Electrodes For Medical Devices Market to Grow with a CAGR of 10.98% through 2029
The increasing prevalence of health conditions and the
demand for portable medical devices is expected to drive the Global Electrodes
For Medical Devices Market growth in the forecast period, 2025-2029.
According to TechSci Research report, “Electrodes
For Medical Devices Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2029”, the Global Electrodes
For Medical Devices Market stood at USD 1.41 billion in 2023 and is anticipated
to grow with a CAGR of 10.98% in the forecast period, 2025-2029. This can be
attributed to the focus on research and development. The healthcare industry's
continued emphasis on research and development drives innovation in electrode
technology. Manufacturers are investing in R&D to develop electrodes that
are not only highly effective but also more comfortable for patients. This
focus on improving electrode performance, material composition, and ease of use
contributes to the expansion of the market.
Furthermore, the growing emphasis on sustainability
and environmental responsibility is extending to the medical electrodes market.
Manufacturers are exploring eco-friendly materials and manufacturing processes.
This trend is aligned with the broader healthcare industry's push for
sustainable practices and reflects a commitment to reducing the environmental
impact of medical devices, from production to disposal.
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As per data from the Parkinson's Disease Foundation,
Parkinson's disease affects more than 10 million individuals globally. In the
United States alone, close to 1 million people are living with Parkinson's
Disease (PD), and this figure is projected to increase to 1.2 million by 2030.
Parkinson's has now become the second most prevalent neurodegenerative
condition after Alzheimer's disease. The primary risk factor for Parkinson's
disease is associated with age, making it more prevalent in Europe and China. The
rising incidence of these ailments is expected to be a driving force behind
market growth in the foreseeable future.
The market is further expected to witness growth due
to the surge in chronic diseases and the increasing prevalence of neurological
and cardiovascular disorders. According to the World Heart Federation (WHF),
hypertension affects approximately 1.3 billion individuals worldwide and
contributes to nearly half of all heart disease and stroke-related fatalities
globally. Electrodes play a crucial role in the rehabilitation of stroke
patients by delivering mild electrical impulses to stimulate damaged brain regions
when applied to the skin.
Additionally, the World Health Organization (WHO)
notes that epilepsy is one of the most common chronic neurological diseases,
affecting people of all age groups, with over 50 million individuals worldwide
impacted, particularly in middle and low-income countries. The British Heart
Foundation (BHF) reports that around 7.6 million people in the UK are living
with heart and circulatory diseases. The elevated mortality risk linked to
these conditions drives an increased need for medical diagnosis, ultimately boosting
the market. The global adoption of portable medical devices is also on the
rise, offering benefits such as remote monitoring and extended patient care
from the comfort of their homes.
Governments worldwide are actively engaged in various initiatives
and campaigns to raise awareness about chronic diseases. For instance, the
Government of India (GOI) introduced a national multi-sectorial action plan for
the prevention and control of common non-communicable diseases (2017-2022).
Additionally, in August 2021, the Ministry of Health and Prevention in the UAE
launched a campaign highlighting the risks of obesity, chronic diseases, and
their connection to COVID-19. Such initiatives hold the potential to increase
awareness about non-communicable diseases and prove advantageous for the
market.
The Global Electrodes For Medical Devices Market is segmented
into type, end user, regional distribution, and company.
Based on its type, the diagnostics sector took the
lead in the market in 2023. This was primarily due to a noticeable rise in the
occurrence of cardiovascular, neurological, and sleep disorders over the past
few years. Consequently, there was a notable upswing in diagnostic procedures
conducted worldwide. The diagnostic sector can be further divided into
subcategories such as Electrocardiogram (ECG), Electroencephalogram (EEG),
Electromyogram (EMG), Electroretinogram (ERG), fetal scalp, and others.
Notably, the ECG sector claimed the largest share of revenue in 2022, while the
ERG segment is projected to exhibit the highest CAGR in the anticipated period.
The therapeutics segment is expected to experience the
most rapid CAGR during the forecasted period. Within the therapeutics category,
we can discern pacemakers, Transcutaneous Electrical Nerve Stimulators (TENS),
defibrillators, electrosurgical devices, and others. As per data from the World
Health Organization (WHO), cardiovascular diseases stood as one of the primary
global causes of death, with an estimated 17.9 million fatalities attributed to
them in 2019, making up approximately 32% of total global deaths. This
escalating prevalence is driving an increased demand for pacemaker electrodes
and is expected to yield a substantial CAGR in the projected period.
Based on end user, Hospitals and clinics are poised to
dominate the Global Electrodes for Medical Devices Market for several
compelling reasons. Firstly, these healthcare facilities are the primary hubs
for patient diagnosis and treatment, leading to a consistently high demand for
medical devices, including electrodes. The vital role of electrodes in
diagnostics, monitoring, and therapeutic applications makes them indispensable
in the healthcare sector. Secondly, with the increasing prevalence of various
medical conditions, such as cardiovascular and neurological disorders, there is
a growing need for advanced medical devices and technologies, where electrodes
play a crucial part. Hospitals and clinics, with their resources and
infrastructure, are well-equipped to adopt and implement the latest
electrode-based technologies to provide superior patient care. Moreover, they
have the capacity to invest in research and development, ensuring that they
stay at the forefront of medical innovation. These factors combined make
hospitals and clinics the dominant players in the Global Electrodes for Medical
Devices Market, with the ability to cater to the rising global healthcare
demands effectively.
Major companies operating in Global Electrodes
For Medical Devices Market are:
- 3M Co
- Boston Scientific Corp
- GE Healthcare Inc
- Medtronic PLC
- Natus Medical Inc
- Thermo Fisher Scientific Inc
- Koninklijke Philips NV
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“The global electrodes for medical devices market is
on the verge of a transformative period driven by emerging trends. These trends
focus on patient comfort, precision, connectivity, personalization,
sustainability, and the integration of advanced technologies. As healthcare
continues to evolve, the role of medical electrodes is poised to expand,
ensuring that patients benefit from improved monitoring, treatment, and overall
healthcare experiences. The industry's commitment to innovation and
patient-centered solutions promises a brighter future for global healthcare,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Electrodes For Medical Devices Market By
Type (Diagnostics (Electrocardiogram (ECG),
Electroencephalogram (EEG), Electromyogram (EMG), Electroretinogram (ERG),
Fetal Scalp, Others), Therapeutics (Pacemaker, Transcutaneous Electrical Nerve
Stimulator (TENS), Defibrillator, Electrosurgical, Others)), By End User
(Hospitals & Clinics, Ambulatory Care Centers, Others), By Region, By Competition Forecast &
Opportunities, 2019-2029F”, has evaluated the future growth potential of Global
Electrodes For Medical Devices Market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in
Global Electrodes For Medical Devices Market.
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