MEDICAL ELECTRODES MARKET ANALYSIS
The global medical electrodes market is estimated to be valued at USD 1,147.9 Mn in 2024 and is expected to reach USD 1,538.4 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.3% from 2024 to 2031.
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The medical electrodes market is expected to witness positive growth over the forecast period. This can be attributed to the rising prevalence of chronic diseases along with the growing geriatric population globally which is increasing the demand for advanced medical electrodes for diagnosis and treatment purposes. Additionally, ongoing technological advancements in medical devices and electrodes like disposable and dry electrodes are helping healthcare providers to provide better treatment, thereby supporting the market growth. However, factors such as availability of alternative technologies and lack of proper reimbursement policies in developing nations might hamper the market growth.
Market Driver – Rising Incidence of Cardiovascular Disorders
An electrocardiogram (ECG) is one of the simplest and fastest tests used to evaluate the heart. ECG is an integral part of the initial evaluation of a patient suspected of having a cardiac-related problem. According to the World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year. CVDs are consistently ranked as the leading cause of death in the U.S., exceeding all forms of cancer.
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Market Driver – High Demand for Medical ElectrodesHigh demand for medical electrodes is expected to augment the growth of the global medical electrodes market during the forecast period. For instance, in September 2021, Bittium Corp., provider of reliable and secure solutions for connectivity, tactical communications and measuring and monitoring of biosignals, expanded the portfolio of its new generation ECG electrodes. In combination with the Bittium Faros electrocardiogram (ECG) device. The new Bittium OmegaSnap patch electrodes support one, two, and three channel (3-CH) ECG measurements. OmegaSnap electrodes have been designed with special emphasis on user comfort and they allow for a patient-friendly way to perform continuous ECG measurements for up to 7 days without the need of changing the electrode.
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Market Challenges – Biocompatibility Issues with Medical ElectrodesBiocompatibility issues with medical electrodes is expected to hinder growth of the global medical electrodes market. For instance, biocompatibility is the most commonly used term to describe appropriate biological requirements of a biomaterial or biomaterials used in a medical device.
Market Opportunities – Growing Preference for Home/Ambulatory Care Services
Growing preference for home/ambulatory care services is expected to offer lucrative growth opportunities for player in the medical electrodes market. For instance, in July 2021, OMRON Healthcare, a medical device company, announced the launch of OMRON Complete, its first single-lead electrocardiogram (ECG) and blood pressure monitor for home use. Designed for detection of atrial fibrillation (AFib), OMRON Complete incorporates clinically validated ECG technology that can be used simultaneously with usual blood pressure check, which could potentially decrease consultation time and unnecessary appointments, in a context of high demand for healthcare services.
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Insights, By Product Type: Surging Demand for Continuous Patient Monitoring Drives Surface Electrodes AdoptionThe product type segment includes surface electrodes, needle electrodes. The surface electrodes sub-segment is estimated to hold 66.9% of the market share in 2024 owing to their widespread usage for continuous patient monitoring applications. As healthcare providers increasingly adopt technologies for long-term monitoring of chronic conditions like cardiac disorders, surface electrodes see heightened demand. Their convenience of use for applications requiring electrodes to be attached to the patient's body for hours or days makes them preferable over needle electrodes. Furthermore, as usage of diagnostic equipment like ECG, electroencephalogram (EEG) and electromyography (EMG) machines expands in hospitals as well as non-institutional healthcare settings, the demand for disposable surface electrodes rises substantially.
Insights, By Usability: Cost-Effectiveness Favors Disposable Medical Electrodes Dominance
The usability segment includes disposable medical electrodes and reusable medical electrodes. The disposable medical electrodes sub-segment is estimated to hold 57.4% of the market share in 2024 due to their attractive cost benefits. Given the large volume of patients reviewed annually even at local clinics, the usage of single-use disposable medical electrodes helps reduce costs associated with the sterilization and maintenance of reusable medical electrodes. It also minimizes infection risks in patients. This has prompted several hospitals and diagnostic laboratories to predominantly rely on disposable medical electrodes for different types of diagnostic tests.
Insights, End User: Increased Healthcare Penetration Boosts the Hospitals & Clinics Segment
The end user segment includes hospitals & clinics, diagnostic centers, ambulatory surgical centers, and others. The hospitals & clinics sub-segment is estimated to hold 34.7% of the market share in 2024 owing to the rising penetration of healthcare services. With the growing global disease burden, hospitalization rates and outpatient consultations are on the rise. This has boosted medical equipment installation and corresponding demand for associated medical electrodes from the hospitals & clinics segment. Additionally, privately-owned clinics are expanding coverage in underserved regions to meet the growing needs of the local population, thus driving the electrodes demand. Advanced diagnostic technologies now available even at small nursing homes and physicians’ offices also contribute to the growth of this segment.
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North America remains the dominant region in the global medical electrodes market and is estimated to hold 40.2% of the market share in 2024. North America is home to many leading medical device manufacturers who have a strong focus on research and development of advanced electrodes. This has ensured that the latest electrode technologies are developed and deployed first in the North American hospitals and clinics. Furthermore, the healthcare spending per capita is the highest in the U.S. which has boosted demand for medical devices and electrodes. The regulatory environment is also favorable for new product approvals, which encourages continuous innovation. Several major hospitals and healthcare institutions in the U.S. and Canada contribute to the huge patient pool needing diagnostic and therapeutic procedures where electrodes play a crucial role. The reimbursement policies further aid the adoption of high-end electrode products. The regional manufacturers also focus heavily on customization and value-added services to cater to specific hospital requirements, maintaining their large market share in the region.
The Asia Pacific represents the fastest growing regional market for medical electrodes. Rising healthcare expenditure and rapidly improving access to healthcare across populous nations like China and India. Their large population size translates into massive patient volumes. Both China and India have also been witnessing substantial infrastructure investments into modern hospitals and clinics. This has stimulated the demand for medical devices within these clinical settings.
Medical Electrodes Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 1,147.9 Mn |
| Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
| Forecast Period 2024 to 2031 CAGR: | 4.3% | 2031 Value Projection: | US$ 1,538.4 Mn |
| Geographies covered: |
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| Companies covered: |
3M, Stryker, Medtronic, Natus Medical Incorporated, Cognionics, Inc., CONMED Corporation, ZOLL Medical Corporation, Nihon Kohden Corporation, BD, Ambu A/S, CooperSurgical Inc., Olympus Corporation, Baxter, Avery Dennison Corporation, Rhythmlink International, LLC., NeuroOne Medical Technologies Corporation, NeuroPace, Inc., and Koninklijke Philips NV |
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*Definition: Medical electrodes are medical devices (solid electronic conductors) used to transfer the ionic currents in the body into electrical currents that can be amplified, studied, and used to diagnose a variety of medical indications. They consist of a metal part, lead, and an electrode conductive paste, and help diagnose various ocular, nervous, cardiac, and/or muscular diseases. Electrodes can also carry electrical signals from the heart, brain, muscles, skin, and/or other body parts to recording devices to help diagnose certain conditions.
Medical Electrodes Market Report Snapshots
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