by Medical electrodes are used to monitor physiological signals of patients and conduct diagnostic procedures. These electrodes help in monitoring cardiac activity, brain signals, and muscle movement. Types of medical electrodes include electrocardiography (ECG or EKG) electrodes, electroencephalography (EEG) electrodes, and electromyography (EMG) electrodes. ECG electrodes are majorly used to monitor heart rate and rhythm through ECG devices. Growing prevalence of cardiovascular diseases has increased the demand for ECG monitors and electrodes. As per statistics by the World Health Organization (WHO), cardiovascular diseases account for over 17 million deaths annually worldwide.
The global Medical Electrodes Market is estimated to be valued at US$ 1292.62 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period from 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing use of diagnostic electrodes for chronic disease monitoring is expected to drive the medical electrodes market over the forecast period. Diagnostic electrodes placed on the skin help in non-invasive monitoring of physiological signals at home as well as in healthcare facilities. This enables early detection of health abnormalities and timely medical intervention. As per statistics, nearly half of the adult population suffers from any chronic medical condition. Rising cases of chronic illnesses such as diabetes, hypertension, and respiratory diseases have increased the demand for diagnostic electrodes to self-monitor health indicators.
Another driver for the market is increasing adoption of ambulatory and home healthcare devices. Device manufacturers are focused on developing small, easy-to-use, wireless diagnostic tools that can be used outside hospitals. These portable monitoring solutions leverage medical electrodes to record vital signs remotely and transfer data to clinicians. They provide post-hospital care and convenience of remote health tracking. Growing geriatric population, which is more prone to chronic diseases, is also promoting the use of home healthcare aids integrated with medical electrodes.
Segment Analysis
The medical electrodes market can be segmented into diagnostics electrodes and therapeutic electrodes. Diagnostic electrodes are further segmented into electrocardiograph (ECG) electrodes, electroencephalography (EEG) electrodes, electromyography (EMG) electrodes, and others. The ECG electrodes segment holds the highest share as ECG tests are routinely conducted worldwide for diagnosing cardiovascular diseases. Therapeutic electrodes are segmented into TENS (Transcutaneous electrical nerve stimulation) electrodes, PACE (Pacing) electrodes, and others. TENS electrodes dominate owing to the increasing use of TENS devices for pain management without drugs.
PEST Analysis
Political: Regulations regarding safety and effectiveness of medical devices are increasing the demand for high-quality medical electrodes. Stringent norms ensure better patient outcomes.
Economic: Rising healthcare expenditures and growing incidence of lifestyle diseases are fueling the demand. Developing nations with expanding medical infrastructures are emerging as lucrative markets.
Social: Growing geriatric population prone to chronic diseases, rising health awareness, and increasing preference for non-invasive treatments are propelling the demand for therapeutic and diagnostic procedures using medical electrodes.
Technological: Advancements in material sciences, connectivity technologies, and miniaturization have enhanced durability, accuracy, ease-of-use, and compatibility with new-age diagnostic and therapeutic equipment. Bluetooth and WiFi enabled smart electrodes are gaining popularity.
Key Takeaways
The Global Medical Electrodes Market Growth is expected to witness high over the forecast period due to rapidly growing elderly population, rising prevalence of target diseases, increasing preference for non-invasive treatments, and continuous technological advancements. The global Medical Electrodes Market is estimated to be valued at US$ 1292.62 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period from 2024 to 2031.
Regional analysis indicates North America holds the largest share due to developed healthcare infrastructure and rising incidence of chronic conditions like CVD and neurological disorders. Asia Pacific is expected to grow at the fastest pace due to expanding healthcare industries, large patient bases, and rising medical tourism.
Key players operating in the medical electrodes market are Brenntag AG, Arkema Group, Guangxi Qinzhou Capital Success Chemical Co. Ltd, OCP SA, Grasim Industries Limited, Merck KGaA, Yunphos, Spectrum Chemical, Manufacturing Corp., Prayon SA, Emco Dyestuff Pvt. Ltd, Nutrien Ltd, Anmol Chemicals, and Vinipul Inorganics Private Limited. Key players are engaged in new product launches, geographical expansions, and mergers & acquisitions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
