Rise in focus on early diagnosis, growth in geriatric population, and increase in burden of cardiology and neurology diseases across the globe drive the global medical electrodes market.
PORTLAND, Ore., June 13, 2022 /PRNewswire/ — Allied Market Research published a report,titled, “Medical Electrodes Market by Product Type (Surface Electrodes, Needle Electrodes), by Application (Cardiology, Neurophysiology, Electrosurgery, Intraoperative Monitoring (IOM), Sleep Study), by Modality (Electrocardiography (ECG), Electroencephalography (EEG), Electromyography (EMG ), Brainstem auditory evoked potentials (BAEPs), Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report published by Allied Market Research, the global medical electrodes industry was estimated at $1.7 billion in 2021 and is expected to hit $2.4 billion by 2031, registering a CAGR of 3.6% from 2022 to 2031.
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Drivers, restraints, and opportunities-
Rise in focus on early diagnosis, growth in geriatric population, and increase in burden of cardiology and neurology diseases across the globe drive the global medical electrodes market. On the other hand, stringent government regulations associated with the approval of these devices restrain the growth to some extent. However, an increase in the number of R&D investments for medical devices is projected to create lucrative opportunities in the industry.
- A steep decline in volume of elective and non-essential procedures, reduction in use of routine testing, and fall in research activities due to closure of laboratories gave way to decreased demand for medical electrodes, thus impacting the market negatively.
- However, the global situation has almost gotten back to normalcy and the market is projected to revive soon.
The surface electrodes segment to retain the lion’s share-
By product type, the surface electrodes segment held the largest share in 2021, garnering more than two-thirds of the global medical electrodes market. Introduction of new electrode indications propells the segment growth. The needle electrodes segment, on the other hand, is projected to cite the fastest CAGR of 4.5% throughout the forecast period, due to rise in medical indications in the area of neurophysiology.
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The electrocardiography segment to dominate by 2031-
By modality, the electrocardiography segment contributed to the lion’s share in 2022, holding nearly three-fifths of the global medical electrodes market. However, the same segment is also projected to manifest the fastest CAGR of 4.0% from 2022 to 2031. High prevalence of cardiovascular disorders, including coronary artery disease, arrhythmias, and atherosclerosis boosts the growth segment.
North America held the highest share in 2021-
By region, North America dominated in 2021, garnering nearly two-fifths of the global medical electrodes market. Growing focus on technological advancements in medical electrodes, rising geriatric population, increasing incidence of chronic diseases, and high healthcare expenditure in the region drive the market growth. The market across Asia-Pacificsimultaneously, is expected to cite the fastest CAGR of 4.9% throughout the forecast period, due to increase in the number of private and public health care facilities in the region.
Key players in the industry-
- 3M Company
- Koninklijke Philips NV
- Medtronic, Plc.
- Ambu A/S
- Natus Medical Inc.
- Dickinson and Company
- The Cooper Companies, Inc.
- Cognionics, Inc.
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