The medical electrodes market is estimated to be valued at US$ 1122.06 Mn or Million in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Medical electrodes are devices that conduct electrical signals from the human body to medical equipment such as ECG monitoring devices, EKG machines, nerve stimulators, and multifunction monitors. Key applications of medical electrodes include cardiology, neurophysiology, electromyography, and other diagnostic tests. Diagnostic medical electrodes are used for procedures such as ECG, EEG, EMG and other medical procedures to detect electrical signals in the body. Market Dynamics: The medical electrodes market is driven by the growing prevalence of chronic diseases globally that requires continuous monitoring. According to WHO, cardiovascular diseases account for over 17.9 million deaths annually and is a leading cause of death globally. This is increasing the demand for ECG and other cardiac monitoring devices. Furthermore, the increasing geriatric population is another major driver as aging increases the risk of neurodegenerative diseases such as Alzheimer's and Parkinson's disease requiring long term monitoring via medical electrodes. Technological advancements in medical electrodes with improved biocompatibility and conductivity is another factor fueling the market growth over the forecast period. SWOT Analysis Strength: Medical electrodes have stable demand as they are essential disposable medical devices used in various diagnostic and therapeutic procedures. Advances in material science and electrode design have improved biocompatibility, reduced artifacts, and enabled multi-purpose usage. Customizable electrodes for specific clinical needs further augment the market. Weakness: Variations in skin conditions and physical parameters across patients challenge consistent electrode adhesion and signal acquisition. Limited reimbursements and price controls in certain regions also impact profits. Opportunity: Growth in geriatric population suffering from chronic diseases drives the demand for long-term monitoring using automated and wireless equipment. Expanding applications such as neurophysiology, cardiology, and intraoperative procedures present new avenues. Threats: Stringent regulatory frameworks and time-consuming approval procedures delay product launches. Supply chain disruptions due to pandemic related restrictions affect material availability and costs. Key Takeaways The Global Medical Electrodes Market Size is expected to witness high growth, exhibiting a CAGR of 4.5% over the forecast period, due to increasing prevalence of chronic conditions requiring long-term monitoring. The market size for 2023 is estimated at US$ 1122.06 Mn. Regional analysis: North America dominated the global market in 2023 attributed to rising healthcare expenditure and availability of advanced medical facilities. Asia Pacific is anticipated to be the fastest growing market owing to huge patient population, increasing healthcare investments and expanding medical tourism. Key players: Key players operating in the Medical Electrodes market are Koninklijke Philips NV, Dymedix Diagnostics, Medtronic PLC, CooperSurgical Inc., Cognionics Inc., Ambu A/S, 3M Company, Nihon Kohden Corporation, CONMED Corporation, and Natus Medical Incorporated, among others. These manufacturers focus on new product launches, acquisitions and strategic collaborations to gain market share. Get more insights on this topic: https://www.marketwebjournal.com/medical-electrodes-market-share-analysis/
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