March 31, 2020

Medical Electrodes Market will be growing at a CAGR of 7.6% during the forecast period from 2018 to 2026

The latest market report published by Credence Research, Inc. “Medical Electrodes Market – Growth, Future Prospects, and Competitive Analysis, 2018–2026”, the market for medical electrodes was estimated at US$ 1,217.3 million in 2017 and is projected to reach US$ 2,406.9 million by 2026 for a CAGR of 7.6 per cent over the 2018-2026 forecast period.

Market Insights

The market for medical electrodes is likely to see a healthy CAGR during the forecast period from 2018 to 2026. Global growth in the geriatric population base, along with increasing adoption of medical electrodes for the treatment of various diseases, technological advances in medical electrodes and increasing preference for minimally invasive surgeries (MISs) are factors driving market growth. Medical electrodes work by transferring the body’s ion current energy to electrical current, which is amplified and examined for the diagnosis of several cardiac, muscular and nervous disorders. Medical electrodes provide optimum electrical contact between the patient and the device 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.

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

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 [Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]

Report Scope by Segments

By Type Segment

  • Diagnostics
    • 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]
  • Therapeutics
    • 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

  • North America (the U.S., Rest of North America)
  • Europe (U.K., Germany, France, Rest of Europe)
  • Asia Pacific (China, Japan, India, Rest of Asia Pacific)
  • Rest of World (Middle East & Africa (MEA), Latin America)

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