Medical Electrodes Market - Growth, Trends, and Forecast (2019 - 2024)

Medical Electrodes Market - Growth, Trends, and Forecast (2019 - 2024)

Market Overview

The market for medical electrodes is being driven by factors such as the increasing prevalence of cardiovascular and neurological diseases, increasing investment for technological advancements by biopharmaceutical companies and rising focus towards minimally invasive surgeries.

The rising population of the world is stimulating the demand for increased access and advancements in healthcare treatments. Due to the aging and rising world population, the demand for healthcare products and services has increased by multiple times in the past decade, particularly in the developed and high-economic growth countries. The growing prevalence of cardiac and neurological diseases plays an essential role in the growth of the medical electrodes market.

According to an article published in 2017, by the American College of Cardiology, the occurrence rate of cardiovascular disease was around 422.7 million cases, by 2015. The lowest prevalence was in the countries in the Asia-Pacific region, followed by a higher prevalence in developed markets, such as the United States, Germany, and the United Arab Emirates. The highest prevalence was in low-economic, developing countries, such as the Sub-Saharan countries. In the case of ischemic heart diseases (IHD), there are around nine million deaths, making it one of the leading causes of death, globally.

Neurological diseases are one among the major diseases, prevalent in the world. There are over 1,000 disorders of the nervous system, including cerebrovascular disease, Alzheimer’s and other dementias, migraine, epilepsy, tetanus, meningitis, Parkinson's disease, multiple sclerosis, and poliomyelitis, among others. Hence, as per the above-mentioned statements, it is indicated that the market studied will grow in the coming future.

Scope of the Report

The electrodes in medical devices transfer the ionic current energy into electric current, in the body, through surface quantification of ionic currents. These currents are further amplified and studied, and help in the diagnosis of diseases. The electrodes for medical purposes are made up of lead, metal, and electrode conducting paste.

Key Market Trends

Cardiovascular Applications are Believed to Witness Highest CAGR Over the Forecast Period

Cardiovascular diseases belong to the class of disease, which involves the heart and blood vessels, and is related to atherosclerosis. Coronary artery disease (CAD), myocardial infarction, arrhythmia, heart failure, congenital heart defects, cardiomyopathy, and peripheral artery disease are among the most common cardiovascular diseases.

As per the World Health Organization (WHO), approximately 17.7 million people die every year from cardiovascular diseases, resulting in 31% of the global deaths. As per the WHO, in the European region, more than half of all the deaths occur due to cardiovascular diseases. Along with that, the prevalence of CVD and hypertension has been observed as rapidly increasing in the Sub-Saharan, African, and other developing markets. There are nearly 150 clinical trials registered involving medical electrodes devices for cardiovascular diseases application, attracting a large number of research centers, companies, and universities, as sponsors and collaborators.

Ambu, CONMED, and Natus Medical are among the major companies that have a substantial business segment related to medical electrodes, for neurological and cardiological examinations. Graphene-based dry ECG electrode and portable wireless ECG measurement system have more demand for applications in various cardiac diseases. With an increasing demand for better treatment of cardiovascular diseases, the medical electrodes demand is expected to rise at a high rate.

North America Dominates the Market

The United States holds the largest shares in the market studied, due to better healthcare infrastructure, effective government policies, a huge base of multinational companies, and high awareness among people, about testing and testing devices in healthcare.

The prevalence of certain chronic inflammatory disorders, such as cardiovascular diseases, diabetes, IBDs, and others, are high, as compared to other chronic indications. For cardiovascular diseases, according to an article published in 2017, in healthy people, more than one in three adults are affected by heart diseases. Along with that, heart diseases and strokes cost more than USD 500 billion, each year. Medical electrodes come in the class II category, under the US Food and Drug Administration (FDA), as they are mostly used for surgical purposes.

In the United States, medical reimbursement policies include major medical electrodes, which augment the growth of the market studied. The reimbursement policies in the country are much more supportive, regarding the use of medical devices.

Owing to all these factors, the market studied is expected to grab the largest share in the United States.

Competitive Landscape

The market for medical electrodes is moderately competitive and consists of the global as well as local players. However, a major share of the market is gained by global players only. Due to the rising spread of cardiovascular and neurological diseases across the globe, companies are coming up with the novel products to cater the consumers across different geographies.

Reasons to Purchase this report:

  • The market estimate (ME) sheet in Excel format
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  • 3 months of analyst support

1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Prevalence of Cardiovascular and Neurological Diseases
4.2.2 Increasing Investment for Technological Advancement by Biopharmaceutical Companies
4.2.3 Rising Focus toward Minimally Invasive Surgeries
4.3 Market Restraints
4.3.1 Biocompatibility Issues with Medical Electrodes
4.3.2 Stringent Regulatory Guidelines Associated with Medical Electrodes
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1 By Product Type
5.1.1 Surface Electrodes
5.1.2 Needle Electrodes
5.2 By Usability
5.2.1 Disposable Medical Electrodes
5.2.2 Reusable Medical Electrodes
5.3 By Modality Type
5.3.1 Electrocardiography (ECG)
5.3.2 Electroencephalography (EEG)
5.3.3 Electromyography (EMG)
5.3.4 Brainstem Auditory Evoked Potentials (BAEPS)
5.3.5 Other Modality Types
5.4 By Application
5.4.1 Cardiology
5.4.2 Neurophysiology
5.4.3 Sleep Disorders
5.4.4 Intraoperative Monitoring
5.4.5 Other Applications
5.5 Geography
5.5.1 North America US Canada Mexico
5.5.2 Europe Germany UK France Italy Spain Rest of Europe
5.5.3 Asia Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.5.4 Middle East and Africa GCC South Africa Rest of Middle East and Africa
5.5.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 3M
6.1.2 Ambu A/S
6.1.3 Cognionics Inc.
6.1.4 CONMED Corporation
6.1.5 Cooper Surgical Inc.
6.1.6 Dymedix
6.1.7 Koninklijke Philips NV
6.1.8 Medtronic Plc
6.1.9 Natus Medical Incorporated
6.1.10 Nihon Kohden Corporation

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