Medical Electrodes Market Expected to Reach $2.4 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Medical Electrodes Market," The medical electrodes market size was valued at $1.7 billion in 2021, and is estimated to reach $2.4 billion by 2031, growing at a CAGR of 3.6% from 2022 to 2031.

Medical electrodes facilitate the transfer of energy of ionic currents in the body into electrical currents that can be amplified, studied, and used for diagnosis of the  medical condition of the patient. Medical electrode comprises lead, metal, and electrode conducting plate. These devices are combined with monitoring systems to provide continuous monitoring of patients suffering from various disorders. These electrodes are used for the diagnosis of several ocular, muscular, cardiac, and nervous diseases.

Factors that drive the medical electrodes market growth include the rise in prevalence of neurological and cardiovascular disorders, rise in number of R&D investments for medical devices, surge in geriatric population. Rising incidence and prevalence of cardiovascular and neurological disorders is one of the major factor propelling the growth of the medical electrodes. The risk of high mortality is very prevalent in such disorders which has resulted in the rise of frequent medical diagnosis of patients which has increased the demand of medical electrodes market. Hence, increasing prevalence of chronic diseases across the globe will significantly drive the market growth. Increase in various government-led favorable policies and rise in focus on minimally invasive surgeries are recently observed medical electrodes market trends. Along with this, the adoption rate is expected to increase owing to the higher affordability and  lower risk of cross-contamination. Medical electrodes are easier to use and disposable or reusable in nature, which are increasing their usage during laboratory and clinical applications. Moreover, improvements in the test effectiveness are  assisting for the measurement of brain activity at patient’s home.

Furthermore, constant investments by the key players are helping in the development of diagnostic and therapeutic platforms. Major players are constantly coming up with new growth strategies, such as product portfolio expansion, new product launches, acquisitions, and mergers. 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. Moreover, Natus Medical, Inc. announced their partnership with Holberg EEG AS in 2020. The purpose of the partnership is enhancing and automating the diagnosis of epilepsy, through the development and distribution of AutoSCORE algorithm worldwide. Constant rise in the competition and promising outcomes among leading medical device companies for the approval and commercialization of medical electrodes products in different areas of unmet medical needs are projected to boost the medical electrodes market.

However, the issues of biocompatibility of medical electrodes, strict regulatory guidelines, lengthy and various approval procedures, medical coverages, for each country are creating hindrances for the growth of the market. Moreover, dearth of awareness of the associated technological advancements and benefits of medical electrode devices in some under-developed or developing economies is hampering the medical electrodes market growth.

The medical electrodes industry is segmented on the basis of product type, application, modality, and region. By product type, the market is divided into surface electrodes and needle electrodes. The surface electrodes segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to introduction of new electrode indications.

By application, the market is divided into cardiology, neurophysiology, electrosurgery, intraoperative monitoring, and sleep study. The cardiology segment dominated the market in 2021, and this trend is expected to continue during the forecast period due to increasing prevalence of cardiovascular diseases across the globe.

By modality, the electrocardiography (ECG) segment dominated the market in 2021, and this trend is expected to continue during the forecast period owing to high prevalence of cardiovascular disorders, including coronary artery disease, arrhythmias, and atherosclerosis, which continues to surge.

COVID-19 outbreak negatively impacted the medical electrodes market, due to the fact that most hospitals were shut down, owing to lockdowns in many countries. Spread of COVID-19 led to major public health issues. The market has been impacted by decrease in overall use of medical electrodes, due to decline in volume of diagnostic, elective, and non-essential procedures; reduction in utilization of routine testing; fall in capital spending by customers; and reduction in research activity, due to laboratory closures and reduced clinical testing. Many countries have reopened their economies however, it will take time for the utilization of medical electrodes to reach pre-pandemic levels.

KEY FINDINGS OF STUDY

• On the basis of product type, the surface electrodes segment was the highest contributor to the market in 2021.
• By application, the cardiology segment was the highest contributor to the market in 2021.
• On the basis of modality, the electrocardiography segment was the highest contributor to the market in 2021.
• On the basis of region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period. North America accounted for a majority of the global medical electrodes market share in 2021, and is anticipated to remain dominant during the forecast period due to growing focus of technological advancements in medical electrodes, rising geriatric population, the increasing incidence of chronic diseases, and high healthcare expenditure in the region. Asia-Pacific is anticipated to witness lucrative growth owing to increase in the number of private and public health care facilities in the region.