Medical Electrodes Market - Increased Use of Electrodes with the Emergence of Nanotechnology Implementation is Expected to Lead to Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 3.3% from 2022 to 2028
As stated in our extensive report; providing insights on Key Drivers, Key Restraints, and Segments (i.e., by Product Type, Usability, Technology, Application, and Region); the Global Medical Electrodes Market accounted for USD 1,629.5 Million in the year 2021.
A Medical Electrodes is a small metal plate or needle that transmits electricity from an instrument to a patient for treatment or surgery. Electrodes also transfer electrical impulses from muscles, brain, heart, skin, and other body areas to recording equipment, which can aid in the diagnosis of certain disorders. Electrocardiography (ECG) electrodes, fetal scalp electrodes, electroencephalography electrodes, transcutaneous electrical nerve stimulation TENS electrodes, and pacemaker electrodes are all examples of electrodes used in the medical industry.
COVID-19 has had a global influence on the medical device industry, notably, the market for Medical Electrodes, causing substantial disruptions to enterprises and economic activity around the world. Owing to a decline in the volume of diagnostic, elective, & non-essential procedures; lower utilization of routine testing; reduced capital spending by customers; and a decrease in research activity because of laboratory closures & reduced clinical testing, the market saw an overall reduction in the Medical Electrodes industry. Many countries have started to rebuild their economies, but it will take time for medical care utilization rates to return to pre-pandemic levels. In addition, any increase in COVID-19 infections could result in further lockdowns, quarantine measures, or other limitations to slow COVID-19's spread, which could restrict the Medical Electrodes Market growth.
“Key Factors Likely to Drive Growth of Medical Electrodes market”
The increased use of electrodes with the emergence of nanotechnology implementation is driving up demand for electrodes in a variety of medical applications. In addition, higher electrode density, better-localized stimulation control, and greater tissue-sensing resolution are all advantages of electrode miniaturization. Some firms are concentrating on their Research and Development (R&D) efforts to get the needed medical results. Furthermore, increasing government subsidies in order to improve healthcare efficiencies related to medical devices would give various growth opportunities for the Medical Electrodes Market in future years. Moreover, the rising prevalence of chronic illnesses will greatly boost the growth of the Medical Electrodes Market in the coming years. One of the primary elements driving up the demand for these electrodes is the rising prevalence of neurological and cardiovascular illnesses. The high mortality risk associated with such conditions has prompted patients to seek medical attention more frequently, boosting the market's compound annual growth rate over the projected period.
North America holds the largest share in the Medical Electrodes Market and is expected to continue this trend in the forecast period. Rising chronic diseases, development in Medical Electrodes, and high healthcare expenditure are some factors that boost the growth of the Medical Electrodes Market in this region.
Asia Pacific is the fastest-growing region in the Medical Electrodes Market during the forecast period, owing to the increasing healthcare facilities in both the public and private sector, adoption of advanced technology, and the surge in the aging population in this region.
Some of the key players in the Global Medical Electrodes Market include- Cardinal Health (US), 3M (US), ZOLL Medical Corporation (US), Medtronic (Ireland), Ambu A/S (Denmark), Natus Medical Inc. (US), Koninklijke Philips N.V. (Netherlands), B. Braun Melsungen AG (Germany), CONMED Corporation (US), GE Healthcare (US), Cognionics Inc. (US), Nihon Kohden Corporation (Japan), Rhythmlink International LLC (US), Compumedics Limited (Australia), Nissha Medical Technologies (Japan), Boston Scientific Corporation (US), Medline Industries (US), SOMNOmedics GmbH (Germany), G.Tec Medical Engineering GmbH (Austria), Medico Electrodes International Ltd. (India), EMED (Poland), COMEPA (France), TZ Medical (US), R&D Medical Products (US), Wellmmlen Healthcare Tech. (Suzhou) Co. Ltd. (China), and others.
Browse the full Report - Medical Electrodes Market Size, Share & Trends Analysis Report by Product (Diagnostic Medical Electrodes, Therapeutic Medical Electrodes), by Technology (Wet Electrodes, Dry Electrodes, Needle Electrodes), by Usability (Disposable Medical Electrodes, Reusable Medical Electrodes), by Application (Cardiology, Neurophysiology, Sleep Disorders, Intraoperative Monitoring (IOM)), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)