by The global Cardiology Electrodes Market is estimated to be valued at US$ 134.71 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cardiology electrodes are small medical devices that monitor and treat abnormal heart rhythms and improve heart functioning by transmitting electrical signals from the heart to an electrocardiogram (ECG) machine. Different types of electrodes used in cardiology include resting ECG electrodes, Holter monitoring electrodes, stress test electrodes, ECG electrodes, and cardiac catheterization/ablation electrodes. Growing prevalence of cardiovascular diseases and rising demand for remote monitoring devices are fueling the demand for cardiology electrodes across the globe.
Market key trends:
Increasing preference for disposable electrodes: Disposable electrodes offer advantages such as convenience, infection prevention, and high accuracy. With growing awareness about hospital-acquired infections, the demand for disposable electrodes is increasing. Various manufacturers are focusing on developing advanced disposable electrodes to further boost their adoption.
Flexible design of electrodes: Technological advancements are leading to the development of flexible electrodes made of novel materials like hydrogels and ionic liquids. The flexible design facilitates secure adhesion to the skin without causing discomfort to patients. It also enables continuous multi-day monitoring. The rising demand for ambulatory and home-based monitoring is propelling the demand for flexible electrodes.
Porter’s Analysis
Threat of new entrants: Low barrier to entry as new companies can enter the market with less capital investment and compete with existing players. Bargaining power of buyers: Moderate as key players operating at global level have significant market share and buyers have limited negotiation power. Bargaining power of suppliers: Low as raw material suppliers have limited control over pricing due to availability of substitute materials. Threat of new substitutes: Moderate threat from new substitutes and technologies like MRI, CT scan, ultrasound etc used for cardiac diagnosis and monitoring.
Competitive rivalry: High as key players actively compete on factors like product quality, innovation, price and brand reputation.
Key Takeaways
The global Cardiology Electrodes Market Growth is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing prevalence of cardiovascular diseases. North America is expected to dominate the global Cardiology Electrodes Market owing to rising geriatric population and growing healthcare expenditure in the region.
The global Cardiology Electrodes Market size for 2023 is estimated to be US$ 134.71 Mn. The Cardiology Electrodes Market in Asia Pacific region is expected to grow at fastest pace during the forecast period due to improving healthcare infrastructure and increasing healthcare spending by key players in emerging economies like China and India.
Key players operating in the Cardiology Electrodes Market are Leonhard Lang, Nissha Medical Technologies, Conmed Corporation, Koninklijke Philips N.V., GE Healthcare (General Electric Company), Medtronic plc, BPL Medical Technologies, FARUM sp. z o.o., INTCOMEDICAL.COM., Promed Technology Co., Ltd., 3M, VectraCor, Medico Electrodes International Ltd., Ambu A/S., and Cardinal Health.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
