Medical electrodes are an integral part of medical devices used for diagnostic and therapeutic purposes. It is essentially a patch that uses conductive material to connect the human body to diagnostic devices for monitoring and treatment. Key applications of medical electrodes include electrocardiography (ECG), electroencephalography (EEG), electromyography (EMG) and other procedures that require real-time monitoring or application of electric currents to the body. Rising incidence of cardiovascular diseases and growing geriatric population have bolstered the use of cardiac monitoring devices significantly. With continuous ECG monitoring gaining prominence for older adults, demand for disposable medical electrodes is surging.
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 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Increasing Use of Cardiac Monitoring Devices (Referring to the heading opportunity): Growing prevalence of cardiac conditions has boosted installation of Holter monitors and event monitors for continuous or long-term cardiac monitoring. This is a key factor propelling the medical electrodes market as disposable electrodes are essential components of such devices. As per American Heart Association estimates, about 92.1 million American adults are living with some form of cardiovascular disease. Adoption of remote patient monitoring also gains traction, requiring durable electrode patches to transmit vital signs to healthcare providers.
Rising Geriatric Population (second driver): Advanced age is a major risk factor for cardiac arrhythmias, heart failure and other heart diseases. With number of older adults rising worldwide, need for long-term ECG monitoring during treatment and recovery has increased. This wide pool of elderly patients drives consistent demand for convenient adhesive electrodes that can be used with portable Holter and event monitoring devices for days or weeks.
The global medical electrodes market is dominated by the disposable electrodes segment, which accounts for over 80% of the market share. Disposable electrodes are preferred over reusable electrodes as they prevent the risks associated with infection and cross-contamination between patients. These electrodes are meant for single use and are cost-effective for most diagnostic and therapeutic applications.
Political: Regulations around the use of electrodes in medical devices and patient monitoring systems are becoming more stringent. This is positively impacting innovation.
Economic: Growth in the aging population and rising investments in healthcare infrastructure globally are driving demand. Higher incidence of chronic diseases also fuels market growth.
Social: Increased awareness about new diagnostic and treatment techniques enhances the adoption of electrodes.
Technological: Advancements in material science and miniaturization lead to the development of wearable electrodes and improved connectivity with monitoring devices.
Global Medical Electrodes Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by the aging population, increasing investments in healthcare infrastructure and rising incidence of chronic diseases.
Regional analysis – North America currently dominates the market due to advanced healthcare facilities and favorable reimbursement policies. Asia Pacific is expected to be the fastest growing region on account of rising medical tourism, heavy governmental investments and growing health awareness.
Key players operating in the medical electrodes market are Brenntag AG, Arkema Group, Guangxi Qinzhou Capital Success Chemical Co. Ltd, OCP SA, Grasim Industries Limited, Merck KGaA. Key players are focusing on new product launches, mergers, acquisitions and partnerships to strengthen their market presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it