Global Medical Electrodes Market to Reach US$ 839.7 Million by 2024

According to the latest report by IMARC Group, titled “Medical Electrodes Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global medical electrodes market size reached US$ 663.7 Million in 2018. Medical electrodes are electronic conductors used to transfer the energy of ionic currents into electric currents in the body. These currents can be amplified and studied for detecting several medical conditions. These electrodes allow non-invasive diagnosis by providing ideal electric contact between the patient and the apparatus. They consist of lead, a metal and an electrode conducting paste, and are generally easy to use, cost-effective and sterilizable. They quantify internal ionic currents which aid in the diagnosis of nervous, cardiac, ocular and muscular disorders. Some of the conditions that can be treated with the help of these electrodes include Alzheimer’s disease, Parkinson’s disease, tinnitus, Raynaud’s disease, gout, fibromyalgia and sinusitis.

Global Medical Electrodes Market Trends:

Increasing geriatric population is one of the major factors that is contributing to the market growth. The elderly generation is more likely to develop cardiovascular diseases (CVDs) and neurological disorders, which are expected to escalate the requirement for early diagnosis, thereby impelling the sales of medical electrodes across the globe. Moreover, on account of changing lifestyles, busy schedules and shifting dietary patterns, there is an increasing prevalence of chronic diseases, such as obesity, diabetes and CVDs. Significant investments by both the governmental and non-governmental organizations (NGOs) to improve the existing healthcare infrastructure and increase the adoption of modern technologies as well as electronic medical devices have also created a positive outlook for the market. For instance, the Ministry of Health and Family Welfare, Government of India, under the National Health Mission: Free Diagnostics Service Initiative, provides a set of free diagnostic services at its primary healthcare facilities. The initiative also aims to reduce high out of pocket diagnostic expenditure incurred by patients. Such efforts are expected to provide a boost to the widespread sales of medical electrodes. Other factors, including enhanced research and development (R&D) and the application of these electrodes in minimally invasive (MI) surgeries, are also driving the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 839.7 Million by 2024, growing at a CAGR of around 4% during 2019-2024.

Market Summary:

• On the basis of the electrode type, the market has been bifurcated into diagnostic (ECG, EMG, EEG, ENG, neonatal, fetal scalp, and others) and therapeutic electrodes (defibrillator, electrosurgical, pacemaker, TENS, others), wherein diagnostic electrodes represent the most preferred segment.
• Based on the usability, the market has been divided into disposable and reusable medical electrodes.
• On the basis of the technology, the market has been categorized into wet, dry and needle electrodes.
• Based on the application, cardiology holds the dominant market share. Other major segments include neurophysiology, sleep disorders, intraoperative monitoring and others.
• On the basis of the end user, medical electrodes are largely utilized in hospitals. Other major segments include diagnostic centers, medical research institutions and others.
• On the geographical front, the market has been segregated into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. At present, North America holds the leading position in the market.
• The competitive landscape of the market report has also been studied in the report. Some of the key players operating in the market include Medtronic PLC, CONMED, 3M Company, Koninklijke Philips N.V., Ambu A/S, Dymedix Diagnostics, Natus Medical Incorporated, Cognionics Inc., Cooper Surgical Inc., ZOLL Medical Corporation, C. R. Bard Inc., Rhythmlink International company, NeuroSky and GE Healthcare.

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