Press release
Medical Electrodes Market valued at US $ 619.2 Mn in 2017
Medical Electrodes Market
Global medical electrodes market valued at US $ 619.2 Mn in 2017 and expected to grow at XX% Compound Annual Growth Rate (CAGR) over 2018 to 2024
Market Outline: Global Medical Electrodes Market
Medical electrodes are the devices transfer the energy of ionic current to electrical energy in the body that can be used for the diagnosis of various diseases such as .nervous, cardiac, ocular, and muscular disorders among others. Medical electrode works in combination with electrical contact between the apparatus and monitoring system, which used in monitoring the patient activities.
Market Dynamics: Global Medical Electrodes Market
Increase in the prevalence of neurophysiological and cardiac disorders such as Alzheimer’s, Parkinson, fibromyalgia, and brain disorders are key drivers for the development of global medical electrode market. Moreover, sophisticated healthcare infrastructure, technological advancements in the medical electrodes, and rise in support from the government and private sectors for R&D activities are anticipated to upsurge the global medical electrodes market over the forecast years. However, stringent regulatory guidelines associated with the medical electrodes and low compatibility issues are expected to restrain the growth of global medical electrodes market.
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Market Scope: Global Medical Electrodes Market
Global medical electrodes market is segmented based on the product type, modality, application, and end user
Based on the product type, the market is segmented into the following:
• Needle Electrodes
• Disposable Electrodes
• Surface Electrodes
• Reusable Electrodes
Based on the modality, the market is segmented into the following:
• Electrocardiography (ECG)
• Electromyography (EMG)
• Electroencephalography (EEG)
• Brainstem Auditory Evoked Potentials (BAEPs)
• Motor Evoked Potentials (MEPs)
• Others
Based on the application, the market is segmented into the following:
• Cardiology
• Neurophysiology
• Electrosurgical
• Others
Based on the end user, the market is segmented into the following:
• Hospitals
• Diagnostic Centers
• Research Institutions
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Regional Analysis: Global Medical Electrodes Market
Geographically, global medical electrodes market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America medical electrodes market is growing due to increase in the prevalence of neurophysiological disorders such as Alzheimer’s disease (according to Alzheimer’s Association 2017, approximately 5 Mn Americans diagnosed with Alzheimer’s disease), sophisticated healthcare infrastructure, and rise in R&D for the development of advanced electrodes are anticipated to fuel the market. Europe medical electrodes market has a lucrative growth, which is attributed to rise in early stage disease diagnosis, increase in funding for life sciences and medical research, and increase in the prevalence of neurodegenerative disorders. However, a significant growth rate observed in Asia Pacific medical electrodes market owing to increase in the medical tourism in Asia Pacific region, rise in geriatric population, which in turn may increase the incidence of neurodegenerative and cardiac disorders in India, China, and Japan and upsurge the market revenue growth.
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Competition Assessment: Global Medical Electrodes Market
Some of the players in the global medical electrodes market include:
• Koninklijke Philips N.V. (Netherlands)
• CONMED Corporation (US)
• Medtronic plc (Ireland)
• Nihon Kohden Corporation (Japan)
• Rhythmlink International, LLC (US)
• 3M Company (US)
• General Electric Company (US)
• Cognionics, Inc. (US)
• Orbital Research Inc. (US)
• BIONEN sas (Italy)
Notable Market Developments: Global Medical Electrodes Market
In December 2017, Advanced Bionics (AB) received FDA approval for its HiFocus SlimJ electrode used in the cochlea surgery.
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