Global Medical Electrodes Market – Industry Trends and Forecast to 2030

Medical Electrodes Market Analysis and Size

Numerous medical professionals highly favor medical electrodes because of their characteristics, such as sterility, affordability, and easy administration. The growth in the incidence of numerous diseases is increasing the market's growth. There are more than 1,000 nervous system disorders, which include Alzheimer's, dementia, migraine, epilepsy, cerebrovascular disease, tetanus, multiple sclerosis, and poliomyelitis. In addition, the initiation of advanced products such as dry and wet electrodes is gaining much acceptance from users because they adhere to the skin.   

Data Bridge Market Research analyses that the medical electrodes market, which was USD 1.80 billion in 2022, would rise to USD 2.95 billion by 2030 and is expected to undergo a CAGR of 6.30% during the forecast period from 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Medical Electrodes Market Scope and Segmentation

Market Definition

A medical electrode is a type of solid electronic conductor extensively used for transferring the ionic current in the body into an electric current for biological measurements. The conductor involves a lead, a metal part, and an electrode conducting paste. It helps diagnose numerous cardiac, muscular, nervous, and ocular disorders. They have wide applications in orthopedic, cardiovascular, and cosmetics.  

Global Medical Electrodes Market Dynamics

Drivers

• Increasing Prevalence of Chronic Diseases

The growing incidence of chronic diseases is anticipated to boost the market's growth. Chronic diseases are growing because of the high use of tobacco products, physical inactivity, poor nutrition, excessive use of alcohol, and others. As per a report published by American Action Forum in 2020, chronic disease incidence and costs are increasing in the U.S. Medical electrodes are used to treat chronic diseases by assessing, monitoring, and recording body functions such as heartbeat and brain waves during medications. Thus, this factor boosts market growth.

• Growing Technological Advancements by Market Players

Several market players operating in the market are advancing new technologies and advanced medical electrode products to boost their market position. For instance, Shin-Etsu Chemical Co., Ltd., a Tokyo-based chemical company, developed electrophysiological dry electrodes and high-elasticity wiring materials to help create performance traits for the next wearable technology in 2021. Thus, this factor helped the market growth.

Opportunities

• Increasing Rate of Cardiovascular Diseases

As per the World Health Organization, an estimated 17.9 million deaths were caused by Cardio Vascular Diseases (CVDs) in 2019, representing approximately 32% of all deaths globally. Furthermore, more than three-quarters of deaths because of CVDs were witnessed in low- and middle-income countries. Therefore, the increasing patient pool of CVDs will most likely boost verticle growth in the coming years. Different testing methods, such as electrograms and electrocardiograms, help in detecting the diseases. Thus, this factor boosts market growth.  

• Growing Rate of Acquisitions by Market Players

A high rate of acquisitions by several market players leads to market growth globally. For instance, Rhythmlink International, LLC, a U.S.-based medical device manufacturing company, acquired Chalgren Enterprises for an undisclosed amount in 2020. With this acquisition, both players would continue to grow the newly combined business while keeping the profile of both brands the same. Chalgren Enterprises is a U.S.-based manufacturer of electrodes for neurodiagnostic, mainly specializing in EMG electrodes. Thus, this factor boosts the market's growing rapidly.

Restraints/Challenges

• High Cost of Technology

Some different technologies or equipment are used to detect several diseases. The increasing cost of medical electrodes. The associated machines that are used with it and the technicians who handle this equipment need to work for hours; as a result, the cost is increased as well. Therefore, these factors hamper the market growth.

This medical electrodes market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the medical electrodes market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In 2021, DC-based startup iCE Neuro systems received clear approval from the United States Food and Drug Administration (U.S. FDA) for a subcutaneous electrode known as iCE-SG. It is designed to monitor the brain's electrical activity from beneath the skin of the scalp.

Global Medical Electrodes Market Scope

The medical electrodes market is segmented on the basis of product, usability, technology, procedure, and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Diagnostics
• Electrocardiography (ECG) Electrodes
• Electroencephalography (EEG) Electrodes
• Electromyography (EMG) Electrodes
• Others
• Electroretinography (ERG) Electrodes
• Electrooculography (EOG) Electrodes
• Therapeutic
• Defibrillator Electrodes
• Pacemaker Electrodes
• TENS Electrodes
• Electrosurgical Electrodes
• Neuromuscular Stimulation Electrodes (NMES)
• Others
• Wound Healing Electrodes
• Blood Gas Electrodes
• Iontophoresis Electrodes

Usability

• Disposable Medical Electrodes
• Reusable Medical Electrodes                             

Technology

• Wet Electrodes
• Dry Electrodes
• Needle Electrodes

Procedure  

• Electrocardiography (ECG)
• Electroencephalography (EEG)
• Electromyography (EMG)
• Electromyography
• Brainstem Auditory Evoked Potentials
• Other Procedures

 Application

• Cardiology
• Neurophysiology
• Sleep Disorders
• Intraoperative Monitoring
• Other Applications

Medical Electrodes Market Regional Analysis/Insights

The medical electrodes market is analyzed and market size insights and trends are provided by product, usability, technology, procedure, and application as referenced above.

The countries covered in the medical electrodes market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the medical electrode market because of the increase in the number of private and public healthcare facilities in the region. The demand for healthcare products and services also enhances the market growth rate.

Asia-Pacific is expected to grow significantly because of the increased adoption of advanced technology within the region. Also, the incidence of certain chronic inflammatory disorders, such as cardiovascular diseases, is boosting market growth.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The medical electrodes market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for medical electrodes market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the medical electrodes market. The data is available for historic period 2011-2021.

Competitive Landscape and Medical Electrodes Market Share Analysis

The medical electrodes market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to medical electrodes market.

Some of the major players operating in the medical electrodes market are:

• Boston Scientific Corporation (U.S.)
• 3M (U.S.)
• BD (U.S.)
• General Electric (U.S.)
• Medtronic (Ireland)
• CONMED Corporation. (U.S.)
• Koninklijke Philips N.V. (Netherlands)
• Ambu A/S. (Denmark)
• Natus Medical Incorporated (U.S.)
• NIHON KOHDEN CORPORATION (Japan)
• Compumedics Limited (Australia), VectraCor (U.S.)
• NeuroWave Systems Inc (U.S.)
• Wearable Sensing (U.S.)
• NeuroSky (South Korea)

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