Medical electrodes are integral components used for biopotential measurements in various medical applications like cardiology, neurophysiology, and others. They help detect small electric signals produced by the heart and brain and transfer them to monitoring equipment for analysis. Medical electrodes play a vital role in procedures like electrocardiography (ECG), electroencephalography (EEG), and electromyography (EMG).
The global Medical Electrodes Market is estimated to be valued at US$ 1122.06 Mn in 2024 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 key trends:
The increasing incorporation of medical electrodes in cardiac procedures is one of the key trends driving the market growth. According to the World Health Organization, cardiovascular diseases (CVDs) are the leading cause of death globally, accounting for over 17.9 million lives lost each year. As a result, the demand for cardiac monitoring devices equipped with medical electrodes is surging. Technological advancements are enabling the development of novel electrode formulations that provide better signal acquisition capabilities and longer shelf life. This is encouraging healthcare facilities to increasingly rely on medical electrodes for efficient cardiology services. Furthermore, favorable governmental support in the form of funding and approvals for innovative cardiac technologies will continue to boost market revenue over the forecast period.
Segment Analysis
The global medical electrodes market is segmented based on technology, usage, application, and geography. On the basis of technology, the market is segmented into dry electrodes and wet electrodes. The wet electrodes segment held the largest market share in 2022 owing to their high accuracy, conductivity and ability to work on low impedance applications.
Key Takeaways
The Global Medical Electrodes Market Size is estimated to be valued at US$ 1122.06 Mn in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.
Regional analysis:
North America dominated the global medical electrodes market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to rising healthcare expenditure, increasing incidence of chronic diseases such as cardiac disorders and cancer, as well as presence of leading players in the region. Asia Pacific is projected to witness the highest growth rate during the forecast period owing to expansion of healthcare infrastructure and growing medical tourism industry in the region.
Key players:
Key players operating in the medical electrodes market are 3M, Ambu, Cardinal Health, GE Healthcare, Koninklijke Philips N.V., Nihon Kohden Corporation, CONMED Corporation, Vermed, and Leonhard Lang GmbH. 3M holds the largest market share owing to its diverse product portfolio and strong distribution network across major markets. Ambu and GE Healthcare are also among the top players owing to their focus on new product launches and partnerships with hospitals and clinic.
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The global medical electrodes market was valued at $842.9 million in 2020, and it is expected to advance at a CAGR of 6.7% between 2021 and 2025.
The market will also generate a revenue of $1,151.6 million by 2025, as per the forecast of P Intelligence, a market research company based in India.
The factors fueling the growth of the market are the rising incidence of chronic diseases, mushrooming geriatric population, and the rapidly developing healthcare infrastructure across the world.Additionally, the burgeoning requirement for advanced medical devices including diagnostic instruments and equipment, is also propelling the advancement of the market.
Several technologically advanced devices are increasingly being adopted in the healthcare sector for providing better healthcare to patients, improving the quality of patient care, enhancing the performance of medical devices, and increasing their monitoring accuracy.
For example, Ambu A/S’ Ambu BlueSensor BR is equipped with a skin-friendly solid gel that provides an excellent signal quality in several applications.Depending on modality, the market is classified into electroencephalography (EEG) & brainstem auditory evoked potential (BAEP), electrocardiography (ECG), and electromyography.
Amongst these, the ECG category held the largest share in the market in 2020, because of the high incidence of cardiovascular diseases such as coronary artery diseases, atherosclerosis, and arrhythmias.
