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Medical Electrodes Market Size, Share and Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2024 – 2032
- Report ID: GMI4177
Medical Electrodes Market Size
Medical Electrodes Market size is expected to grow at a significant rate during the forecast period of 2024-2032 as customers are shifting their preference for home & ambulatory care services.
According to WHO, noncommunicable diseases (NCDs) claim 41 million lives annually, representing 74% of global deaths. Conditions such as cardiovascular diseases, neurological disorders, and respiratory illnesses are on the rise, leading to a higher demand for diagnostic procedures that utilize medical electrodes. Additionally, technological advancements in electrode materials, designs, and manufacturing processes are enhancing the efficiency and accuracy of diagnostic tests.
Governments worldwide are implementing healthcare reforms aimed at improving access to quality healthcare services, enhancing patient outcomes, and reducing healthcare disparities. These reforms often include funding programs to support medical research, innovation, and the adoption of advanced medical technologies, including medical electrodes. For example, in March 2022, the U.K. government declared an investment of USD 347 million to improve medical R&D efforts and fast-track the production of novel devices, therapies, and diagnostics. Increased funding for healthcare infrastructure development and the procurement of medical devices creates opportunities for industry progression.
Medical Electrodes Market Trends
The field of nanotechnology is undergoing various advancements to develop high-performing medical devices, which is further propelling industry expansion. For instance, in October 2022, researchers at the Carnegie Mellon University developed the CMU Array – a microelectrode array for brain computer interface platforms. The solution is expected to transform the way doctors treat various neurological ailments. Such innovations, coupled with the growing adoption of minimally invasive procedures is driving the demand for medical electrodes.
Medical Electrodes Market Analysis
Disposable medical electrodes segment is poised to gain significant traction in forthcoming years due to their numerous advantages over reusable electrodes. The disposable nature of these electrodes eliminates the risk of cross-contamination between patients, reducing the risk of infections in healthcare settings. Furthermore, disposable electrodes offer convenience and time savings for healthcare professionals, as they eliminate the need for cleaning and sterilization between uses.
The electrocardiography (ECG) modality segment is anticipated to witness tremendous growth till 2032, owing to the wide usage of medical electrodes in monitoring cardiac activity and diagnosing various heart conditions. The increasing prevalence of cardiovascular, coupled with the advancements in ECG technology, such as wireless and portable monitoring devices, that expand the accessibility of cardiac diagnostics.
North America medical electrodes market will record substantial revenue during the analysis timeline due to the high-quality healthcare infrastructure. The region’s older population is expanding at a robust pace, thereby contributing to the burden of chronic diseases. Around 95% of older adults in the U.S. suffer from at least one chronic ailment, and nearly 80% of them live with two or more health conditions. This scenario has propelled the usage of technologically advanced medical devices, thereby positively influencing the regional industry trends.
Medical Electrodes Market Share
Some of the well-known companies involved in medical electrodes industry include:
- N.V.
- Dymedix
- Ambu A/S.
- Koninklijke Philips
- Cognionics Inc.
- CooperSurgical Inc.
- CONMED Corporation
- Medtronic Plc.
- 3M
- Natus Medical Incorporated.
- Nihon Kohden Corporation
Inorganic marketing strategies, such as partnerships, new product developments, and acquisitions are being utilized by these firms to expand their global presence and customer base.
Medical Electrodes Industry News
- In January 2022, Philips introduced an at-home, 12-lead ECG integrated solution for decentralized clinical trials. The solution aims to reduce patients’ burden of repetitive site visits, which can consequently improve clinical trial results.
- In October 2023, DuPont revealed the launch of DuPont™ Liveo™ Soft Skin Conductive Tape 1-3150, a silicone-based thermoset adhesive tailored for electrical biosignal sensing and transmission purposes.
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