PUBLISHER: DataM Intelligence | PRODUCT CODE: 1336716
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1336716
Global Medical Electrodes Market reached US$ 0.9 billion in 2022 and is expected to reach US$ 1.2 billion by 2030 growing with a CAGR of 4.1% during the forecast period 2023-2030.
Medical electrodes enable the surface measurement of internal ionic currents, resulting in a non-invasive diagnostic for several neurological, muscular, ophthalmic, cardiac, and other illnesses that would normally require surgical intervention to confirm their presence. The electrodes are often simple to use, disposable (or readily sterilizable), and often distinctive in the activities they assist with. The electrode's primary function is to maintain optimal electrical contact between the patient and the instrument used to measure or record activity.
Furthermore, the global medical electrodes market is driven by various factors like rising cardiovascular and neurological diseases, technological advancements, a rise in minimally invasive surgeries, increasing healthcare spending, and rising awareness about early disease detection and management.
Rise in the Prevalence of Cardiovascular Diseases
The rise in the prevalence of cardiovascular diseases is one of the significant key factors that helps the medical electrodes market to grow during the forecast period, owing to the high mortality risk associated with such disorders has increased the rate of frequent medical diagnosis of patients. For instance, according to the Centers for Disease Control and Prevention updated factsheet in the US, 805,000 people experience a heart attack every 40 seconds, with 605,000 being first-time cases and 200,000 being those who have already experienced one. About 1 in 5 heart attacks are silent, causing damage without the person being aware.
Rise in Technological Advancements
Medical electrodes are often used in electrocardiogram (ECG) monitoring systems to diagnose heart problems. ECG has been the most widely utilised type of diagnostics for cardiovascular diseases, and testing techniques are improving to match today's technological needs. The revolutionary technology-incorporated devices, as opposed to standard cardiac holter and event recorders, are far more cost-effective and user-friendly.
Furthermore, with the miniaturisation of electrodes and the elimination of electrode cables, devices may now be installed on the patient's chest without a tangle of wires. During the analysis period, such technical developments in medical devices considerably enhanced market growth.
For instance, on 5th October 2022, researchers at Carnegie Mellon University developed the CMU Array - a microelectrode array for brain-computer interface platforms. The solution is expected to transform the way doctors treat various neurological ailments. Such innovations will bolster the medical electrodes market adoption.
Stringent Government Regulations
Stringent government regulations are one of the restraints that hamper market growth during the forecast period. As stringent government regulations are critical in the medical electrodes market because they ensure product safety, quality, and efficacy. These regulations aid in the maintenance of high standards, the promotion of innovation, and the protection of patient well-being. Compliance with such requirements is critical for manufacturers and helps to ensure the overall reliability of medical electrodes.
Furthermore, a lack of knowledge about the associated technical breakthroughs and advantages of such devices in some emerging or underdeveloped countries may impede the growth of this market during the forecast period.
The global medical electrodes market is segmented based on product type, type, application, end-user and region.
The Diagnostic Medical Electrodes From the Product Segment Accounted for Approximately 41.7% of the Medical Electrodes Share
The diagnostic medical electrodes from the product segment with around 41.7% is expected to dominate during the forecast period owing to recent launches by key players, technological advancements will drive the segment growth. For instance, in November 2022, Brain Scientific a Florida-based medical device technology company, announced the immediate release of the improved and updated NeuroCap device and the signing of a distribution partnership with D&D Medical, Inc., to sell the company's neurology devices in Tennessee, Kentucky, Indiana, and West Virginia.
Brain Scientific developed the NeuroCap to streamline EEG prep, testing and diagnosis. NeuroCap has 22 pre-gelled electrodes making it a suitable option for most clinical EEG tests, including routine EEGs that are often used for stroke and epilepsy patients. The fixed electrode placement is in accordance with the international 10-20 system.
Geographical Penetration
North America Accounted for Approximately 38.4% of the Market Share in 2022
North America is estimated to hold about 38.4% of the total market share throughout the forecast period, due to its superior healthcare infrastructure, new launches, effective government policies, vast multinational company base, and a high level of awareness about testing and testing devices in healthcare. This region also witnesses a high prevalence of chronic inflammatory disorders, such as cardiovascular diseases, diabetes, inflammatory bowel disease (IBD), and cancer, compared to other chronic indications.
Increasing expenditure on healthcare and rising awareness among people, advancement of technologies for treatment, and increase in biopharmaceutical establishment across the region are also contributing to the growth of medical electrodes share of this region.
For instance, in May 2023 NeuroOne Medical Technologies Corporation, a medtech company focused on improving surgical care options and outcomes for patients suffering from neurological disorders, announced the commercial launch of the Evo sEEG electrode product line in the United States.
The major global players in the medical electrodes market include Medtronic, Koninklijke Philips N.V., Ambu, Natus Medical Incorporated, 3M, CONMED Corporation, Rhythmlink International, LLC, Leonhard Lang GmbH, Nihon Kohden Corporation, Compumedics and among others
Segmentation
By Product Type
Electrocardiography
Electroencephalogram
Electromyography
Defibrillator
Transcutaneous Electrical Nerve Stimulation electrodes
Electrosurgical Electrodes
Neuromuscular and Muscular Electrical Stimulation (NMES)
Pacemaker electrodes
By Type
By Application
By End User
By Region
U.S.
Canada
Mexico
Germany
U.K.
France
Spain
Italy
Rest of Europe
Brazil
Argentina
Rest of South America
China
India
Japan
Australia
Rest of Asia-Pacific
The global medical electrodes report would provide approximately 53 tables, 54 figures and 195 pages.
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