Triton Market Research presents the Global Medical Electrodes Market report sectioned by Product (Surface Electrodes, Needle Electrodes), Usability (Disposable Medical Electrodes, Reusable Medical Electrodes), Type (Diagnostic Medical Electrodes, Therapeutic Medical Electrodes), Application (Cardiology, Intraoperative Monitoring, Neurophysiology, Sleep Disorders, Other Applications), and Regional Outlook (North America, Latin America, Europe, Asia-Pacific, Middle East and Africa). The report further discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter’s Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, Industry Components, Regulatory Framework, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2022-2028).
Triton’s report suggests that the market for medical electrodes is estimated to witness growth at a CAGR of 4.99% over the forecast period 2022-2028.
Medical electrodes transfer the energy of ionic currents in the body into electrical currents. These currents are then studied, amplified, and used to diagnose diseases. Besides, electrodes provide a non-invasive test for various nervous, muscular, ocular, cardiac, and other disorders that otherwise require surgical means to verify their presence.
There is a growing prevalence of cardiovascular (CVDs) and neurological diseases worldwide. According to WHO, around 17.9 million people died from CVDs in 2019, representing 32% of the total deaths. The rising prevalence of such diseases leads to the demand for medical electrodes for early diagnosis and treatment. Additionally, rising investments in research and development of healthcare services and increasing preference towards ambulatory healthcare are expanding avenues for the medical electrodes market.
However, the stringent regulations by governments for the medical devices’ approval and the time-consuming process of medical devices’ biocompatibility testing are anticipated to impede the medical electrodes market’s growth.
Globally, the Asia-Pacific is expected to become the fastest-growing region in the medical electrodes market. Consumer-centric digital health ecosystems are emerging across the region as a response to rising consumer expectations, technological innovations, and demand for remote patient monitoring solutions. According to industry sources, digital health in Asia could be worth up to $100 billion by 2025, up from $37 billion in 2020. Rapid technological advancements and digitalization will increase demand for more advanced and portable medical electrodes products, propelling the region’s market growth.
The prominent players in the region include Cooper Surgical, Natus Medical Incorporated, CR Bard Inc, Medico Electrodes, Rhythmlink International, Dymedix Diagnostics, Zoll Medical Corporation, ConMed Corporation, Koninklijke Philips NV, Cardinal Health Inc, Medtronic Plc, Cognionics, Ambu A/S, 3M, and Pepin Manufacturing.
Manufacturing companies and other groups of entities from various economies are the suppliers of medical electrodes. Because of the large number of entities, the suppliers can be substituted, giving end-users multiple options. Furthermore, switching costs and forward integration limit the medical device manufacturer's ability to change suppliers. As a result, the supplier's bargaining power becomes moderate.
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