Medical electrodes are used along with electrodiagnostic and medical equipment for monitoring biopotentials or for providing therapeutic current to treat several medical conditions. These electrodes find applications in electromyography, electrocardiography, electroencephalography, and other therapeutic devices such as transcutaneous electrical nerve stimulation devices and neuromuscular electrical stimulators.
The global Medical Electrodes Market is estimated to be valued at Us$ 1122 Mn in 2023 and is expected to exhibit a CAGR Of 3.9% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing prevalence of chronic and lifestyle diseases has led to the increasing demand for sophisticated medical devices for diagnosis and treatment, which is expected to drive the growth of the global medical electrodes market over the forecast period. According to the Centers for Disease Control and Prevention, in 2016, about 117 million American adults had one or more types of chronic health conditions. Lifestyle diseases are rising rapidly worldwide due to changing lifestyle and eating habits. According to World Health Organization estimates, non-communicable diseases account for over 70% of all deaths globally. Therefore, increased prevalence of chronic diseases such as cardiovascular diseases, neurological disorders, and cancer is expected to boost the demand for medical electrodes for diagnosis and treatment monitoring. The need for early diagnosis is increasing owing to growing awareness regarding benefits of early detection of diseases. This is also expected to fuel the market growth over the forecast period.
SWOT Analysis
Strength: Medical electrodes have good conductivity and biocompatibility which helps in recording accurate physiological signals. They are also lightweight and have adhesive backing which allows for easy application and positioning on the patient's skin. Disposable electrodes reduce risk of infection and can be readily replaced.
Weakness: Skin condition and hair can negatively impact the ability of electrodes to establish proper contact. Moisture on skin surface or dried out gel pads may introduce noise or impedance in the recorded signals. Adhesive backings are not suitable for patients with very sensitive skin.
Opportunity: Growth of home healthcare and remote patient monitoring is expanding the market scope for single use disposable electrodes. Continued innovations to introduce electrodes that provide clearer signals and are less prone to noise will help drive greater adoption.
Threats: Presence of other non-invasive technologies that can perform similar physiological monitoring functions pose competition risk to electrodes. Strict regulations around safety, efficacy and quality can increase cost of manufacturing and market entry for new players.
Key Takeaways
The Global Medical Electrodes Market Demand is expected to witness high growth over the forecast period supported by rising geriatric population and growing incidence of chronic diseases requiring long term monitoring. The global medical electrodes market is estimated to be valued at US$ 1122 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.
North America currently dominates the market owing to well established healthcare systems and favorable reimbursement policies for diagnostic procedures in countries like the US. The Asia Pacific region is projected to experience the fastest growth due to increasing healthcare spending, flourishing medical tourism industry and large patient pools in highly populated countries of China and India.
Key players operating in the medical electrodes market are 3M, Medtronic, Ambu, Conmed Corporation, GE Healthcare and Johnson & Johnson. These companies enjoy strong brand recognition and market leadership owing to their extensive product portfolios and ability to consistently meet quality and safety standards. Significant investments are being made by market players to develop electrodes integrated with advanced signal processing technologies for improved accuracy in recording faint physiological signals. However, pricing pressures and presence of local generic manufacturers continue to pose challenges.
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