CARDIOLOGY ELECTRODES MARKET ANALYSIS

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 is estimated to be valued at US$ 127.93 million in 2022 and is expected to exhibit a CAGR of 5.3% during the forecast period (2022-2030).

Figure 1. Global Cardiology Electrodes Market Share (%), by Usability, 2022

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Global Cardiology Electrodes Market- Drivers

Market players are indulged in developing new cardiology electrodes and this is expected to drive the growth of the global cardiology electrodes market, over the forecast period. For instance, in May 2022, Pulse Technologies Inc., a leading manufacturer of innovative technology, announced that its proprietary Hierarchical Surface Restructuring (HSR) technology is being used in Cardionomic's Cardiac Pulmonary Nerve Stimulation (CPNS) System to treat patients with Acute Decompensated Heart Failure (ADHF). Cardionomic, Inc. is a privately held U.S.-based company that develops and manufactures heart failure products.

Due to the increasing aging population, the demand for healthcare products and services increased multiple times in the past decade, particularly in the developed and high-economic growth countries. The growing prevalence of cardiovascular diseases plays an essential role in the growth of the global cardiology electrodes market. For instance, according to the Centers for Disease Control and Prevention (CDC), July 2022, heart disease is the leading cause of mortality in the U.S. for men, women, and people of all races and ethnicities. In 2020, over 697,000 people in the U.S. died from heart disease, accounting for one out of every five deaths. The leading cause of death from heart disease in 2020 was coronary heart disease (CAD), which claimed 382,820 lives. CAD affects 7.2% of the population of 20.1 million persons aged 20 and older.

Figure 2. Global Cardiology Electrodes Market Share (%), by Region, 2022

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Global Cardiology Electrodes Market – Impact of Coronavirus (COVID-19) Pandemic

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.

Global Cardiology Electrodes Market: Key Developments

For instance, in January 2022, Koninklijke Philips N.V., a medical technology company, announced the launch of the industry’s first full-service, at-home, 12-lead electrocardiogram (ECG) solution for use in decentralized clinical trials. The 12-lead ECG solution uses PCA 500 ECG patch data recording technology and helps the participants to record the data with quality that is comparable to the site-based ECGs at home. It also ensures highly secure data transmission without frequent site visits, onsite technicians, or home nurses.

For instance, in September 2021, Bittium, a medical technology solutions provider, had increased its portfolio of new generation ECG electrodes. The new Bittium OmegaSnap patch electrodes support one (1-CH), two (2-CH), and three (3-CH) channel ECG measurements when used with Bittium Faros ECG device.

Global Cardiology Electrodes Market: Restraint

Biocompatibility of cardiology electrodes is one of the primary factors restraining the market growth. As cardiology electrodes are in direct contact with the body, biocompatibility is an essential factor in manufacturing lead insulations and hard materials used for marking the lead electrodes and conductors. Skin-contacting materials such as electro-conductive gel and electrodes should be biocompatible for their intended use.

Cardiology electrodes proceed with the quantification of internal ionic currents, resulting in the diagnosis of various cardiovascular disorders. The device works through the provision of an electrical contact between apparatus used to monitor activities and patient. For instance, according to GE healthcare, a medical technology company’s report, February 2022, as with any diagnostic tool, proper ECG lead placement on both women and men is crucial for effective use. Misplacements can result in inaccurate waveform readings, which may result in false-positive or false-negative diagnosis of illnesses such as arrhythmias or myocardial infarction. The electrodes cannot be fabricated to be completely polarizable or non-polarizable. Ag/AgCl contacts are an example of a non- polarizable electrode which cannot be implanted due to biocompatibility issues. Moreover, when the electrodes are traditionally handcrafted, they generate reproducibility issues. Hence, the factors mentioned above may restrain the growth of the cardiology electrodes market during the forecast period.

Global Cardiology Electrodes Market- Key Players

Major players operating in the global cardiology electrodes market include Leonhard Lang,  Nissha Medical Technologies,  Conmed Corporation,  Koninklijke Philips N.V.,  GE Healthcare (General Electric Company),  Medtronic plc,  BPL Medical Technologies,  FARUM sp. z o.o.,  INTCOMEDICAL.COM.,  Promed Technology Co., Ltd.,  3M,  VectraCor,  Medico Electrodes International Ltd.,  Ambu A/S., and Cardinal Health