The rising prevalence of chronic and lifestyle-associated diseases, increasing geriatric population, and high demand for minimally invasive procedures are some of the factors that are contributing toward the growth of the global medical electrodes market. Due to the aforementioned factors, the industry is projected to generate $1,151.6 million by 2025, advancing at a CAGR of 6.7% during the forecast period (2021–2025).
The COVID-19 pandemic affected economies all around the world. Constraints such as multiple lockdowns, affected import and export activities, stoppage in the functioning of manufacturing facilities, and reduced workforce were just some of the major problems manufacturers had to deal with. This led to the decreased production of medical devices and consumables. However, with the resumption of manufacturing after the second quarter of 2020, the healthcare sector continues to display signs of recovery, which is expected to fuel the demand for such products across the globe.
The medical electrodes market is bifurcated into disposable and reusable, on the basis of usability. Of the two, the disposable category is expected to witness the faster growth during the forecast period. The high demand for disposable electrodes is due to their low cost and ease of use, as they do not require sterilization before usage.
The market has been categorized into electrocardiography (ECG), electroencephalography (EEG) & brainstem auditory evoked potential (BAEP), electromyography (EMG), and others, based on modality. Among these, the ECG category accounted for the largest share in 2020 due to the high number of people diagnosed with cardiovascular diseases, such as arrhythmias, coronary artery disease, and atherosclerosis, globally.
ECG is used to measure the rate and ascertain the rhythm of the heartbeat, as well as provide an indirect evidence of the blood flow to the heart muscle. Furthermore, since getting information on the heart’s current situation is the primary step in the diagnosis of many chronic diseases, the ECG electrodes category held a significant position in the medical electrodes market.
Geographically, Asia-Pacific (APAC) is expected to be the fastest-growing market for medical electrodes during the forecast period. This will primarily be due to the increasing healthcare expenditure, large geriatric population, and rising prevalence of chronic diseases in the region.
In recent years, players in the medical electrodes industry have been actively involved in product launches to cut through the strong market competition and gain a competitive edge.
For instance, in December 2020, 3M Company announced the next generation of silicone adhesives that offer better performance, higher tack, stronger adhesion, and longer wear duration. The adhesive is repositionable and works well with various medical devices, including glucose monitoring systems, wearable monitors, and sleep and incontinence treatment devices.
Additionally, in September 2019, Johnson & Johnson launched a new reusable electrode, called Megadyne Mega Soft, which designed with extra cushioning to offer more comfort and eliminate the incidence of adhesive-related injuries in patients.
The major players operating in the global medical electrodes market include 3M Company, Medtronic plc, CONMED Corporation, Johnson & Johnson, Koninklijke Philips N.V., Nihon Kohden Corporation, Natus Medical Incorporated, The Cooper Companies Inc., Ambu A/S, Leonhard Lang GmbH, Symmetry Surgical Inc., and BIONEN s.a.s.