Medical Electrodes Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Medical Electrodes Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Medical Electrodes Market

The medical electrodes market size was valued at USD 609.8 million in 2019, and the market is now projected to USD 1,040.3 million by 2032, exhibiting a CAGR of 4.3% during the forecast period of 2020-2032.

The nationwide lockdown and social distancing tactics has lessened the demand for the tools. The number of individuals visiting hospitals has reduced in spite of the availability of emergency and outpatient services. The market hindered due to the volume of diagnostic, elective, and non-essential procedures, which has decreased in routine testing. The customers were spending less capital which has reduced clinical testing and a decline in research activity because laboratory closures have also resulted in decreased requirement for equipment. Therefore, the COVID-19 pandemic has a negative influence on medical electrodes market growth.

The medical electrodes market share globally has enlarged owing to the growing prevalence of chronic diseases. The escalating frequencies of neurological and cardiovascular disorders are augmenting the demand for these electrodes. High mortality risk allied to these disorders has augmented the rate of frequent medical diagnosis of patients. These tools are majorly employed in the electrocardiogram (ECG) monitoring devices for the diagnosis of cardiac disorders. ECG has been used as the most important form of diagnosis for vascular system ailments, and testing systems are evolving to meet today’s technology demands are enhancing the market growth.

The trend is increasing demand for miniaturization of medical devices is amplifying the market growth. Increasing practice of devices through the implementation of nanotechnology is raising the demand. Nanotechnology has allowed the tininess of this equipment and consequently making them portable. They endow with higher electrode density, more localized stimulation control, and greater tissue-sensing resolution. In addition, several manufacturers are focusing on R&D activities to attain the desired therapeutic achievements.

Comprehensive Analysis of Medical Electrodes Market

The medical electrodes market and healthcare industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the healthcare industry. These segmentations are methodically segregated by product, application, usage, and end user. The products comprise dry, wet, and needle electrodes. The applications are cardiology, neurophysiology, and others. The usage fragment consists of disposable and reusable medical electrodes. The end-users are specialty clinics & diagnostics centers and hospitals & ambulatory surgery centers (ASCs).

The North American region is conducive to the global medical electrodes market, leading to a recall of USD 280.46 million owing to increasing government initiatives to enhance the medical sector, along with favorable government policies, and flexible regulatory scenarios are impelling the market growth.

The top players in the market play a vital role in the healthcare industry assuring industrial prospectus growth and setting market standards. These players include Ambu, 3M, Conmed Corporation, Cardinal Health, Zoll Medical, B. Braun, Vermed, KLS Martin, Ad-Tech Medical, Medico Electrodes International Limited, ETHICON (Johnson & Johnson), and others, these market players provide a level-playing competitive landscape.

In June 2021, Merck, a science and technology company announced their partnership with Neuroloop GmbH. It is a subsidiary of B.Braun in its latest bioelectronics innovation field. The plan of this collaboration is to make a neurostimulator device that can go along with the existing drug therapies of patients with chronic inflammatory diseases. The basics of the platform are a multichannel cuff-electrode based on thin-film technology. It enables selective stimulation of particular fibers within the nerve.

Segmentation Table

Global Medical Electrodes Market Scope

ATTRIBUTE DETAILS

Study Period 2016-2027

Base Year 2019

Forecast Period 2020-2027

Historical Period 2016-2018

Unit Value (USD million)

SegmentationBy Product

Wet

Dry

Needle

By Application

Cardiology

Neurophysiology

Others

By Usage

Disposable

Reusable

By End User

Hospitals & Ambulatory Surgery Centers (ASCs)

Specialty Clinics & Diagnostics Centers

By Geography

North America (the U.S. and Canada)

Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)

Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)

Latin America (Brazil, Mexico, and the Rest of Latin America)

The Middle East & Africa (South Africa, GCC and the Rest of Middle East & Africa)


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