Medical Electrodes Market Analysis

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

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.

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

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