Published: May 2021 | Report Code: LS12185 | Available Format: PDF | Pages: 141
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.
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.
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.
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.
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.
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.
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.
|Base Year (2020) Market Size||$842.9 Million|
|Market Size Forecast in 2025||$1,151.6 Million|
|Forecast Period (2021-2025) CAGR||6.7%|
|Report Coverage||Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Regional and Country Breakdown; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis; Company Profiling; Pricing Analysis|
|Market Size by Segments||Usability; Modality; Region|
|Secondary Sources and References (Partial List)||American Association for Accreditation of Ambulatory Surgery Facilities; American College of Radiology; American Hospital Association; American Registry of Radiologic Technologists; Centers for Disease Control and Prevention; Centers for Medicare and Medicaid Services; College of American Pathologists; International Association of Healthcare Central Service Materiel Management; National Accreditation Board for Testing and Calibration Laboratories; Population Reference Bureau; United States Department of Health and Human Services; United States Food and Drug Administration; World Health Organization|
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:
The global medical electrodes market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2025.
Based on Usability
Based on Modality
The 2020 value of the market for medical electrodes was $842.9 million.
The modality segment of the medical electrodes industry is dominated by the ECG category.
The market for medical electrodes is dominated by North America, and it will witness the fastest growth in APAC.
The strongest drivers for the medical electrodes industry are the rising chronic disease incidence, technological enhancements in these devices, and booming population of the elderly.
Key companies in the market for medical electrodes are launching new products.
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