Medical Electrodes Market Research, 2031
The global medical electrodes market size was valued at $1.7 billion in 2021, and is projected to reach $2.4 billion by 2031, growing at a CAGR of 3.6% from 2022 to 2031.
Medical electrode is a small metal plate or needle that carries electricity from an instrument to a patient for treatment or surgery. In addition, electrodes transmit electrical impulses from muscles, brain, heart, skin, or other body parts to recording devices to help diagnose certain conditions. There are several types of electrodes, including electrocardiography (ECG) electrodes, fetal scalp electrodes, electroencephalography electrodes, transcutaneous electrical nerve stimulation TENS electrodes, and pacemaker electrodes. Electroencephalography helps in the identification of any specific irregurities in the brain. These brain wave patterns are observed and recorded by using around 10 electrodes in different areas for the measurement of electrical and ionic waves or neuronal activity.
Number of chronic and severe disease statistics experienced an exponential rise in past decade, owing to rise in the global life expectancy level and surge in burgeoning population. For instance, as per the World Health Organisation (WHO) reports, cardiovascular disease (CVD) is a leading cause for the disability and deaths worldwide. Rise in focus on early diagnosis, growth in geriatric population, and increase in burden of cardiology and neurology diseases across the globe drive the medical electrodes market. Rise in prevalence of chronic ailments significantly boost the medical electrodes market growth during the forecast period. Increase in prevalence of neurological and cardiovascular disorders augment the demand for these electrodes. High mortality risk associated with such disorders increases the frequency of medical diagnosis of patients. Along with this, the increase in prevalence of chronic diseases across the globe significantly drives the growth of medical electrodes market.
Stringent government regulations associated with the approval of these devices hinder market growth. Moreover, lack of awareness about the associated technological advancements and benefits of such devices in some under-developed or developing nations hamper the expansion of this market during the forecast period.
However, developing countries like Brazil, China and India are expected to grow at an exponential rate owing to growing population, increase in the disposable income, and rise in the patient count of neurological and cardiovascular diseases.
The medical electrodes market is segmented into Product Type, Application and Modality. Depending on product type, it is divided into surface electrodes and needle electrodes. According to application, it is categorized into cardiology, neurophysiology, electrosurgery, intraoperative monitoring, and sleep study.
By modality, it is classified into motor evoked potentials (MEPS), somatosensory evoked potentials (SSEPS), electrocardiography (ECG), electroencephalography (EEG), brainstem auditory evoked potentials (BAEPs) and visual evoked potentials (VEPs).
Region wise, medical electrodes industry 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).
Segment Review
Depending on product type, 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. However, the needle electrodes segment is expected to witness considerable growth during the forecast period due to increase in medical indications in the area of neurophysiology and new opportunity for the manufacturers to develop innovative electrodes to meet the market demand.
By application, the cardiology segment dominated the market in 2021, and this trend is expected to continue during the forecast period owing to increasing prevalence of cardiovascular diseases across the globe. However, the intraoperative monitoring segment is expected to witness considerable growth during the forecast period due to rising incidence of cardiovascular and neurological disorders.
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.
By region, North America garnered the major medical electrodes market share in 2021, and is expected to dominate the global market during the forecast period owing 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. However, Asia-Pacific is expected to register the highest CAGR of 4.9% during medical electrodes market forecast owing to increase in the number of private and public health care facilities in the region.
The key players operating in the global medical electrodes market include 3M Company, Ambu A/S, Becton, Dickinson and Company, Cognionics, Inc., ConMed, The Cooper Companies, 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.
Medical Electrodes Market Report Highlights
| Aspects | Details |
 By Product Type |
|
 By Application |
|
 By Modality |
|
 By Region |
|
 Key Market Players | Ambu A/S, Koninklijke Philips N.V., Dymedix, CooperSurgical, Inc., CONMED Corporation, Medtronic, 3M Company, BD, Cognionics Inc., Natus Medical Incorporated |
Analyst Review
This section provides the opinions of the top-level CXOs that operate in the global medical electrodes market. According to the insights of the CXOs, the medical electrodes market is expected to witness a significant growth in the future. The market has piqued the interest of the healthcare industry, owing to an increase in medical electrodes application areas.
According to the perspectives of CXOs of leading companies the medical electrodes market is flanked with established players hence, there is increase in adoption of these devices, owing to rise in prevalence of the cardiology and neurology diseases, which propels the market growth. In addition, technological advancement is prevalent in the market, thus, there is increase in innovation, which facilitates manufacturers to meet the requirement of medical practitioners. Use of medical electrodes is highest in North America, owing to increase in adoption of medical electrodes in diverse application areas.
Among application, cardiology segment dominated the Medical Electrodes Market in 2021
North America is the largest regional market for Medical Electrodes
Rising awareness about early diagnosis, growth in geriatric population, and increase in burden of cardiology and neurology diseases across the globe drive the medical electrodes market.
The global medical electrodes industry size was valued at $1.7 billion in 2021 and is expected to reach at $2.4 billion by 2031
3M Company, Medtronic, Plc., Ambu A/S are top players which accounts for major share of the Medical Electrodes Market
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