July 21, 2024

The Growing Demand For Remote Patient Monitoring Drives The Medical Electrodes Market

Medical electrodes are integral components used in various medical devices for monitoring physiological signals generated by the human body. They are predominantly used in devices like electrocardiography (ECG/EKG), electroencephalography (EEG), electromyography (EMG), and others to detect electrical signals produced by the contraction of heart muscles, brain cell activity, and nerve impulses. Consisting of conductive gel or paste and a connector attached to a wire that transmits recorded signals, medical electrodes help healthcare professionals understand patient health and diagnose issues.

The global Medical Electrodes Market is estimated to be valued at US$ 1122 Million in 2024 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.

The adoption of remote patient monitoring solutions driven by the need for continuous monitoring of chronic conditions from home without hospital visits is a major factor spurring demand. Remote monitoring technologies use medical electrodes to wirelessly transmit vital signs like ECG readings, blood pressure, glucose levels, and more from patients to healthcare providers for timely treatment interventions. It is considered a cost-effective alternative to hospital admissions while improving patient outcomes. Furthermore, the growing geriatric population susceptible to chronic illnesses, rise in lifestyle-related diseases, development of advanced disposable and dry electrodes, and favorable reimbursement policies are also contributing to the market growth.

Market key trends:

Disposable electrodes are emerging as the leading product type owing to their single-time usage that prevents contamination risk and gives accurate readings. These hydrogel-based disposable electrodes provide stable signal transfer, are less expensive than reusable types and suitable for long-term chronic monitoring. Key players are focusing on developing innovative disposable electrodes integrated with advanced materials that stay attached to the skin for weeks without causing discomfort to patients. Continuous technological advancements are further expanding the applications of medical electrodes in areas like cardiac rehabilitation, sleep apnea diagnosis and more.

Porter’s Analysis

Threat of new entrants: The medical electrodes market has high initial costs for R&D, manufacturing, and compliance with regulatory approvals which makes the threat of new entrants moderate.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are numerous established players providing medical electrodes. However, product differentiation makes buyers dependent on few leading brands.

Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of substitute components and intensity of competition between existing players.

Threat of new substitutes: The threat of new substitutes is low as medical electrodes have few product alternatives for procedures like ECG, EEG, and EMG monitoring.

Competitive rivalry: The medical electrodes market experiences high competitive rivalry due to established brands continuously investing in new product innovations and technologies.

Key Takeaways

The Global Medical Electrodes Market Demand is expected to witness high growth over the forecast period. The global Medical Electrodes Market is estimated to be valued at US$ 1122 million in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.

Regional analysis:

 

North America maintains the largest share in the global medical electrodes market and is projected to grow at a CAGR of around 4% during the forecast period. Escalating demand for continuous heart monitoring in the US and Canada along with rising cases of cardiovascular diseases is anticipated to boost the regional market.

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, and Graphic Controls. 3M dominates the global market with its broad product portfolio for different medical applications like surgeries, defibrillation, and diagnostic procedures.

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