New York, June 15, 2022 (GLOBE NEWSWIRE) -- The global medical electrodes market is expected to reach a valuation of US$ 3 Bn by 2032 from US$ 2.1 Bn in 2022, rising at a steady CAGR of 4.3% throughout the forecast period.
The rise in the prevalence of degenerative neurological and cardiological diseases such as fibromyalgia, Parkinson's, Alzheimer's, and various brain disorders are among the key factors driving the medical electrodes market size.
As the elderly are more likely to suffer from cardiovascular diseases (CVDs) and neurological ailments, demand for early detection is expected to rise, boosting sales of medical electrodes around the world.
As individuals become more interested in minimally invasive operations due to the obvious benefits they provide, such as faster recovery and decreased discomfort, the demand for medical electrodes is predicted to grow.
Medical electrodes have used electrocardiogram (ECG) monitoring systems primarily for the diagnosis of cardiac disorders.
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Technical advancements in medical electrodes are expected to raise the demand for medical electrodes during the study period. Emerging markets, including BRIC (Brazil, Russia, India, and China), Latin America, and Southeast Asia, are expected to provide major growth opportunities for medical electrode manufacturers.
Increasing commercial and public funding for R&D operations to technologically upgrade medical electrodes is expected to boost the sales of medical electrodes during the forecast period.
The use of electrocardiogram (ECG) to identify cardiovascular disorders and testing methodologies are evolving to keep up with today's technology necessities are some of the medical electrodes market trends.
Due to COVID-19 and social distancing methods, patient visits have dramatically decreased. As a result, the sales of medical electrodes have decreased.
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Key Takeaways
- The wet electrodes segment is predicted to lead the medical electrodes market during the analysis period, with a CAGR of 3.6 percent through 2032.
- Due to the increased frequency of cardiovascular illnesses worldwide, cardiology dominated the medical electrodes market by application in 2021, and this trend is expected to continue during the forecast period.
- Disposable medical electrodes are expected to enjoy significant demand until 2032, due to their growing popularity as a result of their cheaper cost and reduced risk of cross-contamination.
- During the projection period, the United States is expected to dominate the medical electrodes market, with a market value of US$ 1 billion and a CAGR of 3.8 percent.
- The Asia Pacific medical electrodes market is predicted to grow at a phenomenal rate as a result of an expanding number of suppliers targeting untapped emerging markets.
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- Additionally, increased healthcare development expenditures in emerging countries are expected to enhance regional medical electrodes market share growth.
- China is expected to have the biggest growth potential in the Asia Pacific medical electrodes market during the forecast period, with a CAGR of 3.4 percent.
- Due to the presence of large vendors in the European medical electrodes industry, the market is expected to grow significantly by the end of 2032.
Competitive Landscape
According to PMR's latest research on the medical electrodes market, the competitive landscape is fragmented, with multiple companies present. Cardinal Health, 3M, ZOLL Medical Corporation, Medtronic, Ambu A/S are some of the key players in the medical electrodes market.
These companies concentrate on new product launches, acquisitions and mergers, and portfolio expansion as growth strategy.
The popularity of the sector is attributable to a diverse product range of medical electrodes, as well as continual technological developments by medical electrodes companies.
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Recent Developments in Medical Electrodes Market
- In 2019, Alpha Omega and Medtronic (Ireland) struck a distribution deal. (Israel). Medtronic's surgical navigation technologies for brain procedures will be sold through this partnership.
- In May 2021, the US Food and Drug Administration (USFDA) approved the iCE-SG subcutaneous electrode from DC-based firm iCE Neuro systems to monitor the brain's electrical activity from beneath the scalp's skin.
- Bittium Corporation announced OmegaSnap in September 2021, adding another product to its OmegaSnap Product Family. When used in conjunction with the Bittium Faros ECG device, the Bittium OmegaSnap patch electrodes support one (1-CH), two (2-CH), and three (3-CH) channel ECG measurements.
- In the year 2020, Natus Medical, Inc. (US) and Holberg EEG AS formed a partnership (Norway). By developing and disseminating the software, this collaboration hopes to improve and automate epilepsy diagnosis.
- In 2018, Preventice Solutions and GE Healthcare (US) collaborated. (US). The goal of this collaboration is to deliver GE Healthcare ECG services into the home, culminating in a complete ambulatory ECG patient monitoring solution.
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