The medical electrodes market is estimated to be valued at US$ 1,167 Mn in 2022 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Medical electrodes are devices used for diagnostic procedures such as electrocardiography (ECG) and electroencephalography (EEG). They are also used for therapeutic procedures including electrosurgery, transcutaneous electrical nerve stimulation (TENS), and defibrillation. The electrodes facilitate the transmission of electrical signals from monitoring devices to the body and detect faint bioelectric signals generated by the body. Medical electrodes are available in various configurations and designs suitable for diverse applications.

Market Dynamics:
Increasing demand for cardiac monitoring and diagnostic devices owing to rising prevalence of cardiovascular diseases is expected to drive the growth of the medical electrodes market over the forecast period. According to the World Health Organization, cardiovascular diseases (CVDs) account for over 17.9 million deaths annually, a statistic that is expected to grow to over 23.6 million by 2030. Moreover, growing geriatric population also prone to various chronic diseases is expected to augment the demand for medical electrodes during the forecast period. It is estimated that the number of people aged 65 years and older is expected to double from 52 million in 2018 to 95 million by 2050 in the United States alone.

Additionally, technological advancements in medical electrodes leading to improved designs suitable for long term and ambulatory monitoring will further aid the market growth over the forecast period. However, availability of alternatives such as wireless monitoring systems and stringent regulatory approvals are expected to hinder the market growth.

SWOT Analysis
Strength: Medical electrodes have wide applications in diagnostic and therapeutic procedures. They are portable, reusable and economically viable. Technological advancements have improved comfort, durability and effectiveness of electrodes.
Weakness: Improper placement or loose attachment of electrodes can compromise signal quality and accuracy. Skin irritation is also common. Adhesives used can cause allergic reactions in some.
Opportunity: Rising geriatric population suffering from cardiac and neurological conditions presents an opportunity. Growing investments in healthcare infra will boost demand. Untapped emerging markets offer scope.
Threats: Stringent regulatory approvals delay product launches. Low reimbursements in developing nations act as a deterrent. Trade barriers and price competition from local players pose challenges.

Key Takeaways

The Global Medical Electrodes Market is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing prevalence of chronic diseases. North America dominates the market currently due to high healthcare spending and rapid technology adoption. However, Asia Pacific is poised to grow at the fastest pace owing to rising healthcare awareness, infrastructure development and expanding patient pool in countries like China and India.

Regional analysis
North America currently dominates the global medical electrodes market, holding over 30% share. This is attributed to growing geriatric population, robust reimbursement framework, heavy investments in research and presence of leading industry players in the US and Canada. On the other hand, Asia Pacific market is growing steadily. Countries such as China, India and South Korea are offering lucrative opportunities for manufacturers with their large untapped population base and improving access to modern care facilities.

Key players
Key players operating in the medical electrodes market include Koninklijke Philips NV, Dymedix Diagnostics, Medtronic PLC, CooperSurgical Inc., Cognionics Inc., Ambu A/S, 3M Company, Nihon Kohden Corporation, CONMED Corporation, and Natus Medical Incorporated, among others. Philips, 3M and Medtronic have established their leadership through continuous innovations and global expansions.

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