Medical Electrodes Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI4177
Medical Electrodes Market size is projected to experience significant growth from 2019 to 2025.
The medical electrodes market is expected to witness substantial growth across the forecast timeframe. High growth is attributed to increasing number of surgeries being performed in medical settings, globally. Moreover, increasing use of medicinal electrodes in the diagnosis of neurophysiological and cardiological disorders is one of the chief factors for the growth of medical electrodes market.
Increasing adoption rate of advance technologies coupled with presence of well-established healthcare infrastructure in various developed regions of the world will augment medical electrodes market growth. Additionally, growing capital investments in technological developments by biopharmaceutical companies and rising focus towards minimally invasive surgeries would further propel market growth.
However, the excessive cost of medical electrodes is a major growth hindering factor. Moreover, the FDA’s extremely rigid regulatory approval procedures coupled with the excessive cost of devices and procedures will obstruct the growth of the medical electrodes market.
Surface electrodes segment is estimated to witness favorable growth during the forecast years. Surface electrodes are placed in contact with the subject’s skin, in order to gain bioelectric potentials from the surface. Surface electrodes can be used to sense EEG, ECG, EMG etc. Hence, increasing efficiency and user-friendly characteristics of surface electrodes will drive product demand thus increasing market growth.
Reusable medical electrodes segment is forecasted to hold considerable market share owing to its increasing applications in various therapeutic fields such as cardiology and neurophysiology. The growing burden of cardiovascular diseases is one of the primary factors effecting the growth of reusable medical electrodes. Furthermore, medical electrodes are associated with high cost hence, reusable medical electrodes are designed in a manner that can be used for multiple times thus avoiding additional costs.
Electrocardiography (ECG) as a modality segment is expected to grow at substantial rate in the medical electrodes market owing to increasing prevalence of cardiovascular diseases worldwide. As per World Health Organization (WHO), 17.9 million people die each year from cardiovascular diseases (CVDs), which is estimated to be 31% of all deaths globally. Hence, rising burden of CVDs is an important factor augmenting market growth.
Cardiology as an application segment is expected to display high growth over the forecast timeframe. The increasing use of medical electrodes in the diagnosis of cardiovascular diseases is a major growth propelling factor. For instance, as per Centers for Disease Control and Prevention (CDC), in the U.S., 28.2 million people are diagnosed with one form of heart disorder in 2017 and the rate is estimated to grow with time. Hence, increasing cardiovascular disorders will augment medical electrodes market growth.
The U.S. is expected to witness substantial growth over the forecast period owing to the presence of well-developed healthcare infrastructure, skilled professionals, technological advancements, increasing adoption of medical electrodes for treatment of various medical conditions, and the presence of dominant market players in the region. Additionally, high healthcare expenditure along with the rising prevalence of cardiovascular diseases will further fuel market growth.
China is expected to witness significant growth in the medical electrodes market during the analysis period. High rate of economic growth in recent years, growing healthcare facilities and rising venture capital investments by several private sector firms would assist medical electrode market growth during the analysis period.
Some of the key industry players include 3M, Cognionics Inc., Ambu A/S., CONMED Corporation., CooperSurgical Inc., Dymedix, Koninklijke Philips N.V., Medtronic Plc., Natus Medical Incorporated., and Nihon Kohden Corporation. Key strategies adopted by industry players include strategic collaborations, partnerships, mergers, and innovative product launches to expand their business product portfolio.
Medical Electrodes Market by Product, 2014-2025 (USD Million)
- Surface electrodes
- Needle electrodes
Medical Electrodes Market by Usability, 2014-2025 (USD Million)
- Disposable medical electrodes
- Reusable medical electrodes
Medical Electrodes Market by Modality, 2014-2025 (USD Million)
- Electromyography (EMG)
- Electrocardiography (ECG)
- Electroencephalography (EEG)
- Brainstem Auditory Evoked Potentials (BAEPS)
Medical Electrodes Market by Application, 2014-2025 (USD Million)
- Sleep disorders
- Intraoperative monitoring
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Cognionics Inc.
- Ambu A/S.
- CONMED Corporation.
- CooperSurgical Inc.
- Koninklijke Philips N.V.
- Natus Medical Incorporated.
- Medtronic Plc.
- Nihon Kohden Corporatio
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