July 25, 2024
Medical Electrodes Market

The Global Medical Electrodes Market Is Driven By Growing Aging Population

Medical electrodes play an important role in the diagnosis and treatment of various medical conditions by helping doctors capture and monitor key biopotentials of patients. They are used in processes like electrocardiography (ECG), electroencephalography (EEG), and electromyography (EMG) to detect and record electrical impulses and activities in heart, brain and muscles respectively. Medical electrodes help detect irregular heartbeat, locate seizures in brain and detect nerve and muscle damage.

The global medical electrodes market is estimated to be valued at US$ 1122.06 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Dry electrode technology is gaining prominence in the medical electrodes market owing to advantages like durability, reusability and ease of use. Dry electrodes eliminate the need for electrolytic gels or pastes and instead rely on nanotechnology coating of electrodes to achieve low impedance contact with the skin. They provide clear, consistent EEG recordings without skin preparation or gel application. Ambulatory EEG devices that utilize dry electrodes are seeing higher adoption as they are comfortable for long term monitoring and remove inconvenience of gel application and skin preparation procedures. Manufacturers are focusing on advancing dry electrode technology for wider range of medical applications like ECG, EMG etc. which is expected to propel market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The medical electrodes market requires high investments in R&D for product innovation. This acts as a barrier for new companies.

Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and undifferentiated products.

Bargaining power of suppliers: A few companies dominate the supply of raw materials used to make medical electrodes. This gives them higher bargaining power.

Threat of new substitutes: New substitute technologies like wireless monitoring systems pose a threat to traditional medical electrodes.

Competitive rivalry: The market is highly fragmented with the presence of several global as well as regional players. Intense competition keeps pricing pressure on companies.

Key Takeaways

The Global Medical Electrodes Market Size is expected to witness high growth. Rapid proliferation of diagnostic and therapeutic devices as well as rising incidence of chronic diseases is driving market expansion. The global medical electrodes market is estimated to be valued at US$ 1122.06 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.

North America dominated the market in 2020 and is expected to continue leading over the forecast period. High healthcare expenditure, technological advancement and presence of key players in the region supports market growth. Europe is the second largest market for medical electrodes owing to supportive government policies for healthcare sector development. Asia Pacific is anticipated to be the fastest growing region on account of increasing medical tourism coupled with rising healthcare investments in emerging nations like China and India.

Key players: Key players operating in the medical electrodes market are 3M, Ambu, Medtronic, GE Healthcare, Johnson & Johnson, GSI Technologies, Olympus Corporation, Conmed Corporation, Eschmann Equipment, Graphic Controls. 3M has a strong brand presence while Medtronic and Johnson & Johnson dominate sales through their extensive product portfolio and global distribution network.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it