all report title image
  • Published In : Apr 2024
  • Code : CMI501
  • Pages :167
  • Formats :
      Excel and PDF
  • Industry : Medical Devices

Market Size and Trends

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.

Medical Electrodes Market Key Factors

To learn more about this report, request a free sample copy

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.

Market Concentration and Competitive Landscape

Medical Electrodes Market Concentration By Players

To learn more about this report, request a free sample copy

Market Driver – High Demand for Medical Electrodes

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., 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.

Medical Electrodes Market Key Takeaways From Lead Analyst

To learn more about this report, request a free sample copy

Market Challenges – Biocompatibility Issues with Medical Electrodes

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.

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.

Medical Electrodes Market By Product Type

To learn more about this report, request a free sample copy

Insights, By Product Type: Surging Demand for Continuous Patient Monitoring Drives Surface Electrodes Adoption

The 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.

Regional Insights

Medical Electrodes Market Regional Insights

To learn more about this report, request a free sample copy

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.

Market Report Scope

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:
  • 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: Electromyography (EMG), Electroencephalography (EEG), Electromyography (EMG), Brainstem Auditory Evoked Potentials (BAEPs), and Others
  • By Application: Cardiology, Neurophysiology, Electrosurgery, and Others
  • By End User: Hospitals & Clinics, Diagnostic Centers, Ambulatory Surgical Centers, and Others 
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

Growth Drivers:
  • Rising Incidence of Neurological and Cardiovascular Disorders
  • High Demand for Medical Electrodes 
Restraints & Challenges:
  • Biocompatibility Issues with Medical Electrodes
  • Stringent Regulatory Guidelines Associated with Medical Electrodes

Key Developments

  • In May 2023, NeuroOne Medical Technologies Corporation, a medtech company, announced that it had launched the Evo sEEG electrode. NeuroOne’s Evo sEEG electrode technology offers stereoelectroencephalography recording, brain stimulation, and future capabilities for spinal cord stimulation, and ablation solutions targeted for patients suffering from epilepsy, chronic back pain, and Parkinson’s disease.
  • In December 2023, Nahtlos AG, a medical technology company, announced the launch of a medically certified ECG Electrode patch for Movesense Sensors. Nahtlos Durastrip is the first Movesense compatible MDR certified ECG electrode which expands Nathlos Durastrip wearable platform.
  • In August 2022, NeuroPace, Inc., a commercial-stage medical device company, announced that it had entered into a distribution agreement with DIXI Medical USA, a provider of intracranial electrodes and instruments for neurosurgery. Under the terms of the agreement, NeuroPace, Inc. will have exclusive rights to promote and sell stereo electroencephalography (SEEG) electrodes in the U.S.
  • In January 2022, Koninklijke Philips NV, 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 clinical-grade solution is the most advanced patient-centric ECG offering within the company’s cardiac monitoring portfolio.
  • *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.

Market Segmentation

  •  Product Type Insights (Revenue, USD Mn, 2019 - 2031)
    • Surface Electrodes
    • Needle Electrodes
  •  Usability Insights (Revenue, USD Mn, 2019 - 2031)
    • Disposable Medical Electrodes
    • Reusable Medical Electrodes
  •  Modality Insights (Revenue, USD Mn, 2019 - 2031)
    • Electromyography (EMG)
    • Electroencephalography (EEG)
    • Electromyography (EMG)
    • Brainstem Auditory Evoked Potentials (BAEPs)
    • Others
  •  Application Insights (Revenue, USD Mn, 2019 - 2031)
    • Cardiology
    • Neurophysiology
    • Electrosurgery
    • Others
  •  End User Insights (Revenue, USD Mn, 2019 - 2031)
    • Hospitals & Clinics
    • Diagnostic Centers
    • Ambulatory Surgical Centers
    • Others
  • Regional Insights (Revenue, USD Mn, 2019 - 2031)
    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Europe
      • Germany
      • U.K.
      • Spain
      • France
      • Italy
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
    • Middle East
      • GCC Countries
      • Israel
      • Rest of Middle East
    • Africa
      • South Africa
      • North Africa
      • Central Africa
  • Key Players Insights
    • 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.
    • Koninklijke Philips NV

Frequently Asked Questions

The CAGR of medical electrodes market is projected to be 4.3% from 2024 to 2031.

Rising incidence of neurological and cardiovascular disorders and high demand for medical electrodes are the major factors driving the growth of the medical electrodes market.

Biocompatibility issues with medical electrodes and stringent regulatory guidelines associated with medical electrodes are the major factors hampering the growth of medical electrodes market.

In terms of product type, surface electrodes is estimated to dominate the market revenue share in 2024.

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 are the major players.

North America is expected to lead the medical electrodes market.

View Our Licence Options

Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports

Customize Now

Want to Buy a Report but have a Limited Budget?

We help clients to procure the report or sections of the report at their budgeted price. Kindly click on the below to avail

Request Discount
Logo

Reliability and Reputation

ESOMAR
DUNS Registered
Clutch
DMCA Protected

9001:2015

Reliability and Reputation

27001:2022

Reliability and Reputation

EXISTING CLIENTELE

Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients
trusted clients logo