The Cardiology Electrodes market is estimated to be valued at US$ 134.71 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cardiology electrodes are medical devices that are attached to the patient's skin to monitor or diagnose cardiac conditions. They are used in electrocardiography (ECG) procedures to capture and record the electrical activity of the heart. Common cardiology electrodes include radiology electrodes, resting ECG electrodes, ambulatory ECG electrodes and Holter monitoring electrodes. These electrodes find applications in diagnosing conditions like arrhythmias, ischemia, infarction and other cardiac diseases.
Market Dynamics:
The growth of the cardiology electrodes market is majorly driven by the increasing prevalence of cardiovascular diseases worldwide. According to the World Health Organization (WHO), cardiovascular diseases accounted for over 17.9 million deaths globally in 2016, representing 31% of all global deaths. This increasing burden of heart diseases is driving greater demand for diagnostic tests like ECG which require electrodes. Additionally, rising geriatric population is also expected to propel market growth as aged people are more prone to heart conditions. Furthermore, technological advancements in electrodes resulting in enhanced comfort, durability and conductivity are positively impacting the adoption of these products. However, availability of alternatives like MRI and CT scans for diagnosis may hamper market growth over the forecast period.
SWOT Analysis
Strength:
Well established distribution network of key players help to cater large customer base
Continuous product innovation and technological advancements lead to new product launches
Increasing adoption of cardiac procedures boost the demand for electrodes
Weakness:
High cost associated with cardiac procedures limits the scope of electrodes in developing regions
Limited medical reimbursements policies pose challenge for market growth
Opportunity:
Rising geriatric population prone to cardiac conditions create lucrative opportunities
Untapped opportunities in emerging Asian and Latin American countries offer scope for market expansion
Threats:
Stringent regulatory approvals delay time-to-market and increase cost of new product launches
Alternative treatment options like drugs pose threat to market growth
Key Takeaways
The global Cardiology Electrodes Market Growth is expected to witness high growth, exhibiting 5.3% CAGR over the forecast period, due to increasing prevalence of cardiovascular diseases.
Regional analysis
North America dominates the global market and is expected to continue its dominance over the forecast period. This is attributed to rising healthcare expenditure, growing elderly population, and presence of key players in the region. Asia Pacific exhibits the fastest growth owing to large patient pool, increasing healthcare awareness, and improving healthcare infrastructure in the emerging countries of the region.
Key players
Key players operating in the Cardiology Electrodes market are Leonhard Lang, Â Nissha Medical Technologies, Â Conmed Corporation, Â Koninklijke Philips N.V., GE Healthcare (General Electric Company), Medtronic plc, BPL Medical Technologies, FARUM sp. z o.o., INTCOMEDICAL.COM., Promed Technology Co., Ltd., 3M, VectraCor, Medico Electrodes International Ltd., Ambu A/S., and Cardinal Health.
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