Medical electrodes market is estimated to be valued at USD 1,147.9 Mn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period (2024-2031). The global medical electrodes market is witnessing high growth owing to rising prevalence of chronic diseases such as cardiovascular diseases and cancer coupled with technological advancements in medical electrodes.
Market Dynamics:
The global medical electrodes market is primarily driven by rising geriatric population and increasing healthcare expenditure. The global geriatric population is rising at an unprecedented rate. According to the World Health Organization, the number of people aged 65 years and above is expected to rise from 524 million in 2010 to nearly 1.5 billion in 2050. The elderly population is more susceptible to chronic diseases such as cardiac disorders which drives the demand for medical electrodes for diagnostic and therapeutic purposes. Moreover, globally, the healthcare expenditure has witnessed significant increase over the past few years. Favorable government initiatives to provide Universal Healthcare along with increasing disposable income have boosted the overall healthcare spending. This has prompted patients to spend more on advanced medical treatment and diagnostic procedures involving medical electrodes.
Growing Geriatric Population is Driving the Growth of the Global Medical Electrodes Market
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.
Increasing Healthcare Expenditure is Fueling the Adoption of Advanced Medical Devices
Healthcare spending has increased substantially in both developed and developing nations over the past decade. Countries are spending more on healthcare to deliver quality and affordable medical services to citizens. This growing expenditure has enabled healthcare facilities to invest in advanced medical equipment that incorporate electrodes. Diagnostics devices like electrocardiogram (ECG) machines, electroencephalogram (EEG) machines which use electrodes are becoming commonplace in hospitals and clinical setups. Furthermore, household spending on personal healthcare has also risen which is increasing the demand for self-monitoring medical devices. The higher investments in healthcare infrastructure and the adoption of medical devices are expected to propel the medical electrodes market growth during the forecast period.
Availability of Substitutes May Restrain the Market Growth
Medical thermometers, blood pressure monitors and pulse oximeters which previously used electrodes are now commonly available in non-contact versions. Advanced technologies have enabled manufacturers to develop devices that can monitor vital signs without making physical contact. Such substitutes provide convenience to users and help overcome limitations of electrode-based devices like incorrect readings due to lose or improper application of electrodes.
Reimbursement Policies Restrict Market Expansion
Reimbursement policies also pose a restraint as they determine how much healthcare providers can charge and how much insurers can reimburse for medical services and equipment. Restrictive reimbursement policies discourage hospitals from investing in expensive medical devices. For example, public insurers in many countries have limits on the rates reimbursed for diagnostic tests. This directly impacts the volume of procedures where electrodes are used. Additionally, policies around the replacement of electrodes after a certain usage limit the revenue generation from consumables. Moreover, budget constraints in public healthcare systems of developing nations do not allow adoption of high-cost medical devices. Stringent reimbursement policies particularly affect the sales of premium medical electrodes and limit overall market expansion.
Adoption of Ambulatory Surgery Centers Presents Lucrative Opportunities
Rising adoption of ambulatory surgery centers (ASCs) presents significant growth opportunities for medical electrode manufacturers. ASCs are medical facilities where low-risk surgeries and diagnostic procedures are performed on an outpatient basis. They are becoming popular globally due to advantages like lower costs, shorter wait times, and convenience. ASCs require a variety of medical devices and supplies including electrodes to perform cardiology, neurology, and other minor procedures. Their increasing establishment particularly in developing nations will drive the demand for small-sized, portable, and single-use electrode variants. Catering to the needs of ASCs can help medical electrode companies penetrate untapped markets and regions.
*Link: https://www.coherentmarketinsights.com/market-insight/medical-electrodes-market-501
Key Development
- 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 Medical Device Regulation (MDR) certified electrocardiogram (ECG) electrode which expands the Nathlos Durastrip wearable platform.
- 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 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 will have exclusive rights to promote and sell stereo electroencephalography (SEEG) electrodes in the U.S.
Key Players: 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