Medical Electrodes Market Analysis and Forecast to 2031: By Product (Surface Electrodes, Needle Electrodes), Usability (Disposable Medical Electrodes, Reusable Electrodes), Modality (Electromyography, Electrocardiography, Electroencephalography, Brainstem Auditory Evoked Potentials, Others), Application (Neurophysiology, Cardiology, Sleep Disorders, Intraoperative Monitoring, Others), and Region
The global medical electrodes market was valued at USD 1.9 billion in 2021 and it is anticipated to grow further to USD 2.6 billion by 2031, at a CAGR of 3.2% during the forecast period.
A medical electrode is a tiny metal plate or needle that transfers electricity from a device to a patient for therapy or surgery. Additionally, electrodes transfer electrical impulses from the heart, brain, skin, muscles, and other regions of the body to recording equipment to aid in the diagnosis of specific disorders. Electrodes come in a variety of forms, including those used for electrocardiography (ECG), foetal scalp electrograms, electroencephalograms, transcutaneous electrical nerve stimulation (TENS), and pacemaker electrodes. The detection of any specific irregularities in the brain is aided by electroencephalography. By placing about 10 electrodes in various locations for the monitoring of electrical and ionic waves or neuronal activity, these brain wave patterns are detected and recorded.
Market Trends and Drivers
Over time, there has been a dramatic rise in the prevalence of sleep disorders, cardiovascular and neurological ailments. The volume of diagnostic and therapeutic operations has consequently increased. Because of this, market expansion is probably being driven by the rising demand for these operations. For instance, cardiovascular disease (CVD) is a major cause of death and disability worldwide, according to the World Health Organization (WHO). Globally, 17.9 million CVD-related deaths were reported in 2016; by 2030, this number is expected to rise to 23.6 million.
Market Restraints and Challenges
Government restrictions that come with the approval of these devices limit commercial expansion. Additionally, the rise of this market during the projection period is hampered by some underdeveloped or developing countries' lack of knowledge about the benefits and associated technological advancements of such devices.
Global Medical Electrodes Market Segmental Overview
The report analyses the global medical electrodes market based on the product, usability, modality, application, and region.
Global Medical Electrodes Market by Product
Based on the product, it is segmented into surface electrodes, needle electrodes. The surface electrodes segment is anticipated to dominate the market during the forecast period. The key factors such as rising incidences of neurological cardiovascular disorders coupled with increasing investment in research for medical devices is boosting the growth of the market.
Global Medical Electrodes Market by Usability
Based on the usability, it is segmented into disposable medical electrodes and reusable medical electrodes. The disposable electrodes segment is anticipated to dominate the market during the forecast period. Due to their low risk of cross-contamination and affordability, disposable electrodes are being used more frequently, which is responsible for their significant market share.
Global Medical Electrodes Market by Modality
Based on the modality, it is segmented into electromyography, electrocardiography, electroencephalography, brainstem auditory evoked potentials and others. The global increase in cardiac illnesses will lead to an increase in the revenue generated by the electrocardiography (ECG) modality medical electrodes market. In order to record the electrical signals of the heart and look for various heart problems, these electrodes are typically positioned on the patient's chest. The expanding market will benefit from the increased focus on early diagnosis.
Global Medical Electrodes Market by Application
Based on the application, it is segmented into neurophysiology, cardiology, sleep disorders, intraoperative monitoring, and others. The cardiology application segment is anticipated to dominate the market during the forecast period. Cardiovascular diseases (CVDs) can be regarded as a main cause of death globally and contributed to more than 17.9 million fatalities in 2019, according to the WHO (World Health Organization). Out of these fatalities, heart attacks and strokes were the leading causes of death for about 85% of people. The increased need for early detection and better treatment of these diseases will give the use of medical electrodes a significant boost.
Geographical Analysis of the Global Medical Electrodes Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America region is anticipated to dominate the market during the forecast period. The region's healthcare spending is on the rise as a result of the quickly growing elderly population and the growing burden of chronic diseases. Higher rates of technological advancements in medical electrodes are a result of the expanding utility of medical devices and effective governmental initiatives. Other factors promoting regional industrial growth include an expanded base of international corporations, rising healthcare awareness, and the availability of greater infrastructure.
Major Players in the Global Medical Electrodes MarketCOVID-19 Impact
Every part of the medical device sector, including the market for medical electrodes, has been impacted by the COVID-19 epidemic globally due to the considerable interruptions to enterprises and economic activity that have occurred on a global scale. Despite the availability of emergency and OPD services in cardiology, neurology, and other departments, the number of patient visits to hospitals, ambulatory surgery centres, and diagnostic labs has considerably decreased. Patient visits have dramatically decreased as a result of widespread lockdowns and social isolation policies. The sales of medical electrode devices have fallen even further as a result. Many of the industry's top companies, including Ambu (Denmark), Cardinal Health (US), and CONMED Corporation (US), reported a fall in sales for the second and third quarters of 2020 for their medical devices division.
The market has been impacted by a decline in research activity as a result of laboratory closures and decreased clinical testing, as well as a general decline in the use of medical electrodes due to the declining volume of diagnostic, elective, and non-essential procedures, the lower utilisation of routine testing, and decreased capital spending by customers. Although many nations have started to rebuild their economies, it will take some time before medical electrode usage rates return to pre-pandemic levels. Additionally, any increase in COVID-19 infections could lead to additional lockdowns, quarantine measures, or other limitations to stop the virus's transmission, which could have a detrimental effect on the market's expansion.
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