(EMAILWIRE.COM, December 01, 2022 )
The global medical electrodes market is projected to reach USD 2.1 billion by 2026 from USD 1.7 billion in 2021, at a CAGR of 4.3% during the forecast period.
Major Growth Driving Factors:
Growth in the medical electrodes market is primarily driven by factors such as the rising incidence of target diseases, increasing investments in research, and growing preference for home and ambulatory healthcare services.
In 2020, ECG electrodes accounted for the largest share of the medical electrodes market and is also expected to grow at the highest CAGR during the forecast period.
Based on the type, the diagnostic medical electrodes market is segmented into electrocardiography (ECG) electrodes, electroencephalography (EEG) electrodes, electromyography (EMG) electrodes, and other diagnostic electrodes [electroretinography (ERG) and electrooculography (EOG)]. Among these, the ECG segment accounted for the largest share of the diagnostic medical electrodes market in 2020. The large share of this segment can be attributed to the rising prevalence of CVD, increasing incidence of arrhythmias, and technological advancements in ECG electrodes.
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The defibrillator electrodes segment is expected to grow at the highest CAGR during the forecast period and also accounted for the largest share in 2020.
Based on type, therapeutic medical electrodes are segmented into defibrillator electrodes, electrosurgical electrodes, transcutaneous electrical nerve stimulation (TENS) electrodes, pacemaker electrodes, neuromuscular stimulation electrodes (NMES), and other therapeutic medical electrodes (wound healing electrodes, blood gas electrodes, and iontophoresis electrodes). The defibrillator electrodes segment accounted for the largest share of the therapeutic medical electrodes market in 2020 and is expected to grow at the highest CAGR during the forecast period. This is attributed to factors such as rising incidence of cardiovascular diseases (CVD) coupled with the growing geriatric population across the globe.
Geographical Growth Dynamics:
North America was the largest regional market for the medical electrodes market in 2020
The medical electrodes systems market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is the largest market for medical electrodes in 2020. Factors such as the high prevalence of cardiac and neurological diseases and increasing product innovation in the region are driving the growth of the North American market. However, the Asia Pacific market is estimated to grow at a higher CAGR of during the forecast period. Growth in the Asia Pacific market is primarily attributed to the rising prevalence of cardiac and neurological diseases, growth in the aging population, rising adoption of advanced technologies, and the growing focus of major players on enhancing their presence in emerging Asia Pacific countries.
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Key Players:
The global medical electrodes market is fragmented. The prominent players operating in this market include Medtronic (Ireland), Ambu A/S (Denmark), 3M (US), Natus Medical Incorporated (US), Koninklijke Philips N.V. (Netherlands), B. Braun Melsungen AG (Germany), ZOLL Medical Corporation (US), Cardinal Health (US), CONMED Corporation (US), Nihon Kohden Corporation (Japan), Rhythmlink International, LLC (US), Cognionics, Inc. (US), GE Healthcare (US), Compumedics Limited (Australia), and Nissha Medical Technologies (Japan).
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