The Medical Electrodes Market is estimated to be valued at US$ 1122.06 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Medical electrodes are used for diagnostic as well as therapeutic purposes. They act as a gateway between the human body and medical devices for procedures like electrocardiography (ECG), electroencephalography (EEG), electromyography (EMG) and others. Medical electrodes help in monitoring heart activity, brain activity, muscle activity and other physiological signals. There is a growing demand for these electrodes owing to rising incidence of target diseases and increasing preference for minimally invasive procedures.
Market key trends:
One of the key trends in the medical electrodes market is the development of dry electrodes. Dry electrodes use innovative materials that do not require conductive gels or pastes for functioning. They provide superior flexibility, portability and durability compared to traditional wet electrodes. Most leading players are focusing on developing innovative dry electrode technologies for various diagnostic and therapeutic applications. For instance, in 2021, Neuroelectrics launched Starstim dry electrodes technology for non-invasive brain stimulation. These electrodes can be securely placed on the scalp without using gels or pastes. The dry electrode technology is gaining popularity owing to its comfort and ease of use features.
Porter’s Analysis
Threat of new entrants: Low start up capital requirements in manufacturing medical electrodes allows new companies to enter the market easily. However, presence of major established players make it difficult for new entrants.
Bargaining power of buyers: Large healthcare facilities gain bargaining power due to bulk purchasing. However, need for quality products limits switching between brands.
Bargaining power of suppliers: Key raw materials such as gels and foils have few substitutes, granting suppliers bargaining power. However, this is balanced by establishing long term contracts.
Threat of new substitutes: Alternatives such as wireless monitoring devices pose potential threat. However, electrodes have well-established use in diagnosis and therapy procedures.
Competitive rivalry: Major players compete on innovation, quality, and service.
SWOT Analysis
Strengths: Growing aging population and demand for diagnostic procedures drives market growth. Established distribution networks of major players.
Weaknesses: Cost sensitivity in pricing. Vulnerable to supply chain disruptions due to sole/few sourcing of raw materials.
Opportunities: Emerging economies provide high market potential. Usage in new therapeutic applications like neurostimulation offers scope.
Threats: Stringent regulations increase compliance costs. Reimbursement cuts can impact pricing.
Key Takeaways
The Global Medical Electrodes Market Size is expected to witness high growth, exhibiting a CAGR of 4.5% over the forecast period, due to increasing prevalence of chronic conditions requiring long-term monitoring. The market size for 2023 is estimated at US$ 1122.06 Mn.
Regional analysis: North America dominated the global market in 2023 attributed to rising healthcare expenditure and availability of advanced medical facilities. Asia Pacific is anticipated to be the fastest growing market owing to huge patient population, increasing healthcare investments and expanding medical tourism.
Key players: Key players operating in the Medical Electrodes market are 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. These manufacturers focus on new product launches, acquisitions and strategic collaborations to gain market share.
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