Medical Electrodes Market Analysis and Forecast to 2031: By Product (Surface Electrodes, Needle Electrodes), Usability (Disposable Medical Electrodes, Reusable Electrodes), Modality (Electromyography, Electrocardiography, Electroencephalography, Brainstem

Medical Electrodes Market Analysis and Forecast to 2031: By Product (Surface Electrodes, Needle Electrodes), Usability (Disposable Medical Electrodes, Reusable Electrodes), Modality (Electromyography, Electrocardiography, Electroencephalography, Brainstem Auditory Evoked Potentials, Others), Application (Neurophysiology, Cardiology, Sleep Disorders, Intraoperative Monitoring, Others), and Region

The global medical electrodes market was valued at USD 1.9 billion in 2021 and it is anticipated to grow further to USD 2.6 billion by 2031, at a CAGR of 3.2% during the forecast period.

A medical electrode is a tiny metal plate or needle that transfers electricity from a device to a patient for therapy or surgery. Additionally, electrodes transfer electrical impulses from the heart, brain, skin, muscles, and other regions of the body to recording equipment to aid in the diagnosis of specific disorders. Electrodes come in a variety of forms, including those used for electrocardiography (ECG), foetal scalp electrograms, electroencephalograms, transcutaneous electrical nerve stimulation (TENS), and pacemaker electrodes. The detection of any specific irregularities in the brain is aided by electroencephalography. By placing about 10 electrodes in various locations for the monitoring of electrical and ionic waves or neuronal activity, these brain wave patterns are detected and recorded.

Market Trends and Drivers

Over time, there has been a dramatic rise in the prevalence of sleep disorders, cardiovascular and neurological ailments. The volume of diagnostic and therapeutic operations has consequently increased. Because of this, market expansion is probably being driven by the rising demand for these operations. For instance, cardiovascular disease (CVD) is a major cause of death and disability worldwide, according to the World Health Organization (WHO). Globally, 17.9 million CVD-related deaths were reported in 2016; by 2030, this number is expected to rise to 23.6 million.

Market Restraints and Challenges

Government restrictions that come with the approval of these devices limit commercial expansion. Additionally, the rise of this market during the projection period is hampered by some underdeveloped or developing countries' lack of knowledge about the benefits and associated technological advancements of such devices.

Global Medical Electrodes Market Segmental Overview

The report analyses the global medical electrodes market based on the product, usability, modality, application, and region.

Global Medical Electrodes Market by Product

Based on the product, it is segmented into surface electrodes, needle electrodes. The surface electrodes segment is anticipated to dominate the market during the forecast period. The key factors such as rising incidences of neurological cardiovascular disorders coupled with increasing investment in research for medical devices is boosting the growth of the market.

Global Medical Electrodes Market by Usability

Based on the usability, it is segmented into disposable medical electrodes and reusable medical electrodes. The disposable electrodes segment is anticipated to dominate the market during the forecast period. Due to their low risk of cross-contamination and affordability, disposable electrodes are being used more frequently, which is responsible for their significant market share.

Global Medical Electrodes Market by Modality

Based on the modality, it is segmented into electromyography, electrocardiography, electroencephalography, brainstem auditory evoked potentials and others. The global increase in cardiac illnesses will lead to an increase in the revenue generated by the electrocardiography (ECG) modality medical electrodes market. In order to record the electrical signals of the heart and look for various heart problems, these electrodes are typically positioned on the patient's chest. The expanding market will benefit from the increased focus on early diagnosis.

Global Medical Electrodes Market by Application

Based on the application, it is segmented into neurophysiology, cardiology, sleep disorders, intraoperative monitoring, and others. The cardiology application segment is anticipated to dominate the market during the forecast period. Cardiovascular diseases (CVDs) can be regarded as a main cause of death globally and contributed to more than 17.9 million fatalities in 2019, according to the WHO (World Health Organization). Out of these fatalities, heart attacks and strokes were the leading causes of death for about 85% of people. The increased need for early detection and better treatment of these diseases will give the use of medical electrodes a significant boost.

Geographical Analysis of the Global Medical Electrodes Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America region is anticipated to dominate the market during the forecast period. The region's healthcare spending is on the rise as a result of the quickly growing elderly population and the growing burden of chronic diseases. Higher rates of technological advancements in medical electrodes are a result of the expanding utility of medical devices and effective governmental initiatives. Other factors promoting regional industrial growth include an expanded base of international corporations, rising healthcare awareness, and the availability of greater infrastructure.

Major Players in the Global Medical Electrodes MarketCOVID-19 Impact

Every part of the medical device sector, including the market for medical electrodes, has been impacted by the COVID-19 epidemic globally due to the considerable interruptions to enterprises and economic activity that have occurred on a global scale. Despite the availability of emergency and OPD services in cardiology, neurology, and other departments, the number of patient visits to hospitals, ambulatory surgery centres, and diagnostic labs has considerably decreased. Patient visits have dramatically decreased as a result of widespread lockdowns and social isolation policies. The sales of medical electrode devices have fallen even further as a result. Many of the industry's top companies, including Ambu (Denmark), Cardinal Health (US), and CONMED Corporation (US), reported a fall in sales for the second and third quarters of 2020 for their medical devices division.

The market has been impacted by a decline in research activity as a result of laboratory closures and decreased clinical testing, as well as a general decline in the use of medical electrodes due to the declining volume of diagnostic, elective, and non-essential procedures, the lower utilisation of routine testing, and decreased capital spending by customers. Although many nations have started to rebuild their economies, it will take some time before medical electrode usage rates return to pre-pandemic levels. Additionally, any increase in COVID-19 infections could lead to additional lockdowns, quarantine measures, or other limitations to stop the virus's transmission, which could have a detrimental effect on the market's expansion.

Recent Developments

• September 2021, Bittium Corporation launched Omega Snap and added one more product to its Omega Snap product family. In combination with the Bittium Faros ECG device, the new Bittium Omega Snap patch electrodes support one (1-CH), two (2-CH) and three channel (3-CH) ECG measurements.
• June 2021, Merck, a subsidiary of B. Braun in its new bioelectronics innovative field. With the help of this collaboration companies can develop a neurostimulator device which can be accompanied with the existing drug therapies of patients with chronic inflammatory diseases.
• May 2021, DC-based startup iCE Neuro Systems received approval from the United States Food and Drug Administration (USFDA) for a subcutaneous electrode called iCE-SG, designed to monitor the brain’s electrical activity from beneath the skin of the scalp.
• December 2020, Neuro One Medical Technologies Corporation, announced its first human commercial use of its Evo Cortical Electrode.
• May 2020, Natus Medical, Inc. entered into a partnership with Holberg EEG AS. This partnership aims to improve and automate the diagnosis of epilepsy by developing and distributing an Auto SCORE algorithm across the globe.
• April 2020, Nihon Kohden disclosed the release of its new Premium electroencephalogram electrode, Disposable Gold Cup to the healthcare community.
• April 2019, Medtronic entered into a distribution agreement with Alpha Omega. This agreement aimed to market Medtronic’s surgical navigation products designed for procedures in the brain.
• May 2018, GE Healthcare collaborated with Preventice Solutions. This collaboration is aimed to offer GE Healthcare ECG service into the home, creating a complete solution for monitoring ambulatory ECG patients.

Frequently Asked Questions

Q1. How big is the Medical Electrodes market?Ans. The global Medical Electrodes market size was USD 1.9 billion in 2021 and is anticipated to reach USD 2.6 billion in 2031, growing at a rate of 3.2% from 2022 to 2031.Q2. What is the Medical Electrodes market growth rate?Ans. The growth rate of the Medical Electrodes market is 3.2%.Q3. Which region holds a major market share for the Medical Electrodes market?Ans. North America holds a major market share of the Medical Electrodes market in 2021.Q4. Which segment accounted for the largest Medical Electrodes market share?Ans. By application, cardiology segment accounted for the largest Medical Electrodes market share.Q5. Who are the key players in the Medical Electrodes market?Q6. What are the factors driving the Medical Electrodes market growth?Ans. The major factors driving the growth of the market are the growing healthcare market in emerging countries.Q7. What are the key growth strategies of Medical Electrodes market players?Ans. The key growth strategies of Medical Electrodes market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Medical Electrodes market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Medical Electrodes market during the forecast period.

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