Medical Electrodes Market Research Report: By Usability (Disposable, Reusable), Modality (Electrocardiography, Electroencephalography & Brainstem Auditory Evoked Potential, Electromyography) - Global Industry Analysis and Demand Forecast to 2025

Market Overview

The global medical electrodes market generated revenue of $842.9 million in 2020, and it is projected to showcase a CAGR of 6.7% during the forecast period (2021–2025). The key factors responsible for the growth of the market include technological advancements, expanding healthcare infrastructure, increasing prevalence of chronic diseases, and growing geriatric population globally.

In the wake of the COVID-19 pandemic, governments of several countries are taking strong measures to ensure their economies remain stable, such as the implementation of new reforms. They are essentially focusing on mitigating the economic and health threats due to COVID-19. Quite evidently, manufacturers across the world, including those of interventional medical devices and consumables, such as medical electrodes, have been negatively impacted by the economic crisis triggered by the pandemic.

Better Features of Disposable Electrodes To Drive Their Popularity

The disposable category held the larger share in the medical electrodes market in 2020, based on usability. The main factors responsible for the category’s dominant status include the lower risk of cross-contamination between patients and less preparation time for usage. These electrodes are generally available as pre-gelled or dry-surface electrodes.

Owing to Increasing Cases of Cardiovascular Diseases (CVD), Electrocardiography (ECG) Category To Witness Fastest Growth

ECG is expected to be the fastest-growing category, on the basis of modality, in the market during the forecast period. This can be mainly ascribed to the fact that the ECG is the first non-invasive tool for the diagnosis and treatment of congenital heart diseases and conduction disorders. ECG is used to produce an electrocardiogram by measuring the electrical activity of the heart, by placing the electrodes on the skin.

North America Accounted for Largest Market Share due to Increasing Geriatric Population Requiring Efficient and Timely Treatment

Geographically, North America was the largest contributor to the medical electrodes market in 2020. This was mainly due to the increase in the geriatric population and growing need for the early diagnosis of cardiovascular and neurological diseases among the older population, for efficient and timely treatment. According to the World Population Ageing 2019 report, the North American population aged 65 and above is expected to reach 96.3 million by 2050 from 59.9 million in 2019.

Launch of New, Improved Medical Electrodes Is Key Trend

Key players in the medical electrodes market, along with various research organizations, are involved in research and experimental studies for new, improved products. Moreover, large-scale manufacturers are making hefty investments in order to expand their customer base and retain their dominance on the market through new product launches. For instance, in April 2020, Nihon Kohden Corporation launched new disposable gold cup EEG electrodes, which facilitate finer recordings, while reducing the noise, during the test. Thus, product launches can be viewed as a major trend in the market.

Increasing Demand for Advanced Medical Devices, including Diagnostic Equipment and Instruments, To Boost Market Growth

A number of technologically advanced products are being adopted in healthcare settings to provide better healthcare to patients. Recently, there have been several technological advancements focused on enhancing the comfort for patients, increasing the accuracy of monitoring, and improving the performance of medical products. For instance, Ambu A/S’ Ambu BlueSensor BR features a skin-friendly solid gel that provides an optimal signal quality in a wide range of applications. The product can be worn for a longer duration, as it has a soft contact material.

Rising Prevalence of Chronic and Lifestyle-Associated Diseases Driving Demand for Medical Electrodes

Chronic diseases, which last long, limit the daily activity of patients, and demand continuous medical attention, are the leading causes of death and disability globally. Since medical electrodes are used in electrical stimulation to provide a statistical basis for medical diagnosis and treatment, they are witnessing a high demand. Therefore, with the increase in the prevalence of chronic diseases, the medical electrodes market is expected to witness significant growth during the forecast period.

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Market Players Involved in Product Launches and Approvals to Gain Significant Position

The global medical electrodes market is fragmented in nature. In recent years, players in the medical electrodes industry have been involved in various product launches and approval process in order to attain a significant position in the market. For instance:

• In April 2020, Nihon Kohden Corporation announced the release of new, premium disposable gold-cup EEG electrodes. The new electrodes prevent cross-contamination between patients, while maintaining high-quality EEG signals.
• In September 2019, Johnson & Johnson launched a new reusable electrode, called Megadyne Mega Soft. The product is designed with more cushioning to increase comfort and eliminate adhesive-related injuries in patients.

Some Key Players in Medical Electrodes Market Are:

Market Size Breakdown by Segment

The global medical electrodes market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2025.

Based on Usability

• Disposable
• Reusable

Based on Modality

• Electrocardiography (ECG)
• Electroencephalography (EEG) & Brainstem Auditory Evoked Potential (BAEP)
• Electromyography (EMG)

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific (APAC)
  • China
  • Japan
  • India