Global Medical Electrodes Market:

Medical Electrodes Market- By Product Type, Usability, Technology, Application, and Region.

Market Synopsis:

The Global Medical Electrodes Market is valued at USD 1,629.5 Million in the year 2021 and is projected to reach a value of USD 1,979.9 Million by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 5.75% over the forecast period.

The focus on healthcare has increased substantially over the past few years and this trend is expected to drive demand for Medical Electrodes through 2028. Medical Electrodes are small pieces of metal either in the shape of a plate or needle used to carry electricity to the instrument while treatment of a patient or in surgery. They are also used crucially in monitoring devices as they transmit electric impulses to various parts of the body.

Increasing demand for better diagnostic procedures, rising demand for efficient monitoring devices, increasing prevalence of chronic diseases, and rising number of surgeries performed are some of the prime factors governing the overall Medical Electrodes Market potential. However, stringent mandates that regulate the approval of Medical Electrodes are anticipated to have a hampering effect on overall market growth in the coming years. Emerging economies are expected to provide highly rewarding opportunities over the forecast period.

Market Segmentation:

The Medical Electrodes Market is segmented based on Product Type, Usability, and Application. Based on the Application the market is segmented as Cardiology, Neurophysiology, Sleep Disorders, Intraoperative Monitoring (IOM), Surgical Applications, and Other Applications (vision disorders and wound healing). Based on Product Type, the market is segmented as Diagnostic Medical Electrodes and Therapeutic Medical Electrodes. Based on Usability, the market is segmented as Disposable Medical Electrodes and Reusable Medical Electrodes. Based on Technology, the market is segmented into Wet Electrodes, Dry Electrodes, and Needle Electrodes.

Based on Application:

Based on Application, the market is segmented as Cardiology, Neurophysiology, Sleep Disorders, Intraoperative Monitoring (IOM), Surgical Applications, and Other Applications (vision disorders and wound healing). The cardiology segment is projected to hold a major market share owing to the rising incidence of cardiac disorders. Cardiac disorders have increased substantially over the past few years owing to poor lifestyle choices and high penetration of sedentary lifestyles. Increasing obesity is also expected to play a major role in the rising incidence of cardiac disorders. The intraoperative monitoring segment is also expected to rise at a fast pace over the forecast period.

Based on the Usability:

Based on Usability, the market is segmented into disposable Medical Electrodes and reusable Medical Electrodes. The disposable segment currently accounts for a major market share but is expected to be overtaken by the reusable segment over the forecast period. Increasing focus on reduction of medical waste and rising focus on sustainability are expected to prominently boost the demand for reusable Medical Electrodes through 2028. However, the increasing incidence of Hospital-Acquired Infections (HAIs) is expected to promote the adoption of disposable Medical Electrodes over the forecast period.

North America Accounts for a Dominant Market Share

The Global Medical Electrodes Market is led by North America and this is expected to be the same for the complete forecast period. In 2021, the region accounted for 37.9% of the Global Medical Electrodes Market share and held a net worth of USD 617.5 million in the same year. The rapid adoption of novel medical technologies and the presence of developed healthcare infrastructure are major factors that provide lucrative opportunities for Medical Electrodes Market players in this region. High healthcare expenditure and the presence of key healthcare providers are expected to further bolster demand for Medical Electrodes across the forecast period. The United States and Canada are expected to be the most notable markets in this region. Increasing incidence of chronic diseases also favors Medical Electrodes Market potential.

Asia Pacific region is expected to witness growth at the fastest pace across the forecast period owing to rising investments the in development of healthcare infrastructure.

Competitive Landscape:

The key players in the Global Medical Electrodes Market include- Cardinal Health (US) and others.

Segmentation of the Global Medical Electrodes Market: