"Designing Growth Strategies is in our DNA"

Medical Electrodes Market Size, Share & Industry Analysis, By Product (Wet Electrodes, Dry Electrodes, Needle Electrodes), By Application (Cardiology, Neurophysiology, Others) By Usage (Disposable Medical Electrodes, Reusable Medical Electrodes) By End User (Hospitals & Ambulatory Surgery Centers (ASCs), Specialty Clinics & Diagnostics Centers) and Regional Forecast, 2020-2027

Region : Global | Format: | Report ID: FBI102729

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global medical electrodes market size stood at USD 609.76 million in 2019 and is projected to reach USD 822.13 million by 2027, exhibiting a CAGR of 3.9% during the forecast period.

COVID-19 Cover

This report covers COVID-19 impact analysis on Medical Electrodes Market

Request Sample

The medical electrode transfers the ionic current’s energy into electrical currents inside the body of the patient that can be studied, amplified, and used for disease diagnoses. These electrodes allow surface quantification of ionic currents, through non-invasive procedures for the diagnosis of a variety of muscular, nervous, cardiac, and other disorders which might require surgical interventions to verify their presence. The device works through the provision of electrical contact between the patient and the apparatus used to monitor activities. The increasing prevalence of cardiovascular disorders across the globe is one of the major factors augmenting the market growth during the forecast timeframe.


MARKET TRENDS


Request a Free sample to learn more about this report.


Increasing Demand for Miniaturization of Medical Devices has Augmented Electrodes Market Growth


Increasing usage of electrode through the implementation of nanotechnology is boosting the demand for electrode in several medical applications. Nanotechnology has allowed the miniaturization of these devices and thus making it portable. The associated benefits of electrode miniaturization are to provide higher electrode density, more localized stimulation control, and greater tissue-sensing resolution. Moreover, several manufacturers are focusing on R&D activities to attain the desired medical achievements. Also, increasing government funds to propel such activities to enhance healthcare efficiencies related to medical devices will further add impetus to the market in the forthcoming years.


MARKET DRIVERS


Increasing Prevalence of Chronic Diseases will Significantly Propel Medical Electrodes Market Growth


The growing prevalence of chronic ailments will significantly bolster growth during the forecast period. The increasing prevalence of neurological and cardiovascular disorders is one of the major factors augmenting the demand for these electrodes. High mortality risk associated with such disorders has increased the rate of frequent medical diagnosis of patients and thereby augmented the compound annual growth rate of the market during the forecast period. For instance, as per American Heart Association, cardiac disorders are listed as the underlying cause of death, which accounted for about 840,678 deaths in the U.S. in 2016, which is approximately 1 of every 3 deaths. Also, between 2013 and 2016, 121.5 million American adults had some form of cardiac disorder. Hence, increasing prevalence of chronic diseases across the globe will significantly drive medical electrodes market growth.


Technological Advancements in Medical Device such as Electrocardiogram (ECG) will Propel Market Growth


Medical electrodes are majorly implemented in the electrocardiogram (ECG) monitoring devices for the diagnosis of cardiac disorders. ECG has been used as the most prominent form of diagnosis for cardiovascular ailments, and testing systems are evolving to meet today’s technology demands. Unlike traditional cardiac holter and event recorders, the novel technology incorporated devices are much cost-efficient and user friendly. Moreover, with the miniaturization of electrodes coupled with the removal of electrode wires, devices are simply mounted on the patient's chest without a bunch of wires attached to it. Such technological advancements in medical devices have significantly boosted the market growth during the analysis period.


MARKET RESTRAINT


Stringent Regulatory Guidelines Associated with Medical Electrodes May Restrict Market Growth  


Despite the increasing applications of these electrodes, the stringent government regulations associated with the approval of these devices might limit market growth up to a certain extent. Moreover, the dearth of awareness about the associated technological advancements and benefits of such devices in some under-developed or developing nations may also hamper the expansion of this Market during the forecast period.


SEGMENTATION


By Application Analysis


To know how our report can help streamline your business, Speak to Analyst


Increasing Prevalence of Cardiac Disorders has led to the Dominance of Cardiology Segment  


Based on application, this market is classified into neurophysiology, cardiology, and others. The cardiology segment is anticipated to dominate the market during the analysis period. This is highly attributable to the increasing prevalence of cardiovascular diseases across the globe.


Owing to the rise in sedentary lifestyle, and the growing adoption of binge eating habits, there has been a drastic rise in the prevalence of CVD in several regions of the globe. Moreover, the increasing consumption of nicotine through cigarette smoking is another significant factor propelling CVD cases. Due to such factors, the diagnostic tests related to CVD such as electrocardiography has also witnessed a considerable growth in the past few years. Hence, the aforementioned factors are supporting this market growth during the forecast period.


The neurophysiology segment is projected to register a lucrative CAGR during the forecast period. Also, the segment held significant market revenue in 2019 and is estimated to hold considerable shares during the forecast period. High growth is attributable to the increasing prevalence of neurological disorders such as neurodegenerative disorders, multiple sclerosis, sleep disorders, and several others. For instance, in 2018, as per the Federal Interagency Forum on Aging-Related Statistics, more that 35% of people aged above 80 years and older have severe or moderate memory impairment in the U.S. Moreover, 11% of the Americans are suffering from epilepsy. Hence, the growing prevalence of neurological disorders will significantly propel the market growth during the analysis period. 


By Product Analysis


Clinically Proven Effectiveness of Dry Electrodes will Propel Lucrative Segmental Growth


Based on product, the market is segmented into wet, dry and needle electrodes. The wet electrodes segment is estimated to hold the lion’s share across the analysis period. This segment is also estimated to witness considerable growth, owing to the increasing adoption of wet electrodes in the medical devices for disease diagnosis, since the past years. Wet electrodes are generally made of silver chloride or silver material. It uses an electrolytic gel material as a conductor between the electrode and the skin. Wet electrodes stick to the surface of the skin and need preparation like the use of electrolytic gel. These electrodes are non-invasive in nature, and thus have a greater demand. Hence, the aforementioned factors will significantly contribute to the positive growth of this market.


The dry electrodes segment is estimated to witness a lucrative compound annual growth rate during the forecast period. It does not require extra preparation as it can pierce the epidermal layers of the skin and attain a low impedance pathway while recording neural signals. Moreover, recent technological advancements in the dry electrodes have facilitated the recording of electroencephalogram (EEG) in conditions that were previously not possible to diagnose. This is done by avoidance of applying gel to the subject’s hair. Concurrently, the advancements in dry electrodes decreased electrode application time by eliminating the need for paste application or conductive gel. Hence, the aforementioned factors will stimulate this market.  


By Usage Analysis


Disposable Electrodes Segment to Aid Dominance in the Medical Electrode Market


Based on usage, the market is segmented into disposable and reusable medical electrodes. The disposable electrodes segment held maximum shares in 2019. Disposable electrodes are made of a plastic that is coated with a silver chloride or silver. Although, disposable electrodes are not as durable as reusable electrodes, because of their single-use design. However, they provide optimal risk management owing to the elimination of cross-contamination because they are not reused. Also, such electrodes are cost-effective in nature, thereby propelling the demand for this product, ultimately augmenting the market growth. 


On the other hand, the reusable electrodes segment is estimated to witness lucrative compound annual growth rate during the forecast period. These electrodes are made of silver and coated with either silver chloride/silver or plated with gold. Such electrodes are can be reusable for more than 5 to 6 months. However, these electrodes require strict compliance with disinfecting and cleaning protocols to ensure it is safe for multiple usages. Owing to proven clinical efficiencies associated with reusable electrodes, the segment is expected to witness a positive CAGR.  


By End User Analysis


Higher Adoption of Medical Electrodes by Hospitals and ASCs to Enable Dominance of the Segment


The end-user segment is classified into hospitals & ambulatory surgery centers, specialty clinics & diagnostics centers. The hospitals & ambulatory surgery centers segment is estimated to hold maximum shares owing to increasing adoption of these electrodes through ECG devices in the hospital settings. Hospitals & ASCs witness a large number of patient pool arriving at these settings for the diagnosis of several chronic diseases such as cardiovascular disorders, neurological diseases, among others. Hence, these facilities are occupied with medical devices such as ECG and EEG instruments for efficient diagnosis. The growing adoption of ECG and EEG instruments in hospitals and ambulatory surgical centers will significantly drive this market during the projected timeframe.


Specialty clinics and diagnostics centers segments are estimated to witness stable growth during the forecast timeframe, attributable to the increasing number of clinics and diagnostic centers adopting these electrodes to stabilize its workflow with efficiency and better care. Also, the rising number of specialty clinics across the globe is another significant factor augmenting the market growth.


REGIONAL ANALYSIS


North America Medical Electrodes Market Size, 2019 (USD Million)

To get more information on the regional analysis of this market, Request a Free sample


Geographically, the medical electrodes market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The electrodes market size in North America stood at USD 280.46 million in 2019. The U.S. is projected to witness lucrative growth due to increasing government initiatives to enhance the healthcare sector, coupled with favorable government policies, and flexible regulatory scenario. Moreover, increasing private and public funding for R&D activities to technologically enhance this type of electrodes will further propel regional growth in the forecast period.  In terms of Asia Pacific, the market is projected to grow at a remarkable rate, owing to the increasing number of vendors penetrating the untapped emerging economies. Moreover, increasing expenditure pertaining to healthcare development in emerging countries will further propel regional growth.


The European market is forecasted to rise substantially by the end of 2027 due to the presence of major vendors operating in the European market. Latin America and the Middle East & Africa are projected to witness a stable CAGR, owing to the increasing prevalence of chronic ailments that require efficient diagnoses such as cardiac disorders and neurological ailments.


KEY INDUSTRY PLAYERS


Core Focus on Inorganic Strategic Acquisitions by Several Market Leaders to Propel Their Market Position.


The competitive landscape of the market depicts a fragmented nature with the presence of several players. However, prominent players such as 3M, Ambu, Conmed Corporation, Cardinal Health, and others hold the dominant position in the industry. An extensive product portfolio of medical electrodes, coupled with constant technological innovations by these companies, is prominent factors responsible for industry dominance.  For instance, in April 2017, Cardinal Health announced the acquisition of Medtronic’s medical supplies business for USD 6.1 billion. Through this inorganic strategic agreement, Cardinal Health acquired Medtronic’s medical supplies portfolio that includes these electrodes, wound care products, and several others. This agreement enabled Cardinal Health to expand its product portfolio and hold a dominant position in the market. 


However, other players such as Zoll Medical, B. Braun, and Vermed (a division of Nissha Medical Technologies), are the other few players holding considerable medical electrodes market share in 2019. This is projected to positively impact the global market during the forecast period.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • September 2019 – ETHICON (Johnson & Johnson) announced the launch of the ‘MEGADYNE MEGA SOFT  reusable electrodes (patient return), which have been used in over 100 million procedures worldwide. Novel product launch assisted the company to hold a significant position in this market.

  • January 2020 – Erba Mannheim, announced the launch of an electrolyte analyzer with maintenance-free electrodes at MEDLAB Middle East 2020. Such a strategic novel product launch will assist the company to expand its product portfolio as well as considerably expand its revenue growth.


REPORT COVERAGE


The medical electrodes market report provides a detailed analysis of the market and also provides insights on key aspects such as novel product launch, leading companies, and technological overview pertaining to the medical electrodes. Besides this, the report also provides insights into the key industry developments and highlights major market trends. In addition, the report also encompasses several factors that have contributed to the growth of the market over the recent years.


To gain extensive insights into the market, Request for Customization


Report Scope & Segmentation














































 ATTRIBUTE



 DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD million)



Segmentation



By Product



  • Wet

  • Dry

  • Needle



By Application



  • Cardiology

  • Neurophysiology

  • Others



By Usage



  • Disposable

  • Reusable



By End User



  • Hospitals & Ambulatory Surgery Centers (ASCs)

  • Specialty Clinics & Diagnostics Centers



By Geography



  • North America (the U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)

  • Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)

  • Latin America (Brazil, Mexico, and the Rest of Latin America)

  • The Middle East & Africa (South Africa, GCC and the Rest of Middle East & Africa)



Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 609.76 million in 2019 and is projected to reach USD 822.13 million by 2027.

In 2019, the market value stood at USD 609.76 million.

Growing at a CAGR of 3.9%, the market will exhibit stable growth in the forecast period (2020-2027).

Wet electrodes segment is expected to be the leading segment in this market during the forecast period.

Increasing prevalence of chronic diseases such as neurological disorders and cardiovascular ailments is forecasted to boost market growth.

The market is fragmented in nature hence there are several companies holding significant shares. However, if we consider the topmost share holding companies are Ambu, Conmed Corporation, Cardinal Health and 3M are the leading player in the global market.

North America dominated the market share in 2019.

Medical Electrodes Market Size, Share and Global Industry Trend Forecast till 2026
  • May, 2020
  • 2019
  • 2016-2018
  • 160

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . More info.
X