The latest market report published by Credence Research, Inc. “Medical Electrodes Market By Type (Diagnostics, Therapeutics) – Growth, Future Prospects, and Competitive Analysis, 2018–2026” the medical electrodes market was valued at US$ 1,217.3 Mn in 2017 and projected to reach US$ 2,406.9 Mn by 2026 at a CAGR of 7.6% over the forecast period from 2018 to 2026.
The medical electrodes market is likely to witness a healthy CAGR during the forecast period from 2018 to 2026. Worldwide growth in geriatric population base along with increasing adoption of medical electrodes for the treatment of various diseases, technological advances in medical electrodes, and rising preference for minimally invasive surgeries (MISs) are the factors driving the market growth. Medical electrodes work through the transfer of body’s ionic current energy into electrical current, which is amplified and examined for diagnosing several cardiac, muscular, and nervous diseases. Medical electrodes provide optimum electrical contact between the patient and the device that are used to measure or record the activity.
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Increasing technological advances in medical electrodes coupled with growing demand for portable medical devices is nurturing the market growth. The launch of nanotextured (miniaturized) electrodes and products that provide high signal quality and improved patient comfort is gaining popularity across the world. In addition, portable devices efficiently manage major health conditions including heart diseases and diabetes at economic rates as they reduce the number of physician visits or hospital/clinic visits for patients. There is also a rising shift towards adoption of minimally invasive surgeries (MISs) due to its benefits including minor incisions, reduced muscle & tissue damage, speedy wound healing, and lesser surgical scars & pain as compared to invasive procedures. Hence, this causes lesser complications and curbs operational expenses & decreases the risk of developing hospital-acquired infections in patients. This inclination towards adoption of MISs will boost the demand for electrodes while performing MISs by using minimally invasive pacemaker, defibrillator, and electrosurgical & laparoscopic electrodes. Rising funding from government agencies such as the National Science Foundation (NSF), National Eye Institute (NEI), and Department of Energy (DE) is supporting research and development (R&D) of electrodes. Major players in this vertical are GE Healthcare, Boston Scientific Corporation, Medtronic plc, Thermo Fisher Scientific, Inc., Philips Healthcare, 3M Healthcare, C. R. Bard, Inc., CONMED Corporation, Asahi Kasei Corporation, and Natus Medical Incorporated.
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Key Market Movements:
- Globally, the medical electrodes market shall witness a noticeable growth with a CAGR of 7.6% during the forecast period from 2018 to 2026
- The therapeutic segment is likely to exhibit the fastest market growth during the next nine years. This is attributed to increasing use of pacemaker electrodes, defibrillator electrodes, transcutaneous electrical nerve stimulator (TENS) electrodes, electrical muscle stimulator (EMS) electrodes and electrosurgical electrodes for the treatment of arrhythmia, acute & chronic pain, ventricular fibrillation, and pulseless ventricular tachycardia, among others.
- North America spearheaded the market in 2017 and expected to retain its status quo over the forecast period owing to the presence of key market participants & target population, strong technology base, changing lifestyle, and rising prevalence of cardiovascular diseases (CVDs), neurophysiological/neurological disorders, and sleep disorders in the U.S. & Canada
- Asia Pacific is predicted to display comparatively higher CAGR throughout the forecast period from 2018 to 2026 due to the presence of economic reforms and investment-oriented policies in China, implementation of Goods and Services Tax (GST) by the Indian government in order to avoid the double taxation/cascading effect to assist existing and new market entrants in the region
By Type Segment (2016–2026; US$ Mn)
- Electrocardiography (ECG) Electrodes
- Electroencephalography (EEG) Electrodes
- Electromyography (EMG) Electrodes
- Electroretinography (ERG) Electrodes
- Fetal Scalp Electrodes (FSEs)
- Others [Electronystagmography (ENG) Electrodes, Needle Electrodes, Ion-selective Electrodes (ISEs), and Textile Electrodes]
- Pacemaker Electrodes
- Transcutaneous Electrical Nerve Stimulator (TENS) Electrodes
- Defibrillator Electrodes
- Electrosurgical Electrodes
- Others [Electrical Muscle Stimulator (EMS) Electrodes and Functional Electrical Stimulator Electrodes]
By Geography Segment (2016–2026; US$ Bn)
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America