Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
An electrical impulse is generated in the human heart to maintain proper pumping of blood from the heart to the body cells. This electrical impulse can be measured to detect if there is any disruption of blood flow inside the human body. Cardiology electrodes are small plastic like patches that are placed on the skin of chest, legs, and arms, and are connected to an electrocardiogram (ECG) machine using lead wires. ECG machine analyzes these signals to produce an electrocardiogram which represents the electrical activity of heart and is used to diagnose cardiovascular events such as heart failure, heart attack, irregular heartbeat, endocarditis, and others. Cardiology electrodes are an essential component for checking if a pacemaker is placed in the correct position and also to determine if the medicines used for treatment of a heart disease are working properly. For instance, 3M, a U.S. based conglomerate corporation offers 3M Red Dot monitoring neonatal electrodes which are prewired and made of soft cloth to be used for ECG monitoring in new born babies.
Global Cardiology Electrodes Market - Impact of the Coronavirus (COVID-19) Pandemic
Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19, as pandemic on March 11, 2020.
According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 186,240,393 cases and 4,027,861 deaths due to coronavirus disease (COVID-19) were reported till July 11, 2021, across the globe.
Impact of COVID-19 on Demand and Supply of Cardiology Electrodes
The COVID-19 pandemic and lockdown in various countries across the globe has impacted the financial status of businesses across all sectors. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. However, the demand for cardiology electrodes is expected to increase in this COVID-19 pandemic owing to need of diagnostic tools such as ECG electrodes for diagnosis and management of heart disease in COVID-19 patients.
For instance, according to an article published by NCBI (National Center for Biotechnology Information) in March 2021, COVID-19 may lead to cardiac events such as myocarditis, arrhythmia, acute coronary syndrome, and others. SARS-CoV-2, the causative agent of COVID-19 infection is involved in inducing plaque rupture in blood vessels which leads to acute coronary syndrome and ischemia. The same study also reveals that pre-existing heart conditions become more severe due to COVID-19 infection. Thus, cardiology electrodes become a critical diagnostic tool to be used for checking the health of heart in COVID-19 positive patients and help prevent fatalities. This is expected to fuel the growth of global cardiology electrodes market during the pandemic.
The global cardiology electrodes market is estimated to be valued at US$ 76.8 Mn in 2021, and is expected to exhibit a CAGR of 4.5% over the forecast period (2021-2028).
Figure 1: Global Cardiology Electrodes Market Share (%) Analysis, By Order Type, 2021
The increasing cases of cardiovascular diseases is the major factor that is expected to drive the market growth over the forecast period.
Rising cases of cardiovascular diseases is expected to drive growth of the global cardiology electrodes market during the forecast period. For instance, according to an article published by the National Centers for Biotechnology Information in July 2020, there is an increasing prevalence of Ischemic heart disease across the globe, as it affects 1,655 per 100,000 individuals, which may rise up to 1,845 per 100,000 individuals by the year 2030.
The rising number of product launches and approvals is expected to fuel the growth of global cardiology electrodes market over the forecast period. For instance, in December 2018, Nissha Co., Ltd., a Japanese medical device company launched its new product line called Vermed Claravue electrodes. These cardiology electrodes are prewired disposable ECG electrodes which can be used in medical applications such as cardiology.
Rapid research and development activities by market players has led to advancement of cardiology electrodes, this is expected to fuel the growth of global cardiology electrodes market over the forecast period. For instance, in February 2021, QT Medical Inc., a U.S. based medical device company developed a new electrode based ECG wherein the wire leads are completely eliminated to reduce contact transmission during COVID-19 pandemic.
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||Market Size in 2021:
||US$ 76.8 Mn
|Historical Data for:
||2017 to 2020
||2021 to 2028
|Forecast Period 2021 to 2028 CAGR:
||2028 Value Projection:
||US$ 104.5 Mn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East: GCC, Israel, and Rest of Middle East
- Africa: South Africa, North Africa, and Central Africa
- By Product: Resting ECG Electrodes, Short-term Monitoring ECG Electrodes, Long-term Monitoring ECG Electrodes, Stress Test ECG Electrodes, Neonatal ECG Electrodes
- By Procedure: Electrocardiography (ECG), Electroencephalography (EEG), Electromyography (EMG), Others
- By Order Type: Sticky Gel Cardiology Electrodes, Wet Gel Cardiology Electrodes, Dry Cardiology Electrodes, Solid Gel Cardiology Electrodes
- By Usability: Disposable Medical Electrodes, Reusable Medical Electrodes
- By Application: Stress Test ECG, Neonatal ECG, Long-term Monitoring ECG, Resting ECG, Short-term Monitoring EGG
3M, VectraCor Inc., ADInstruments Pty Ltd., Medico Electrodes International Ltd., Ambu A/S, Asahi Kasei Corporation, Cardinal Health, Nikomed USA Inc., CONMED Corporation, Leonhard Lang USA, Inc., DCC Plc., General Electric Co., Koninklijke Philips N.V., Nissha Co. Ltd., Bio-Protech Inc., and Diagramm Halbach GmbH & Co. KG
- Increasing prevalence of cardiovascular diseases
- Increasing product launches and approvals
- Rapid research and development activities by market players
|Restraints & Challenges:
- Increasing product recalls
- Complications related to usage of cardiology electrodes
Global Cardiology electrodes Market – Restraints
However, growth of the global cardiology electrodes market may be hampered, owing to the increasing product recalls, and complications related to usage of cardiology electrodes. For instance, in February 2021, Boston Scientific Corporation, a U.S. medical device company recalled its product EMBLEM S-ICD Subcutaneous Electrode which is planted under the skin of chest to control irregular heartbeat. This product was recalled due to an increased risk of breakage during usage, which would lead to failure of this medical device and may lead to fatality due to cardiovascular diseases.
Global Cardiology electrodes Market – Regional Analysis
On the basis of region, the global cardiology electrodes market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is expected to hold dominant position in the global cardiology electrodes market over the forecast period, owing to rising healthcare funding by the U.S. government to manage cardiovascular diseases is expected to fuel the market growth of cardiology electrodes. For instance, in 2018, the National Institutes of Health (NIH), U.S made an investment of US$ 2.3 billion for R&D (Research & Development) related to cardiovascular diseases for proper management and early treatment of cardiovascular diseases.
Europe is expected to show rapid growth in the global cardiology electrodes market over the forecast period, owing to high prevalence of cardiovascular diseases such as heart attack, stroke, heart fail, and others. For instance, according to the Heart Disease and Stroke Statistics 2020 by the American Heart Association, Europe is one of the major region where Ischemic heart disease is highly prevalent.
Figure 2: Global Cardiology Electrodes Market Value (US$ Mn), by Region, 2021
Global Cardiology Electrodes Market – Competitive Landscape
Major players operating in the global cardiology electrodes market include 3M, VectraCor Inc., ADInstruments Pty Ltd., Medico Electrodes International Ltd., Ambu A/S, Asahi Kasei Corporation, Cardinal Health, Nikomed USA Inc., CONMED Corporation, Leonhard Lang USA, Inc., DCC Plc., General Electric Co., Koninklijke Philips N.V., Nissha Co. Ltd., Bio-Protech Inc., and Diagramm Halbach GmbH & Co. KG