The global Medical Electrodes Market is estimated to be valued at US$ 1122.06 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Medical electrodes are devices that facilitate the transmission of electrical signals from the body to medical diagnostic and therapeutic equipment. They detect electrical activity or signals from the body via the skin and convert those signals into graphs and waves that can be interpreted by monitoring equipment. Medical electrodes are used in many diagnostic and monitoring applications including electrocardiography (ECG or EKG), electroencephalography (EEG), electromyography (EMG), and electrocorticography (ECoG). Their advantages include non-invasiveness, accurate signal detection, and provision of real-time feedback to physicians. The growing prevalence of cardiac and neurological disorders globally has boosted demand for cardiac monitoring and EEG devices that utilize medical electrodes.
Market key trends:
One of the key trends in the medical electrodes market is the rising adoption of wireless, patch-type electrodes. These electrodes can adhere directly to the skin without the use of wires or cables, enabling greater patient mobility and comfort during monitoring and testing. Their wireless connectivity allows for continuous remote monitoring at home or outside of hospital settings. Manufacturers are also focusing on developing versatile electrodes that can be used across multiple diagnostic modalities. For instance, Ambu has launched dry electrode technology that functions with EEG, ECG, EMG, and other systems on a single platform. Additionally, demand for single-use disposable electrodes is increasing in line with heightened emphasis on infection control and prevention in the healthcare industry. Disposable electrodes eliminate the need for cleaning and sterilization between uses on different patients.
Porter’s Analysis
Threat of new entrants: The medical electrodes market requires high R&D investment for product innovation and manufacturing which poses a high entry barrier for new players.
Bargaining power of buyers: The presence of many established manufacturers of medical electrodes results in moderate bargaining power of buyers in the global market.
Bargaining power of suppliers: The key raw materials required for medical electrodes such as gels and adhesives have few substitute options, resulting in moderate bargaining power of suppliers.
Threat of new substitutes: There are limited product substitute options for medical electrodes due to strict performance and safety regulations for medical devices.
Competitive rivalry: The global medical electrodes market is highly fragmented with the presence of several global and regional players intensifying competitive rivalry.
Key Takeaways
The Global Medical Electrodes Market Size is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing prevalence of chronic conditions and growing elderly population globally.
The North America region is expected to dominate the global medical electrodes market over the forecast period, owing to growing demand for advanced medical devices and favorable reimbursement policies in the region. Asia Pacific region is anticipated to exhibit the fastest growth during 2023-2030 due to increasing healthcare expenditure, rising medical tourism and expansion of private healthcare facilities in emerging nations like India and China.
Key players operating in the medical electrodes market are Koninklijke Philips NV, Dymedix Diagnostics, Medtronic PLC, CooperSurgical Inc., Cognionics Inc., Ambu A/S, 3M Company, Nihon Kohden Corporation, CONMED Corporation, and Natus Medical Incorporated, among others. Philips and 3M together hold over 20% share of the global medical electrodes market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it