Global EEG Disposable Medical Electrodes Market, By Product Type (Needle Electrodes, Patch Electrodes, Cup Electrodes, Disk Electrodes, and Others), By Application (Diagnostic, Therapeutic, and Others), By End User (Hospitals and Clinics, Diagnostic Centers, and Ambulatory Surgical Centers), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 655.17 million in 2020 and is expected to exhibit a CAGR of 4.0% over the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
The increasing number of product approvals and launches, adoption of EEG disposable medical electrodes, distribution agreements and mergers and acquisitions by key players are the major factors that are expected to drive growth of the EEG disposable medical electrodes market during the forecast period.
Rising number of product approvals by regulatory bodies is expected drive growth of the EEG disposable medical electrodes market during the forecast period. For instance, in July 2019, the Rhythmlink International, LLC announced that the U.S. Food and Drug Administration (FDA) approved the PressOn Electrode Headset under the Section 510(k) premarket notification. The device is classified into either class II (Special Controls) or class III (Premarket Approval Application) in accordance with the provisions of the Federal Food, Drug, and Cosmetic Act. The PressOn Electrode Headset is used for diagnosis of stroke, traumatic brain injuries, therapeutic hypothermia, identifying non-convulsive seizures, and unconscious or comatose patients.
Key players are focused on development and launch of new advanced EEG disposable medical electrodes in the market, which is expected to contribute significantly to the EEG disposable medical electrodes market growth. For instance, in January 2018, Rhythmlink International announced the launch of a new product line designed to maximize efficiency and workflow when recording EEG on patients who require magnetic resonance (MR) or computed tomography (CT) imaging. The Quick Connect System is a line of disposable EEG electrodes arranged in multiple electrode arrays, resulting in fewer connection points and easier organization of lead wires at bedside. The launch includes a total of 18 new products, all of which are a part of Rhythmlink’s MR Conditional/CT electrodes, which are the only U.S. Food and Drug Administration (FDA)-cleared electrodes on the market for 1.5 and 3T scanners.
The increasing adoption of inorganic strategies such as acquisition in EEG disposable medical electrodes market by major players is expected to accelerate the EEG disposable medical electrodes market growth in the near future. For instance, in October 2017, Nissha USA, Inc., a wholly owned subsidiary of Nissha Co., Ltd., concluded a business purchase agreement between its subsidiary Si-Cal Technologies, Inc. and GSI Technologies, LLC, acquiring the latter’s printed electronics business. GSI Technologies offers technology and production capabilities in printed electronics, particularly in printed sensor films for medical and healthcare applications such as test strips for glucose meters, and sensor circuits for microfluidic devices. Through this acquisition, Nissha USA seeks to expand its product lineup and customer base, improve production efficiency.
Browse 32 Market Data Tables and 29 Figures spread through 174 Pages and in-depth TOC on EEG Disposable Medical Electrodes Market, By Product Type (Needle Electrodes, Patch Electrodes, Cup Electrodes, Disk Electrodes, and Others), By Application (Diagnostic, Therapeutic, and Others), By End User (Hospitals and Clinics, Diagnostic Centers, and Ambulatory Surgical Centers), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Forecast to 2027"
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Several market players are focused on acquiring distribution agreements to expand their product portfolio and gain maximum share in the market. For instance, in December 2019, Ambu A/S reached an agreement with Ives EEG Solutions LLC to be the exclusive U.S. distributor of its MRI-compatible single-use electroencephalogram (EEG) cup electrodes. The exclusive distribution agreement meets an increasing market demand for single-use cup electrodes that are compatible with magnetic resonance imaging technology. The products were made available in early 2020.
Key Takeaways of the EEG Disposable Medical Electrodes Market: