BY APPLICATION
CHAPTER 6: MEDICAL ELECTRODES MARKET, BY MODALITY
CHAPTER 7: MEDICAL ELECTRODES MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Medical Electrodes Market,' the medical electrodes market size was valued at $1.7 billion in 2021, and is estimated to reach $2.4 billion by 2031, growing at a CAGR of 3.6% from 2022 to 2031.Medical electrodes facilitate the transfer of energy of ionic currents in the body into electrical currents that can be amplified, studied, and used for diagnosis of the medical condition of the patient. Medical electrode comprises lead, metal, and electrode conducting plate. These devices are combined with monitoring systems to provide continuous monitoring of patients suffering from various disorders. These electrodes are used for the diagnosis of several ocular, muscular, cardiac, and nervous diseases.
Factors that drive the medical electrodes market growth include the rise in prevalence of neurological and cardiovascular disorders, rise in number of R&D investments for medical devices, surge in geriatric population. Rising incidence and prevalence of cardiovascular and neurological disorders is one of the major factor propelling the growth of the medical electrodes. The risk of high mortality is very prevalent in such disorders which has resulted in the rise of frequent medical diagnosis of patients which has increased the demand of medical electrodes market. Hence, increasing prevalence of chronic diseases across the globe will significantly drive the market growth. Increase in various government-led favorable policies and rise in focus on minimally invasive surgeries are recently observed medical electrodes market trends. Along with this, the adoption rate is expected to increase owing to the higher affordability and lower risk of cross-contamination. Medical electrodes are easier to use and disposable or reusable in nature, which are increasing their usage during laboratory and clinical applications. Moreover, improvements in the test effectiveness are assisting for the measurement of brain activity at patient’s home.
Furthermore, constant investments by the key players are helping in the development of diagnostic and therapeutic platforms. Major players are constantly coming up with new growth strategies, such as product portfolio expansion, new product launches, acquisitions, and mergers. In September 2021, NeuroOne Medical Technologies Corporation, a medical technology company focused on improving surgical care options and outcomes for patients suffering from neurological disorders, received the United States Food and Drug Administration (FDA) 510(k) clearance to market its Evo sEEG Electrode technology. Moreover, Natus Medical, Inc. announced their partnership with Holberg EEG AS in 2020. The purpose of the partnership is enhancing and automating the diagnosis of epilepsy, through the development and distribution of AutoSCORE algorithm worldwide. Constant rise in the competition and promising outcomes among leading medical device companies for the approval and commercialization of medical electrodes products in different areas of unmet medical needs are projected to boost the medical electrodes market.
However, the issues of biocompatibility of medical electrodes, strict regulatory guidelines, lengthy and various approval procedures, medical coverages, for each country are creating hindrances for the growth of the market. Moreover, dearth of awareness of the associated technological advancements and benefits of medical electrode devices in some under-developed or developing economies is hampering the medical electrodes market growth.
The medical electrodes industry is segmented on the basis of product type, application, modality, and region. By product type, the market is divided into surface electrodes and needle electrodes. The surface electrodes segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to introduction of new electrode indications.
By application, the market is divided into cardiology, neurophysiology, electrosurgery, intraoperative monitoring, and sleep study. The cardiology segment dominated the market in 2021, and this trend is expected to continue during the forecast period due to increasing prevalence of cardiovascular diseases across the globe.
By modality, the electrocardiography (ECG) segment dominated the market in 2021, and this trend is expected to continue during the forecast period owing to high prevalence of cardiovascular disorders, including coronary artery disease, arrhythmias, and atherosclerosis, which continues to surge.
COVID-19 outbreak negatively impacted the medical electrodes market, due to the fact that most hospitals were shut down, owing to lockdowns in many countries. Spread of COVID-19 led to major public health issues. The market has been impacted by decrease in overall use of medical electrodes, due to decline in volume of diagnostic, elective, and non-essential procedures; reduction in utilization of routine testing; fall in capital spending by customers; and reduction in research activity, due to laboratory closures and reduced clinical testing. Many countries have reopened their economies however, it will take time for the utilization of medical electrodes to reach pre-pandemic levels.
KEY FINDINGS OF STUDY
- On the basis of product type, the surface electrodes segment was the highest contributor to the market in 2021.
On the basis of modality, the electrocardiography segment was the highest contributor to the market in 2021.
On the basis of region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period. North America accounted for a majority of the global medical electrodes market share in 2021, and is anticipated to remain dominant during the forecast period due to growing focus of technological advancements in medical electrodes, rising geriatric population, the increasing incidence of chronic diseases, and high healthcare expenditure in the region. Asia-Pacific is anticipated to witness lucrative growth owing to increase in the number of private and public health care facilities in the region.
Companies Mentioned
- CONMED Corporation
- 3M Company
- Koninklijke Philips N.V.
- Medtronic
- Natus Medical Incorporated
- Ambu A/S
- BD
- Cognionics Inc.
- CooperSurgical, Inc.
- Dymedix
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 210 |
| Published | May 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 1676.2 million |
| Forecasted Market Value ( USD | $ 2387.35 million |
| Compound Annual Growth Rate | 3.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
