Medical Electrodes Global Market Report 2024

Medical electrodes play a crucial role in transmitting electricity from an instrument to a patient for treatment or surgery. They are instrumental in measuring internal ionic currents, aiding in the diagnosis of ocular, nervous, cardiac, and muscular disorders. The key function of medical electrodes is to establish the appropriate electrical contact between the recording device and the patient. Typically constructed of materials such as metal, lead, and a conductive gel or paste, these electrodes come in two main types: disposable and reusable.

Disposable medical electrodes consist of a disc made of semi-rigid plastic with a centrally positioned recessed embossment. The disc features a metallic electrical contact with sections on both sides, often used with snap-connect lead wires. Various technologies, including wet, dry, and needle electrodes, are employed in disposable medical electrodes. These electrodes find applications in procedures such as electrocardiography, electroencephalography, and electromyography, and are utilized in fields like cardiology, neurophysiology, sleep disorders, and intraoperative monitoring.

The medical electrodes market research report is one of a series of new reports that provides medical electrodes market statistics, including medical electrodes industry global market size, regional shares, competitors with a medical electrodes market share, detailed medical electrodes market segments, market trends and opportunities, and any further data you may need to thrive in the medical electrodes industry. This medical electrodes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The medical electrodes market size has grown strongly in recent years. It will grow from $1.98 billion in 2023 to $2.14 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period for medical electrodes can be attributed to factors such as the prevalence of cardiovascular diseases, the increasing incidence of neurological disorders, an aging population leading to higher healthcare needs, the growing adoption of electrotherapy and pain management solutions, and a focus on regulatory compliance within the healthcare industry.

The medical electrodes market size is expected to see strong growth in the next few years. It will grow to $2.9 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The anticipated growth in the forecast period for medical electrodes can be attributed to emerging trends such as the adoption of personalized medicine, the emphasis on patient-centric design, the expansion of telemedicine services, the rise of medical tourism, and a growing focus on sustainability and eco-friendly materials. Additionally, key trends include advancements in electrode miniaturization and wearables, the use of advanced materials for electrodes, the development of smart electrodes, and the integration of artificial intelligence (AI) and data analytics, along with sensor integration.

The anticipated increase in chronic diseases' prevalence is expected to drive the growth of the medical electrodes market. Chronic diseases, characterized by prolonged sickness often incurable but sometimes controllable, are on the rise due to factors such as increased tobacco product use, poor nutrition, physical inactivity, and excessive alcohol consumption. Medical electrodes play a crucial role in treating chronic diseases by measuring, monitoring, and recording vital body functions like heartbeat and brain waves during medical interventions. For instance, projections from the National Center for Biotechnology Information (NCBI) indicate a global increase in chronic diseases, reaching 142.66 million people by 2050, up from 71.522 million in 2020. Consequently, the surge in chronic diseases drives the growth of the medical electrodes market.

The expansion of telehealth and telemedicine is poised to fuel the growth of the medical electrodes market. Telehealth involves utilizing telecommunications technology to provide a range of healthcare services remotely, while telemedicine specifically encompasses remote clinical consultations and healthcare delivery. The growing adoption of telehealth and telemedicine increases the demand for precise diagnostic data collection during remote patient monitoring, driving the use of wearable health devices equipped with electrodes. For example, a report from the Centers for Disease Control and Prevention (CDC) in October 2022 indicated that in 2021, 37.0% of adults utilized telemedicine within the preceding 12 months. Consequently, the expansion of telehealth and telemedicine is a key driver for the growth of the medical electrodes market.

Technological advancement is a notable trend gaining momentum in the medical electrodes market. The focus on advancing medical device electrodes primarily centers on improving patient comfort and the electrode-tissue interface for enhanced recording and stimulation. The market witnesses a demand for prominent electrodes like electrocardiography electrodes and electroencephalography electrodes. Major companies in the medical electrodes market are actively advancing new technologies and innovative medical electrode products to fortify their market positions. For instance, in December 2021, Shin-Etsu Chemical Co., Ltd., based in Tokyo, introduced electrophysiological dry electrodes and high-elasticity wiring materials, contributing to the creation of performance traits for next-gen wearable technology. These electrodes enable the remote monitoring and transmission of electrical bio-signals, including vital indicators like heart rate and electrocardiogram (ECG) waveform, enhancing physical and mental well-being and facilitating the early detection and treatment of chronic disorders.

Major companies in the medical electrodes market are introducing new products to gain a competitive edge. For instance, in May 2023, NeuroOne Medical Technologies Corp., a US-based medical technology company, launched the Evo sEEG electrode product line. The Evo sEEG electrode offers extended recording, monitoring, and stimulation of electrical signals in the subsurface levels of the brain for up to 30 days, eliminating the need for invasive procedures like skull removal. Featuring high-definition, thin-film technology, these electrodes enhance signal clarity and reduce noise.

In August 2023, Resonac Corporation, a Japan-based chemical manufacturing company, acquired AMI Automation for an undisclosed amount. This strategic acquisition enables Resonac to provide integrated innovative solutions for enhanced steel-making performance, improved operational efficiency, safety promotion, energy conservation, and reduced greenhouse gas emissions, delivering greater value. AMI Automation, a Mexico-based automation and control solutions company, specializes in providing automation solutions, advanced power control systems, and software optimization for electric arc furnaces, offering customized solutions across various industries.

Major companies operating in the medical electrodes market include 3M Company, ConMed Corporation, Koninklijke Philips N.V., Medtronic PLC, Ambu A/S, General Electric Company, Nihon Kohden Corporation, Cardinal Health Inc., Dymedix Diagnostics Inc., Natus Medical Incorporated, CooperSurgical Inc., B. Braun Melsungen AG, ZOLL Medical Corporation, Rhythmlink International LLC, Cognionics Inc., Compumedics Limited, Nissha Medical Technologies Group, C.R. Bard Inc., Curbell Medical Products Inc., Leonhard Lang GmbH, Graphic Controls Ltd., Bio Protech Inc., Medico Electrodes International Ltd., Ad-Tech Medical Instrument Corporation, Tenko Medical Systems Crop., Ambulatory Monitoring Inc., R&D Medical Electrodes, NeuroWave Systems Inc., NCC Medical Co. Ltd., Nihon Kohden America Inc., Zynex Medical Inc.

North America was the largest region in the medical electrodes market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical electrodes market share report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the medical electrodes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The medical electrodes market consists of sales of electrocardiography (ECG) electrodes, fetal scalp electrodes, electroencephalography electrodes, transcutaneous electrical nerve stimulation TENS electrodes, and pacemaker electrodes. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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