The medical electrodes market was valued at US$1.571 billion in 2022.
The medical electrode is a device used during surgery, it is a small metal plate or needle that carries electricity from an instrument. It helps in diagnosing certain conditions by transferring electrodes from the brain, heart, and muscles to other body parts. It helps to diagnose various disorders including cardiac, nervous, and muscular.
Driving factors for the medical electrodes market
The medical electrode industry is anticipated to grow due to the rising prevalence of heart disorders, brain disorders, Parkinson’s Disease, circulatory disturbances, body aches, and many other illnesses. The growing use of minimally invasive surgeries is also a key medical electrode market driver. Additionally, various technological advantages in medical electrodes and the rise in demand for portable devices to deal with the hospital and healthcare-related cost is further fueling the medical electrode market growth.
Growing prevalence of chronic diseases
Chronic diseases have grown exponentially in recent years owing to the changing lifestyle and eating habits of patients. For instance, according to the World Health Organization report, cardiovascular disease is considered the leading cause of death globally. In addition to this, the rising geriatric population and, the increase in the number of people suffering from obesity, and diabetes are the key drivers for the medical electrode industry. An increase in the prevalence of cardiovascular and neurological disorders is also anticipated to fuel the medical electrode market. The rise in mortality risk with such disorders is also increasing the utilization of medical diagnosis.
Advancement in Technology
Technological advancements in the medical electrode market is one the major factor fueling the market. For instance, in November 2022, Flexcon Company announced the commercialization of FLEXcon OMNI-WAVE Signal Receptive Media Components. This medical-grade conductive gel generates a signal without using hydrogen or Ag/AgCl. The novel technology incorporated electrodes are cost-effective and user-friendly. Moreover, as the electrodes are miniaturized, they can be easily used for patients without having a bunch of wires. Such technological advancements are further fueling the medical electrode market growth.
Needle electrodes are being used tremendously
Needle electrodes take less time to penetrate the specific motor units and provide an accurate assessment. The concentric ring needle is the most frequently used electrode. This needle electrode is gaining popularity due to its small diameter and ease of insertion and extraction compared to other electrodes. Furthermore, these electrodes are extremely durable, corrosion resistant, and have high tensile strength which drives the medical electrode industry. The type of needle used for electromyography is selected carefully and is used multiple times. Moreover, surface electrodes are being used significantly because its non-invasive, and the patient is not required to be sedated.
Increasing use in electrocardiography
As the number of patients suffering from cardiovascular disease is rising, there is an increase in the utilization of ECG electrodes which surges the medical electrode market. As per the National Library of Science in July 2020, ischemic heart disease affected 1,655 per 100,000 people, which is anticipated to climb to 1,845 by 2030. Growing research and development activities have led to the advancement of ECG electrodes. For instance, in June 2021, Xpress ECG was launched by QT Medical, the world’s first 12-lead ECG home test. This 12-lead ECG is used along with PCA 500 for various healthcare purposes.
Higher adoption of medical electrodes in hospitals
Hospitals experience a large number of patients who come for several chronic disease treatments such as cardiovascular disorders, neurological disorders, etc., and hence require medical electrode systems. For efficient diagnosis, these facilities have medical devices such as ECG and EEG instruments. The growing adoption of these instruments is fueling the medical electrode industry. Moreover, Specialty clinics are also anticipated to experience significant growth due to the rising adoption of medical electrodes to stabilize workflow with efficiency and better care for patients.
In North America, it is projected that the medical electrode market will grow steadily.
The North American region is anticipated to secure a sizable medical electrode share. Regional medical electrode market growth will be fueled by the increasing prevalence of neurological disorders. According to a report published by the National Tumor Society, primary brain tumors affect 94,390 people in the United States, and 18,990 Americans will die of brain tumors in 2023. Many manufacturers in the region are focusing on product innovation and development owing to this increase which is further anticipated to fuel the medical electrode market.
Europe is predicted to hold the second-largest market share.
Europe is anticipated to be the second largest medical electrode market shareholder during the forecast period due to rising healthcare expenditure and increasing prevalence of cardiovascular illness. As per the European Heart Network (EHN), 3.9 million in Europe suffer from cardiovascular disease, among which 1.8 million die every year. Additionally, the digitization of the health industry and the use of the Hospital Future Act's finances to address the hospital market's double-digit investment backlog are two growth catalysts. The German hospital system will be modernised and made more digital under this law, which was passed in October 2020. It received EUR 3 billion (USD 3.5 billion) in federal money and an extra EUR 1.3 billion (USD 1.5 billion) in state funding.
Market Key Developments
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2022 | US$1.571 billion |
| Growth Rate | CAGR during the forecast period |
| Base Year | 2022 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Billion |
| Segments Covered |
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| Companies Covered | |
| Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Customization Scope | Free report customization with purchase |
Segmentation: