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  • Published On : Aug 2022
  • Code : CMI501
  • Industry : Medical Devices
  • Pages : 167
  • Formats :

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 electrode works in conjunction with electrical contact between the device and the monitoring system, which is used to monitor the activities of the patient. Parkinson’s disease, Alzheimer’s, sinusitis, and body ache are some diseases and health conditions that can be treated with help of medical electrodes.

Market Statistics:

The global medical electrodes market was valued at US$ 1,027.5 Mn in 2021 and is forecast to reach a value of US$ 1,399.8 Mn by 2028 at a CAGR of 4.5% between 2022 and 2028.

North America held dominant position in the global medical electrodes market in 2020, accounting for 44.1% share in terms of volume, followed by Europe and Asia Pacific, respectively.

Figure 1. Global Medical Electrodes Market Share (%), by Region, 2021

Medical Electrodes  | Coherent Market Insights

Recent Developments:

In June 2021, Medtronic PLC received the Food and Drug Administration (FDA) approval for SenSight directional lead system used for deep brain stimulation therapy which uses accurately placed electrodes positioning to treat movement disorders such as Parkinson's, and to capture brain signals that may inform the care of the patient.

In June 2020, Koninklijke Philips NV announced the launch of obstetrics monitoring solution to support clinicians and expectant mothers during COVID-19 pandemic.

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Medical Electrodes Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 1,027.5 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2028
Forecast Period 2022 to 2028 CAGR: 4.5% 2028 Value Projection: US$ 1,399.8 Mn
Geographies covered:
  • 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 Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Product Type: Surface Electrodes and Needle Electrodes
  • By Usability: Disposable Medical Electrodes and Reusable Medical Electrodes
  • By Modality Type: Electrocardiography (ECG) , Electroencephalography (EEG), Electromyography (EMG), Brainstem Auditory Evoked Potentials (BAEPs), and Other Modality Types), By Application (Cardiology, Neurophysiology, Sleep Disorders, Intraoperative Monitoring, and Other Applications
  • By Geography: North America, Europe, Asia-Pacific (APAC), South America, and Middle East & Africa (MEA)
Companies covered:

Koninklijke Philips NV, Dymedix Diagnostics, Medtronic PLC, CooperSurgical Inc., Cognionics Inc., Ambu A/S, 3M Company, Nihon Kohden Corporation, CONMED Corporation, and Natus Medical Incorporated, among others.

Growth Drivers:
  • Increasing incidence of neurological & cardiovascular disorders
  • High demand for medical electrodes
Restraints & Challenges:
  • Stringent regulatory guidelines associated with medical electrodes
  • Biocompatibility issues with medical electrodes

Market Drivers:

  1. Rising incidence of neurological & cardiovascular disorders is expected to boost the growth of the global medical electrodes market over the forecast period. 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 United States, exceeding all forms of cancer.
  2. High 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. expanded the portfolio of its new generation ECG electrodes. In combination with the Bittium Faros 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.

Figure 2. Global Medical Electrodes Market Share (%), by Product Type, 2021

Medical Electrodes  | Coherent Market Insights

Market Restraints:

  1. Stringent regulatory guidelines associated with medical electrodes is expected to hamper the growth of the global medical electrodes market. For instance, stringent guidelines and different approval processes in various countries are significant barriers for medical electrodes; because each country has its approval process, which makes it a lot more difficult for the manufacturers to meet the needs of all stakeholders on a global scale.
  2. Biocompatibility 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. Thus, issues related to the biocompatibility of medical electrodes are one of the primary factors restraining the growth of the market.

Market Opportunities:

  1. Increasing demand for minimally invasive surgeries is expected to provide lucrative growth opportunities for player in the medical electrodes market. Minimally invasive surgery refers to a surgery performed through tiny incisions instead of a large opening. Interventional cardiology is the subspecialty that uses these techniques to both diagnose and treat structural heart disease, vascular disease, coronary artery disease, and congenital heart defects. Therefore, there is rise in focus toward minimally invasive surgeries, which in turn increase the demand for or use of medical electrodes across the globe.
  2. 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 announced the launch of OMRON Complete, its first single-lead electrocardiogram (ECG) and blood pressure monitor for the 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.

Market Trends/Key Takeaways:

  1. Introduction of novel products is expected to propel growth of the global medical electrodes market. For instance, in January 2022, Royal Philips announced the launch of the industry’s first full-service, at-home, 12-lead electrocardiogram (ECG) solution for use in decentralized clinical trials. The clinical-grade solution is the most advanced patient-centric ECG offering within the company’s cardiac monitoring portfolio
  2. Growing geriatric population is expected to propel growth of the global medical electrodes market. For instance, there is an increasing demand for healthcare products and services due to aging and rising population. According to the United Nations, the world population is projected to reach 8.5 billion in 2030, and to reach 9.7 billion in 2050 and 11.2 billion by 2100. Moreover, there were 703 million persons aged 65 years or over in the world in 2019. The number of older persons is expected to double to 1.5 billion in 2050.

Competitive Landscape:

  1. 3M Company
  2. Ambu A/S
  3. Cognionics Inc.
  4. CONMED Corporation
  5. CooperSurgical Inc.
  6. Dymedix Diagnostics
  7. Koninklijke Philips NV
  8. Medtronic PLC
  9. Natus Medical Incorporated
  10. Nihon Kohden Corporation

Medical electrodes are widely used to diagnose various ocular, nervous, cardiac, and muscular disorders. The device works through provision of an electrical contact between apparatus used to monitor activities and patient. Medical industry deploys several types of electrodes such as electrocardiography (ECG) electrode, electroencephalography electrode, fetal scalp electrodes (FSE), pacemaker electrodes, transcutaneous electrical nerve stimulation TENS electrodes, and others across the globe. An electrode is a medical device capable of transferring ionic current energy into electrical current in the body. Medical electrodes play a vital role in providing ideal electrical contact between the patient and apparatus/device used to record or measure activity. Thus, there is an increasing demand for them worldwide.

Market Dynamics:

Rising incidence of neurological & cardiovascular disorders and growing geriatric population across the globe is expected to drive growth of the global medical electrodes market. Increasing neurological conditions will lead to increased research on neurophysiological pathways, which in turn lead to higher adoption or demand for medical electrodes worldwide. According to the Centers for Disease Control and Prevention (CDC), in 2020, around 5.8 million people in the U.S. (aged 65 years or older) had Alzheimer's disease, and this number is expected to nearly triple to 14 million people by 2060.

While, according to the Alzheimer's Association, the number of people living with Alzheimer's in America is increasing rapidly. More than 6 million Americans of all ages have Alzheimer's. An estimated 6.5 million Americans age 65 and older are living with Alzheimer's in 2022.

Key features of the study:

  • This report provides in-depth analysis of the global medical electrodes market, and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2022–2028), considering 2021 as the base year.
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
  • It profiles key players in the global medical electrodes market based on the following parameters such as company highlights, products portfolio, key highlights, financial performance, and strategies.
  • Key companies covered as a part of this study include Koninklijke Philips, Dymedix Diagnostics, Medtronic, CooperSurgical Inc., Cognionics Inc., 3M Company, Nihon Kohden Corporation, CONMED Corp, Ambu A/S, and Natus Medical Incorporated.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
  • The global medical electrodes market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global medical electrodes market.

Detailed Segmentation:

  • Global Medical Electrodes Market, By Product Type:
    • Surface Electrodes
    • Needle Electrodes
  • Global Medical Electrodes Market, By Usability:
    • Disposable Medical Electrodes
    • Reusable Medical Electrodes
  • Global Medical Electrodes Market, By Modality Type:
    • Electrocardiography (ECG)
    • Electroencephalography (EEG)
    • Electromyography (EMG)
    • Brainstem Auditory Evoked Potentials (BAEPs)
    • Other Modality Types
  • Global Medical Electrodes Market, By Application:
    • Cardiology
    • Neurophysiology
    • Sleep Disorders
    • Intraoperative Monitoring
    • Other Applications
  • Global Medical Electrodes Market, By Geography:
    • North America
    • Europe
    • Asia-Pacific (APAC)
    • South America
    • Middle East & Africa (MEA)

Frequently Asked Questions

The global medical electrodes market size is estimated to be valued at US$ 1,073.4 Million in 2022 and is expected to exhibit a CAGR of 4.5% between 2022 and 2028.
Increasing incidence of neurological & cardiovascular disorders and high demand for medical electrodes are fueling the growth of the market.
The Surface Electrodes segment is the leading product type segment in the market.
Stringent regulatory guidelines associated with medical electrodes and biocompatibility issues with medical electrodes are major factors restraining growth of the market.
Major players operating in the market are Koninklijke Philips NV, Dymedix Diagnostics, Medtronic PLC, CooperSurgical Inc., Cognionics Inc., Ambu A/S, 3M Company, Nihon Kohden Corporation, CONMED Corp, and Natus Medical Incorporated.

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