Global Medical Electrodes Market - Segmented by Product Type, Usability, Modality, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The medical electrodes market is expected to register a CAGR of 4.5% during the forecast period (2018-2023). With the rising number of surgeries being performed in hospitals worldwide, the demand for vascular access devices is rising, to enable easy access to the bloodstream through hollow and flexible tubes of latex or silicone. The well-established healthcare infrastructure with the high adoption rate of new technologies and strong presence of medical devices industry help to maintain the largest market share for North America.
Increasing Prevalence of Cardiology and Neurological Diseases
The increasing use of medical electrodes in the diagnosis of cardiological and neurophysiological disorders is one of the primary factors for the rise of growth of the medical electrodes market. According to the World Health Organization (WHO), cardiovascular diseases are a primary cause of death globally. In 2015, an estimated 17.7 million people died from CVDs, with an estimated 7.4 million due to coronary heart disease and 6.7 million due to stroke. Neurological diseases are also one of the major causes of disability and death globally. Some of the major diseases that need medical electrodes are Parkinson’s Disease (PD), Alzheimer’s Disease (AD), fibromyalgia, heart disorders, brain disorders, circulatory disturbances, gout, and body ache. This leads to increased rates of hospitalization, leading to the growing demand for medical electrodes.
Other factors driving this market are increasing investments in technological advancements by biopharmaceutical companies, increased focus towards minimally invasive surgeries, and rising preference of home and ambulatory services.
Biocompatibility Issues with Medical Electrodes
The issues related to biocompatibility with medical electrodes are one of the primary factors restricting the growth of this market. Because they are in direct contact with the body, biocompatibility is an important factor for making lead insulations and hard materials used for marking the lead electrodes and conductors. All materials for lead insulations induce an inflammatory or immune response, which can cause fibrosis and thrombosis or may predispose to bacterial colonization. Other factors impeding this market are stringent regulations related to medical electrodes.
Asia-Pacific to Grow at a High Rate
The Asia-Pacific region is expected to grow during the forecast period and should provide huge investment opportunities for the medical electrode companies in countries such as India, China, and South Korea. The high rate of economic growth in recent years, with diversified population and large patient pool, drives this market. Further, increasing healthcare facilities with large involvement of private sector companies would help in the expansion and reach of multinational companies through collaborations in the forecast period. On the other hand, the North American region is expected to dominate the market share during the forecast period due to the well-developed healthcare infrastructure, healthcare facilities, and high adoption of new technologies.
Key Developments in the Market
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