Electrode is a medical device capable of transferring ionic current energy into electrical current in the body that can be amplified to both diagnose & treat several disorders and life threatening conditions. These currents can be amplified and have proved to be helpful in diagnosing various diseases. The main use of electrodes is to generate electrical current and pass it through non-metal objects to basically alter them in several ways. Electrodes can also carry electrical signals from muscles, brain, heart, skin, or other body parts to recording devices to diagnose certain conditions. Medical electrodes comprises of lead, metal, and electrode conducting paste. There are various types of medical electrodes, such as single-use or disposable (without gel and pre-gelled), saline-based, reusable disc (gold, silver, tin, stainless steel), and headbands.
The global medical electrodes market is estimated to account for US$ 1,073.4 Mn in terms of value by the end of 2022.
Increasing prevalence of cardiovascular and neurological diseases is expected to boost growth of the global medical electrodes market over the forecast period. For instance, the standard 12-lead electrocardiogram (ECG) is one of the most commonly used medical studies in assessing cardiovascular diseases. 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. It is the most advanced patient-centric offering within Philips cardiac monitoring portfolio. This latest addition enabled suite of monitoring solutions helps to drive innovation across the care continuum and support the decentralized clinical trial space.
Increasing demand for medical electrodes across the globe is expected to offer lucrative growth opportunities for players in the global medical electrodes market. Medical electrodes are often used to diagnose various ocular, nervous, cardiac, and muscular disorders, and thus, there is an increasing demand for medical electrodes worldwide. In September 2021, Bittium Corporation expanded the portfolio of its new generation ECG electrodes. In combination with the Bittium Faros ECG device, a new Bittium OmegaSnap patch electrodes support one (1-CH), two (2-CH) and three channel (3-CH) ECG measurements. These electrodes have been designed with special emphasis on user comfort and allow for a patient-friendly way to perform continuous ECG measurements for up to 7 days without the need of changing the electrode.
Biocompatibility issues with medical electrodes and stringent regulatory guidelines associated with medical electrodes are some major factors expected to hinder growth of the global medical electrodes market. For instance, the Food and Drug Administration (FDA) regulates medical devices to assure their safety and effectiveness and develops, and carries out a national program designed to control unnecessary exposures to, and assure safe and efficacious use of, ionizing and non-ionizing radiation-emitting electronic products.
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Global Medical Electrodes Market - Impact of Coronavirus (Covid-19) Pandemic
Globally, the outbreak of COVID-19 has impacted every aspect of the medical device industry, including the medical electrodes market, as the number of patient visits to hospitals, diagnostic laboratories, and ambulatory surgery centres has reduced significantly. However, the advent of telehealth and remote patient monitoring (alternatives to conventional in-person visits for care) and growing preference for home care has increased the demand or use of medical electrodes. For instance, in February 2021, QT Medical announced the launch of Xpress ECG service, the world’s first 12-lead electrocardiogram (ECG) home test, to help reduce the risk of exposure to COVID-19 by bringing ECG tests to patients’ homes.
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.
Among product type surface electrodes segment held dominant position in the global medical electrodes market in 2021, accounting for 66.6% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
- Frequent approvals and launches of medical electrodes is expected to augment growth of the global medical electrodes market. For instance, in May 2021, iCE Neuro Systems announced that the company has received approval from the U.S. Food and Drug Administration (FDA) for a subcutaneous electrode called iCE-SG, designed to monitor the brain’s electrical activity from beneath the skin of the scalp.
- Introduction of novel products by market players is expected to propel growth of the global medical electrodes market. For instance, in August 2021, Natus Medical Incorporated (Natus) successfully performed clinical case using it’s’ newly launched XactTrode family of platinum subdural electrodes. The XactTrodes are intended for temporary (< 30 days) use with recording, monitoring, and stimulation of electrical signals on the surface of the brain.
Major players operating in the global medical electrodes market include 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.
In May 2020, Natus and Holberg EEG teamed up to advance the development and distribution of an AutoSCORE algorithm to automate Electroencephalography classifications and improve reporting efficiency.
In April 2020, Dymedix Diagnostics launched Dymedix Disposables, a disposable sleep sensor that prevent the spread of infection and ensure patient and staff safety.