Medical Electrodes Market

Global Medical Electrodes Market Size (2023 to 2028)

The global market size for medical electrodes is forecasted to be worth USD 1.61 billion by 2028 from USD 1.32 billion in 2023, growing at a CAGR of 4.14% from 2023 to 2028.

Impact of COVID-19 on the global medical electrodes market:

The outbreak began in early March 2020 and continued for over a year. Lockdowns and quarantines have resulted from the coronavirus outbreak. Many businesses have suffered losses due to shipping and travel restrictions. The unemployment rate rose as more deaths were reported. Due to the unexpected increase in the number of patients and the severe shortage of hospital resources, such as oxygen cylinders, the financial situation has deteriorated.

The COVID-19 pandemic has had a negative impact on the medical electrodes market.

Nationwide shutdowns and social distancing measures have dramatically reduced patient visits to hospitals and have significantly reduced the sales of medical electrodes in 2021. In addition, the reduction in the overall use of medical electrodes due to the decreased volume of diagnostics, decreased use of routine tests, reduction in clinical trials, reduced customer capital expenditures, elective and non-essential procedures, and the decrease in research activities due to laboratory closures have all affected the market negatively. However, the market is anticipated to recover quickly and showcase a healthy CAGR during the forecast period.

MARKET DRIVERS:

Increasing global cardiology and neurology disease burden, increased focus on early diagnosis, and growing geriatric population are propelling the medical electrodes market worldwide.

The need for proper treatment of increased neurological and cardiovascular disorders to promote market growth. The incidence of neurological and cardiovascular diseases and sleep disorders has increased significantly over the years. According to the World Health Organization (WHO), cardiovascular disease (CVD) is one of the leading causes of death and disability worldwide. Globally, 17.9 million deaths from CVD were reported in 2016. The high mortality risk has increased the rate of frequent medical diagnoses, thereby increasing the compound annual growth rate of the market during the forecast period.

Medical electrodes are mainly implemented in electrocardiogram (ECG) monitoring devices to diagnose cardiac disorders. The ECG has been used as the most basic form of cardiovascular disease diagnosis, and test systems are evolving to meet today's technological demands. Such technological advancements in medical devices have fueled the market growth significantly over the analysis period.

Wearable medical devices are gaining attraction worldwide, providing benefits such as extended care and remote monitoring from doctor's clinics to patients' homes for chronic disease management. Through this, situations such as heart disease and diabetes are managed at cheap rates since they reduce the number of doctor or hospital visits, thereby driving the market growth over the forecast period. Additionally, growing demand for advanced diagnostic procedures and innovative products for diagnostic medical procedures globally are expected to drive market growth over the forecast period.

MARKET RESTRAINTS:

Strict regulatory policies and guidelines offered by regulatory bodies associated with medical electrodes are expected to restrain market growth over the forecast period. Also, the problem related to the biocompatibility of medical electrodes and different approval processes in various countries is a significant impediment to the medical electrode market. Moreover, in some underdeveloped or developing countries, there is a lack of awareness about these devices' associated technological advancement and benefits. This is also hampering the expansion of this market during the forecast period.

REPORT COVERAGE:

This research report on the global medical electrodes market has been segmented and sub-segmented based on usability, product, application, end-user & region.

Global Medical Electrodes Market - By Application:

• Cardiology
• Neurophysiology
• Sleep Disorders
• Intraoperative Monitoring

Cardiology application is expected to emerge as a significant profitable ground for the medical electrodes market. This is due to the increase in the cases of cardiovascular diseases worldwide. Nowadays, heart diseases such as coronary arteries, high blood pressure, cardiomyopathy, etc., gradually show rejuvenation. Therefore, early cardiovascular screening is essential to increase the success rate of treatment and reasonable control of the disease. ECG is the most widely used method in cardiovascular screening. Therefore, it is expected to dominate the market in the application of medical electrodes.

But due to the increase in neurophysiological disorders, the market is also expected to grow in neurophysiology. An EEG can also help diagnose or treat Brain tumors, one of the severe joint disorders.

Global Medical Electrodes Market - By Modality

• Electromyography (EMG)
• Electrocardiography (ECG)
• Electroencephalography (EEG)
• Brainstem Auditory Evoked Potentials (BAEPS)

Electrocardiography (ECG) by modality in medical electrodes market revenue is expected to dominate with the growing number of cardiological diseases worldwide. ECG electrodes are conductive, wearable, and adhesive. An ECG can help detect arrhythmias, where the heart beats too slowly, too fast, or irregularly. It is also helpful in detecting coronary artery disease, where the blood supply to the heart is blocked or interrupted by an accumulation of fatty substances. And the most common disorder, heart attacks, when the blood supply to the heart is suddenly blocked, are diagnosed through ECG. Therefore, the growing emphasis on early diagnosis is the leading cause for driving the market expansion.

However, EEG or Electroencephalography is also expected to dominate the market over the forecast period. EEG is most often used to diagnose epilepsy. It is also used to diagnose coma, encephalopathies, sleep disorders, depth of anesthesia, and brain death. One of the most excellent benefits of EEG is the ability to see brain activity as it happens in real-time, down to the millisecond level.

Global Medical Electrodes Market - By Product Type:

• Surface Electrodes
• Needle Electrodes

According to the type of product in the medical electrodes market, surface electrodes are expected to dominate during the forecast period. Surface electrodes are being accepted more in physiological and clinical applications. The advantage of surface electrodes is that there is no need to anesthetize the patient before placing the electrode; they are also non-invasive. The operation is simple and painless. Non-invasive electrodes are applied to the subject's skin to record the EMG. Silver/silver chloride electrodes have been found to give an adequate signal-to-noise ratio and are electrically very stable. For this reason, surface electrodes are widely used.

However, needle or intramuscular wire electrodes are also expected to dominate the market. The concentric ring needle with a single monopolar electrode is the most widely used needle electrode. Additionally, they are preferable to surface electrodes because they more accurately assess upcoming action potentials and can directly enter individual motor units.

Global Medical Electrodes Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America led the market, accounting for a significant share of the market in 2022 and doing the same over the forecast period owing to better healthcare, infrastructure, and efficient government. However, due to the growing interest in technological advancements in medical electrodes, the increasing geriatric population, the incidence of chronic diseases, and high healthcare expenditures in the region, North America gave way to skyrocketing healthcare costs in the region.

As far as Asia-Pacific is concerned, the market is expected to grow at a remarkable rate, owing to the growing number of vendors entering untapped emerging economies. In addition, increased spending related to health development in emerging countries will further boost regional growth.

Due to the presence of prominent vendors, the European market is expected to grow significantly during the forecast period.

KEY MARKET PARTICIPANTS:

CONMED, Dymedix Diagnostics, Ambu A/S, Cognionics Inc., Natus Medical Incorporated., General Electric Company, Medtronic PLC, CONMED Corporation, Compumedics Limited, Rhythmlink International LLC, Nihon Kohden Corporation, Medtronic PLC, Koninklijke Philips N.V., 3M Company and Lepu Medical Technology are some of the promising companies operating in the global medical electrodes market profiled in this report.