Global Medical Electrodes Market - 2023-2030

Global Medical Electrodes Market - 2023-2030

Global Medical Electrodes Market reached US$ YY billion in 2022 and is expected to reach US$ YY million by 2030 growing at a CAGR of YY% during the forecast period 2023-2030.

The medical electrode converts the body's ionic currents into electrical currents that can be analyzed, amplified, and used to aid in diagnosing conditions. Medical electrodes permit surface quantification of internal ionic currents, yielding an ordinarily non-invasive test for a variety of nervous, muscular, ocular, cardiac, and other disorders.

Medical electrodes are generally comprised of a lead for the conduction of electrical current, a metal electrode, and an electrode-conducting paste or gel for surface electrodes. Medical electrodes are generally used in various applications such as in cardiology, neurophysiology, sleep disorders, and intraoperative monitoring.

Market Dynamics

Increasing product approvals

Medical electrodes are widely used for patient monitoring and testing needs. The increasing number of product approvals for medical electrodes acts as a significant driver for market growth. Also, many significant companies play a major role in the advancements of the market by launching new treatment medical electrodes.

For instance, in October 2023, Nissha Medical Technologies (NMT) received the U.S. Food and Drug Administration (FDA) approval for its HeartSync defibrillation electrodes. It allows easy positioning around the heart and reduces pressure points from larger pads.

in May 2022, Micro-Leads Inc. received U.S. FDA Investigational Device Exemption (IDE) approval for its high-definition 60-electrode spinal cord stimulation (HD-SCS) system.

Also, in May 2021, iCE Neuro Systems received approval from U.S. FDA approval for a subcutaneous electrode called iCE-SG which is designed to monitor the brain's electrical activity from beneath the skin of the scalp.

Furthermore, the global medical electrodes market is driven by various factors like rising cardiovascular and neurological diseases, technological advancements, and a rise in minimally invasive surgeries are expected to drive the market in the forecast period.

Stringent government regulations

Stringent government regulations are critical in the medical electrode market because they ensure product safety, quality, and efficacy. These regulations aid in the maintenance of high standards, the promotion of innovation, and the protection of patient well-being. Compliance with such requirements is critical for manufacturers and helps to ensure the overall reliability of medical electrodes.

Segment Analysis

The global medical electrode market is segmented based on type, modality, application, end users and region.

Wet electrodes accounted for approximately 38.4% of the market share

Wet electrodes use an electrolyte gel to form a conductive path between skin and electrode to reduce the electrode-skin impedance. Wet electrodes are expected to hold the largest market share over the period forecast owing to increasing new standard pen needle launches and technical advancements.

For instance, in May 2023, NeuroOne Medical Technologies Corporation commercially launched its Evo sEEG electrodes in the United States. This electrode technology offers stereoelectroencephalography recording, brain stimulation, and future capabilities for spinal cord stimulation.

Additionally, in October 2022, Nihon Kohden launched the Smart Cable NMT Pod and disposable electrode. This electrode allows clinicians to monitor the patient’s depth of paralysis during surgery when a neuromuscular blockade agent is administered to the patient.

Geographical Analysis

North America is expected to hold a significant position in the global medical electrodes market share

The global medical electrodes market is segmented into North America, Europe, Asia Pacific, South America, Middle East, and Africa.

North America has maintained a significant market proportion due to factors such as the rising prevalence of cardiovascular disorders, and neurological disorders, this trend is anticipated to continue throughout the forecast period.

For instance, according to the Centers for Disease Control and Prevention updated factsheet in 2023, in the United States, 805,000 people experience a heart attack every 40 seconds, with 605,000 being first-time cases and 200,000 being those who have already experienced one. About 1 in 5 heart attacks are silent, causing damage without the person being aware. Hence, the demand for medical electrodes increases with the rising population of heart patients.

Additionally, an estimated 6.7 million Americans aged 65 and over are predicted to have Alzheimer's dementia in 2023, and this number may increase to 13.8 million by 2060, according to a report released by the Alzheimer's Association in March 2022. Hence, the usage of medical electrodes increases in treating the Alzheimer’s patients.

COVID-19 Impact Analysis

The COVID-19 pandemic has had a significant impact on the global medical electrodes market. The onset of the pandemic in early 2020 led to widespread lockdowns and restrictions, impacting regular diagnoses, treatments, device launches, and consultations worldwide. With the outbreak of the pandemic, many pharmaceutical or medical device manufacturing units faced labor shortages and were unable to travel to work due to lockdown restrictions. Therefore, owing to the above factors, the medical electrodes market is expected to be moderately affected over the forecast period.

Competitive Landscape

The major global players in the market include Medtronic Plc, Koninklijke Philips N.V., Ambu A/S, Natus Medical Inc., 3M, CONMED Corporation, Rhythmlink International LLC, Leonhard Lang GmbH, Nihon Kohden Corporation, Compumedics Limited among others.

Key Developments

In May 2021, WISE received the CE mark for cortical neuromonitoring electrodes. thin and pliable WISE Cortical Strip provides unprecedented conformability to the brain surface for neuromonitoring during brain tumor and epilepsy surgeries.

In July 2022, NeuroOne Medical Technologies Corporation entered into an exclusive development and distribution agreement for the commercialization of diagnostic evo cortical electrodes.

Why Purchase the Report?
• To visualize the global medical electrodes market segmentation based on type, modality, application, end users and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of medical electrodes market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global medical electrodes market report would provide approximately 69 tables, 71 figures, and 185 Pages.
Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies