Medical Electrodes Market Key Drivers & On-going Trends 2022

Global Medical Electrodes Market: Snapshot

Medical electrodes transfer current energy into electrical energy in the body and can thus be used in the detection of several diseases. Medical electrodes are used in the identification of nervous, ocular, cardiac, and muscular disorders and have gained growing demand due to their widespread use. The growing prevalence of diseases identified with the help of medical electrodes is likely to help the global medical electrodes market significantly in the coming years. The steady global healthcare industry boom is likely to aid smooth development of the global medical electronics market in the coming years, as growing influx of investment for advanced product development will allow for steady improvement in the medical electrodes industry.

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According to Transparency Market Research, the global medical electrodes market is likely to rise from a 2017 valuation of US$641.3 mn to US$857 mn by 2022, exhibiting a strong 6% CAGR therein. The global market is helped by the promising growth prospects of the market in developed as well as developing regions, which is likely to remember a key driver for the global market.

Steady Improvement of Healthcare Sector in Developed Regions to Boost Medical Electrodes Market

One of the prime drivers for the global medical electrodes market is the steady improvement of the healthcare sector. Due to growing government interest as well as private investment, the healthcare sector has exhibited solid growth across developed regions such as North America and Europe, which are likely to remain key regional markets for the global medical electrodes industry. The rising amount of effort to build up a strong diagnostics sector within the healthcare sector in a number of countries is likely to drive the global market in the coming years.

Rising Prevalence of Cardiology, Neurophysiology Disorders Drives Demand

The rising use of medical electrodes in the diagnosis of neurophysiological and cardiological disorders is likely to be the vital driver for the global medical electrodes market in the coming years. Medical electrodes are also becoming important in the treatment of neurological diseases such as Parkinson’s and Alzheimer’s, ensuring stable growth prospects for the global market. Cardiology disorders dominate demand from the global market and are likely to remain the major contributor to the market over the coming years due to the growing prevalence of lifestyle conditions in developed Western countries.

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North America to Remain Leading Regional Market for Medical Electrodes

The North America medical electrodes market was valued at US$219.7 mn in 2017 and is expected to rise to US$297.9 mn by 2022 at a robust 6.3% CAGR therein. The strong presence of medical devices industry players in North America is likely to help the region establish firm dominance over the global market in the coming years. The promising research and development landscape in the medical electrodes industry in North America is likely to help the market to a great extent, as continuous product improvement is the major growth tactic for players in the global medical electronics market.

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Competitive Dynamics

Leading companies in the global pacemaker devices market include Abbott Laboratories, Medtronic Plc., Oscor Inc., Boston Scientific Corporation, Biotronik SE & Co. KG, Lepu Medical Technology, OSYPKA AG, Zoll Medical Corporation, and Pacetronix Limited. The global market is likely to retain a degree of fragmentation over the coming years due to the high number of players operating in the market. However, the competitive hierarchy of the global medical electrodes market is unlikely to change in the coming years, as established market leaders are likely to exhibit unrestrained growth.

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This release was published on openPR.