The medical electrodes market was valued at approximately USD 1,027.48 million in 2021 and is expected to grow with a CAGR of 4.47% over the forecast period.
The COVID-19 pandemic has significantly impacted the medical electrodes market. Nationwide lockdowns and social distancing measures have reduced patient visits significantly. This has reduced the sales of medical electrode products. Many of the leading players in the medical electrodes market, such as Ambu, Cardinal Health, and CONMED Corporation, have registered a decline in sales for Q2 and Q3 of 2020 for their medical devices segment. According to the study published in the British Journal of Surgery, in May 2020, based on 12 weeks of peak disruption to hospital services due to COVID-19, around 28.4 million elective surgeries worldwide were expected to be canceled or postponed in 2020, this condition has affected the studied market.
The growth of the market studied can be largely attributed to the factors such as the increasing prevalence of cardiovascular and neurological diseases, increasing technological advancements and rising focus towards minimally invasive surgeries. For instance, neurological diseases are one among the major diseases, prevalent in the world. There are over 1,000 disorders of the nervous system, including cerebrovascular disease, Alzheimer’s and other dementias, migraine, epilepsy, tetanus, meningitis, Parkinson's disease, multiple sclerosis, and poliomyelitis, among others. According to the report published by Alzheimer's Association titled '2021 ALZHEIMER’S DISEASE FACTS AND FIGURES' published in 2021, Alzheimer's dementia affects an estimated 6.2 million Americans aged 65 and above. Unless medical breakthroughs to prevent, delay, or cure Alzheimer's disease are developed, this figure might rise to 13.8 million by 2060. The rise in neurological conditions will lead to increased research on neurophysiological pathways, which lead to higher adoption of medical electrodes, and therefore is likely to boost the market growth.
Moreover, rigorous investments made by the companies toward the development of efficient diagnostic and therapeutic platforms indicate the promising growth prospects of the medical electrodes market. The companies focus on growth strategies, such as new product launches, mergers and acquisitions, and portfolio expansion.For instance, in September 2021, NeuroOne Medical Technologies Corporation, a medical technology company focused on improving surgical care options and outcomes for patients suffering from neurological disorders, received the United States Food and Drug Administration (FDA) 510(k) clearance to market its Evo sEEG Electrode technology. Promising outcomes and increasing competition among leading medical device companies to approve and commercialize products in different areas of unmet medical needs are projected to boost the medical electrodes market.
However, the issue related to the biocompatibility of medical electrodes along with stringent regulatory guidelines, coverage, and different approval processes in various countries are significant barriers for the medical electrodes markets.
Key Market Trends
Cardiology Segment is Expected to Witness Significant Growth Rate Over the Forecast Period in the Medical Electrodes Market
The cardiology segment, by application, is expected to hold a major share in the market and is expected to do so in the upcoming future.
According to the World Health Organization, an estimated 17.9 million deaths were caused by Cardio Vascular Diseases (CVDs) in 2019, which represented nearly 32% of all deaths across the world. Moreover, over three-quarters of deaths due to CVDs were recorded in low- and middle-income countries. Thus, the rising patient pool of CVDs is likely to propel verticle growth in the upcoming year.
The standard 12-lead electrocardiogram (ECG) is one of the most commonly used medical studies in the assessment of cardiovascular diseases. It is considered as one of the most important tests for the interpretation of the cardiac rhythm, detection of myocardial ischemia and infarction, conduction system abnormalities, preexcitation, long QT syndromes, atrial abnormalities, ventricular hypertrophy, pericarditis, and other conditions. The use of standardized terminology is recommended to allow the application of ECG diagnosis across many different hospital systems and countries. As CVDs are a global health burden, studying them through ECG can help researchers understand the underlying interactions of the diseases with the body.
Owing to these factors, the market is expected to grow during the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
The North American region holds the largest shares in the market studied, due to better healthcare infrastructure, effective government policies, a huge base of multinational companies, and high awareness among people, about testing and testing devices in healthcare.
The prevalence of certain chronic inflammatory disorders, such as cardiovascular diseases, diabetes, Inflammatory bowel disease (IBD), Cancers and others, is high, as compared to other chronic indications. According to the American Cancer Society, estimated that in 2020 there will be about 1.8 million new cancer cases diagnosed and approximately 606,520 cancer deaths in the United States. Medical electrodes come in the class II category, under the United States Food and Drug Administration (FDA), as they are mostly used for surgical purposes.
Moreover, several market players are engaged in the implantation of various strategic initiatives including product launches. For instance, in February 2021, Stratus Medical was granted a third United States patent related to its Nimbus RF Multitined Expandable Electrode. U.S. Patent No. 10,925,664, titled METHODS FOR RADIO FREQUENCY NEUROTOMY, issued on February 23, 2021, by the United States Patent and Trademark Office. Owing to all these factors, the market studied is expected to grab the largest share in the United States.
The Medical Electrodes Market is moderately competitive and consists of the global as well as local players. However, a major share of the market is gained by global players only. Due to the rising spread of cardiovascular and neurological diseases across the globe, companies are coming up with the novel products to cater the consumers across different geographies. 3M, CONMED Corporation, Koninklijke Philips NV, Medtronic Plc, Natus Medical Incorporated and Nihon Kohden Corporation, among others are some of the major players in the market.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Table of Contents
1.2 Scope of the Study
4.2 Market Drivers
4.2.1 Increasing Prevalence of Cardiovascular and Neurological Diseases
4.2.2 Increasing Technological Advancements
4.2.3 Rising Focus toward Minimally Invasive Surgeries
4.3 Market Restraints
4.3.1 Biocompatibility Issues with Medical Electrodes
4.3.2 Stringent Regulatory Guidelines Associated with Medical Electrodes
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1.1 Surface Electrodes
5.1.2 Needle Electrodes
5.2 By Usability
5.2.1 Disposable Medical Electrodes
5.2.2 Reusable Medical Electrodes
5.3 By Modality Type
5.3.1 Electrocardiography (ECG)
5.3.2 Electroencephalography (EEG)
5.3.3 Electromyography (EMG)
5.3.4 Brainstem Auditory Evoked Potentials (BAEPS)
5.3.5 Other Modality Types
5.4 By Application
5.4.3 Sleep Disorders
5.4.4 Intraoperative Monitoring
5.4.5 Other Applications
5.5.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.5.4 Middle-East and Africa
220.127.116.11 South Africa
18.104.22.168 Rest of Middle-East and Africa
5.5.5 South America
22.214.171.124 Rest of South America
6.1.2 Ad-Tech Medical Instrument Corporation
6.1.3 Ambu A/S
6.1.4 Cognionics Inc.
6.1.5 Cardinal Health
6.1.6 CONMED Corporation
6.1.7 Cooper Surgical Inc.
6.1.9 Koninklijke Philips NV
6.1.10 Leonhard Lang GmbH
6.1.11 Medtronic Plc
6.1.12 Natus Medical Incorporated
6.1.13 Nihon Kohden Corporation
A selection of companies mentioned in this report includes:
- Ad-Tech Medical Instrument Corporation
- Ambu A/S
- Cognionics Inc.
- Cardinal Health
- CONMED Corporation
- Cooper Surgical Inc.
- Koninklijke Philips NV
- Leonhard Lang GmbH
- Medtronic Plc
- Natus Medical Incorporated
- Nihon Kohden Corporation