Medical Electrodes Market Segmented By Diagnostic, Therapeutic Medical Electrodes Product with Wet Electrodes, Dry Electrodes, Needle Electrodes Technology in Disposable, Reusable Usability
Industry: Healthcare
Published Date: June-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 315
Report ID: PMRREP33118
The medical electrodes market is projected to witness a moderate pace in the global market at a CAGR of 4.3% during 2022 and 2032.
The medical electrodes market size is estimated to be valued at US$ 2.1 Bn in 2022 and is likely to reach US$ 3 Bn by 2032. Historically, the market registered a comparatively higher CAGR of 4.7% (2015-2021), resulting in market size of US$ 2 Bn in 2021.
“During the projection period, the rising prevalence of chronic illnesses is anticipated to significantly boost medical electrodes market growth. One of the primary elements driving up demand for medical electrodes is the rising prevalence of neurological and cardiovascular illnesses.”
The elderly population are more prone to suffer cardiovascular diseases (CVDs) and neurological illnesses, which is predicted to increase the demand for early diagnosis, boosting sales of medical electrodes around the world.
Furthermore, chronic diseases such as obesity, diabetes, and CVDs are becoming more common due to changing lifestyles, hectic schedules, and shifting dietary patterns. These factors are anticipated to drive the demand for medical electrodes during the forecast period.
Significant investments by both governments and non-governmental organizations (NGOs) to upgrade existing healthcare infrastructure and encourage use of modern technology such as electronic medical devices have also resulted in the growth of medical electrodes market outlook.
| Attributes | Details |
|---|---|
|
Medical Electrodes Market CAGR (2022-2032) |
4.3% |
|
Medical Electrodes Market Value (2022) |
US$ 2.1 Bn |
|
Medical Electrodes Market Value (2032) |
US$ 3 Bn |
COVID-19 has had a negative influence on medical electrodes market share, causing substantial disruptions to enterprises and economic activity around the world.
Despite the availability of emergency and outpatient services in cardiology, neurology, and other departments, the number of patient visits to hospitals, ambulatory surgery centers, and diagnostic laboratories has decreased dramatically.
Patient visits have been drastically reduced as a result of nationwide lockdowns and social distancing tactics. As a result of this factor, the sales of medical electrodes declined.
The medical electrodes market size has been impacted by a decrease in the overall use of medical electrodes due to a decline in the volume of diagnostic, elective, and non-essential procedures, as well as a decrease in routine testing.
Furthermore, reduced capital spending by customers and a decrease in research activity due to laboratory closures and reduced clinical testing have also resulted in decreased demand for medical electrodes.
Many countries have started to rebuild their economies, but it is likely to take time for medical care utilization rates to return to pre-pandemic levels. Furthermore, an increase in COVID-19 infections could result in further lockdowns, quarantine measures, or other limitations to slow COVID-19's spread, which could stifle medical electrodes market growth.
One of the primary factors driving the growth of the medical electrodes market size includes the rise in the prevalence of degenerative neurological and cardiological diseases such as fibromyalgia, Parkinson's, Alzheimer's, and various brain disorders.
The medical electrodes market share is expected to rise as people become more interested in minimally invasive surgeries because of the benefits they offer, such as faster recovery and reduced discomfort. Electrocardiogram (ECG) monitoring devices use medical electrodes primarily for the diagnosis of heart diseases.
The trends in the medical electrodes market, like electrocardiogram (ECG), have long been the most common method of diagnosing cardiovascular problems, and testing techniques are developing to keep up with today's technological needs.
Compared to classic cardiac Holter and event recorders, the new technology-based devices are far more cost-effective and user-friendly. Furthermore, due to the miniaturization of electrodes and the removal of electrode cables, devices can now be installed on the patient's chest without a tangle of wires.
During the study period, such technological developments in medical electrodes are predicted to boost the demand for medical electrodes.
Emerging economies such as BRIC (Brazil, Russia, India, and China), Latin American and Southeast Asian countries are predicted to present significant growth opportunities for medical electrodes manufacturers.
This is due to a lack of competition in these areas, as well as a huge population, an increase in cardiovascular and neurological disorders, and increased disposable income.
The Ministry of Health and Family Welfare of the Government of India, for example, offers a variety of free diagnostic services in its primary healthcare facilities as part of the National Health Mission: Free Diagnostics Service Initiative.
The project also intends to lower patients' excessive out-of-pocket diagnostic expenses. Sales of medical electrodes are likely to increase as a result of these initiatives. Other factors propelling the market include increased research and development (R&D) and the use of medical electrodes in minimally invasive (MI) surgeries.
The growth of the medical electrodes market share is likely to be hampered due to stringent regulatory guidelines.
Despite the growing number of applications of medical electrodes, the strict government requirements connected with device licensing may hinder medical electrodes market growth to some extent.
Furthermore, in some underdeveloped or developing countries, a lack of understanding about the associated technological breakthroughs and benefits of such medical devices may limit the medical electrodes market expansion throughout the projection period.
| Attributes | Medical Electrodes Market |
|---|---|
|
CAGR (2022-2032) |
4.3% |
|
Market Value (2026) |
US$ 2.49 Bn |
|
Growth Factor |
The increased prevalence of chronic disorders is expected to propel the medical electrodes market forward significantly. |
|
Opportunity |
Manufacturers of medical electrodes are expected to see significant growth opportunities in emerging economies. |
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Key Trends |
Electrocardiogram (ECG) is the most frequent means of identifying cardiovascular disorders, and testing techniques are evolving as per medical electrodes market trends. |
| Attributes | Medical Devices Market |
|---|---|
|
CAGR (2022-2032) |
5.4% |
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Market Value (2026) |
US$ 592.3 Bn |
|
Growth Factor |
The rising prevalence of chronic diseases, as well as the greater emphasis on early detection and treatment by healthcare organisations. |
|
Opportunity |
The development of technologically superior equipment to fulfil advanced growing need for unique innovations through research opens up lucrative market opportunities. |
|
Key Trends |
Increased demand for fitness trackers has stemmed from an increased emphasis on fitness among adults, as well as an increased focus on monitoring and diagnosing. |
| Attributes | Clinical Diagnostics Market |
|---|---|
|
CAGR (2022-2032) |
6% |
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Market Value (2026) |
US$ 99 Bn |
|
Growth Factor |
Increased geriatric population, increased patient knowledge of the need of laboratory tests, and an increase in the number of patients with infectious and chronic diseases. |
|
Opportunity |
The rising frequency of COVID-19 infections has resulted in more funding and testing, which has open up multiple growth opportunities for the market players. |
|
Key Trends |
As patient knowledge grows and the demand for high-quality care grows, healthcare practitioners must create tailored therapies based on specialised and sensitive diagnostic tests. |
Medical electrodes are devices that convert the body's ionic current energy into electrical current, which is then amplified and analyzed for the diagnosis of a variety of cardiac, ophthalmic, neurological, and muscular illnesses. The surge in demand for medical electrodes is anticipated to be influenced by advances in nanotechnology as well as increasing investments by various biopharmaceutical businesses.
They are used to measure brain activity in contexts such as the patient's home, in addition to providing other characteristics to improve the test's usefulness. Another important factor driving medical electrodes market expansion is the increasing value of clinical research investigations.
The global market for medical electrodes is anticipated to grow as the number of cardiology illnesses rises. These medical electrodes are often placed on the patient's chest to capture the electrical signals of the heart in order to diagnose various cardiac diseases. Early diagnosis is becoming more important, which is likely to aid the medical electrodes industry growth.
Furthermore, medical electrodes companies' significant expenditures in the development of effective diagnostic and treatment platforms point to the medical electrodes market's promising growth opportunities.
New product releases, mergers and acquisitions, and portfolio expansion are among the companies' growth tactics. The medical electrodes market size is expected to grow due to promising results and increased competition among top medical device companies to approve and commercialize devices in various areas of unmet medical needs.
During the analysis period, the wet electrodes segment is expected to take the lead in the medical electrodes market, with a CAGR of 3.6%. Due to the rising implementation of wet electrodes in medical devices for disease diagnostics in recent years, this segment is expected to rise significantly.
Wet electrodes cling to the skin's surface and require special preparation, such as the application of electrolytic gel. The demand for medical electrodes is rising as they are non-invasive. As a result, the aforementioned variables are projected to contribute to the medical electrodes market's positive outlook.
Cardiology dominated the medical electrodes market by application in 2021, and this trend is likely to continue during the forecast period, owing to the rising prevalence of cardiovascular disorders worldwide.
However, due to the rising frequency of cardiovascular and neurological illnesses, the intraoperative monitoring segment is likely to grow significantly throughout the projection period.
In terms of usability, disposable medical electrodes are likely to see increased demand through 2032, owing to their growing popularity as a result of their lower cost and lower danger of cross-contamination. These electrodes are suitable for clinical and laboratory applications due to their disposable nature and ease of usage.
| Regions | CAGR (2022-2032) |
|---|---|
|
United States |
3.8% |
|
United Kingdom |
2.8% |
|
China |
3.4% |
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Japan |
2.4% |
|
South Korea |
1.8% |
With a CAGR of 3.8%, the U.S. is anticipated to dominate the medical electrodes market with a market value of US$ 1 Bn during the forecast period.
The United States medical electrodes market is expected to have profitable growth as a result of increased government initiatives to improve the healthcare sector, as well as favorable government policies and a flexible regulatory environment.
Increasing commercial and public support for R&D operations to technologically improve medical electrodes is also anticipated to drive the sales of medical electrodes during the projection period.
Due to the increasing number of suppliers reaching undiscovered emerging markets, the Asia Pacific medical electrodes market is expected to rise at a spectacular rate.
Furthermore, rising healthcare development expenditures in emerging countries is likely to boost regional growth of medical electrodes market share.
In Asia Pacific medical electrodes market, China is anticipated to hold the highest growth potential during the forecast period with a CAGR of 3.4% through 2032.
The European market is forecasted to rise substantially by the end of 2032 due to the presence of major vendors operating in the European medical electrodes market. Latin America and the Middle East & Africa are projected to witness a stable CAGR, owing to the increasing prevalence of chronic ailments that require efficient diagnoses such as cardiac disorders and neurological ailments.
The latest research on medical electrodes market by PMR points out that the medical electrodes market's competitive landscape exhibits a fragmented nature, with various competitors present.
The industry's prominence is due to a broad product portfolio of medical electrodes, as well as ongoing technological breakthroughs by these medical electrodes companies.
| Attributes | Details |
|---|---|
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Forecast period |
2022-2032 |
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Historical data available for |
2015-2021 |
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Market analysis |
USD Bn for Value |
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Key Countries Covered |
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By Market Segments |
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Key Companies Profiled |
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Pricing |
Available Upon Request |
By Product
By Technology
By Usability
By Application
By Region
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The medical market is projected to have a CAGR of 4.3% through 2032.
The United States is the leading region with an anticipated value of US$ 1 Bn by 2032.
By application, the cardiology segment is anticipated to dominate the medical electrodes market.
The medical electrodes market is predicted to grow US$ 3 Bn by 2032.
Wet electrodes technology segment is anticipated to lead the medical electrodes market.
