Medical Electrodes Market to surpass USD 2.73 Billion by 2030 owing to the market for Medical Electrodes is driven by the growing prevalence of chronic diseases.

Based on SNS Insider's research, The market for medical electrodes has been growing over the last few years as they are used to transfer current energy into electrical energy, which helps detect a wide range of diseases.

Market Size-

The SNS Insider report indicates that the Medical Electrodes Market was valued at USD 1.98 Billion in 2022, and is expected to reach market size of USD 2.73 Billion by 2030, with a compound annual growth rate (CAGR) of 4.1% expected over the forecast period from 2023 to 2030.

Market Report Scope -

Medical electrodes are classified as mass products and represent a subsegment of medical device producers with limited product differentiation potential, in most cases. This factor has made the global market for medical electrodes subject to price sensitivity and a high degree of competition. However, the development of nanotextured coating and polymers is a primary focus for research in this area which has led to adoption of compact as well as compatible devices. For example, the single-use, low-cost TENS Electrode by Pepin Manufacturing Inc (United States) has an extra thick hydrogel for maximum adhesion, a moisture-resistant topcoat, and low impedance. Similarly, in order to produce innovative sleep sensor designs, Dymedix Diagnostics United States uses the properties of polyvinylidene difluoride PVDF.

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Key players
-Cognionics Inc.,
-Ambu A/S,
-Dymedix,
-CooperSurgical, Inc.,
-BD,
-Medtronic,
-Natus Medical Incorporated,
-CONMED Corporation,
-3M Company,
-Koninklijke Philips N.V.
-and other players.

Market Opportunities -

Growth opportunities in emerging economies
Emerging economies such as BRIC (Brazil, Russia, India, and China) and countries in Latin America and Southeast Asia are expected to provide significant growth opportunities to players operating in the global market. The low competition in these markets, the large population, increasing incidences of cardiovascular and neurological diseases as well as an increase in disposable income can largely be attributed to this.

Segmentation Analysis -

By Product
-Dry Electrodes
-Wet Electrodes
-Needle Electrodes

By Application
-Neurophysiology
-Cardiology
-Others

By Usage
-Reusable Medical Electrodes
-Disposable Medical Electrodes

By End User
-Specialty Clinics & Diagnostics Centers
-Hospitals & Ambulatory Surgery Center

The market for medical electrodes is divided on the basis of product type, with surface and needle electrodes. In 2022, the segment of surface electrodes accounted for the highest revenue share on the medical electrode market. It's an electrode on the surface of your skin, which monitors electric potential. It's detecting signals from the heart, brain and spinal cord. Larger surface electrodes are used to detect ECG signals. Small surface electrodes pick up EEG and EMG signals.

The market for medical electrodes is divided into cardiology, neurophysiology, electrosurgery, interoperative monitoring IOM and sleep studies on the basis of use. In 2022, the cardiology segment was the largest revenue contributor to the medical electrodes market. The growing prevalence of cardiovascular disease worldwide is a reason for this. Out of all the cardiovascular fatalities, strokes and heart attacks were the leading causes of death for most people.

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Key Regional Development -

North America is dominating the market growth due to the the United States medical electrodes market is expected to have profitable growth as a result of increased government initiatives to improve the healthcare sector, as well as favorable government policies and a flexible regulatory environment. The sales of medical electrodes are also expected to be driven by an increase in corporate and government support for research and development activities aimed at technological improvement of medical electrodes over the forecast period.

The Asia Pacific market for medical electrodes is expected to grow significantly due to the increasing number of suppliers that are reaching undiscovered emerging markets. Regional growth is also expected to be supported by increasing expenditure on health development in emerging countries.

Key Takeaway from Medical Electrodes Market Study-

Research and experimental studies on new, improved products are carried out by key players in the medical electrodes market along with various research organisations. In addition, by launching new products on the market, giant manufacturers are making massive investments to expand their customer base and maintain their dominance of the market.

Introduction of novel products is expected to propel growth of the global medical electrodes market.

Recent Development Related to Medical Electrodes Market -

In June 2021, In its new area of bioelectronics innovation, Merck, a science and technology company, has cooperated with Neuroloop GmbH, a subsidiary of B.Braun. Companies can develop a neurostimulator device that can be used in combination with existing therapy in patients with chronic inflammatory diseases with the help of this collaboration. A multichannel electrode based on thin film technology allowing selective stimulation of specific nerve fibers within the nervous system is a fundamental element of this platform.

In 2021, Sticky Pad Surface Electrodes manufacturered by Rhythmlink International, LLC (US) received FDA clearance for MR Conditional for 1.5 and 3 Tesla MRI environments and now can be used safely and effectively in imaging environments.

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Table of Contents

1.Introduction

2.Research Methodology

3.Market Dynamics

4.Impact Analysis

4.1COVID-19 Impact Analysis

4.2.Impact of Ukraine- Russia war

4.3.Impact of Ongoing Recession on Major Economies

5.Value Chain Analysis

6.Porter's 5 Forces Model

7.PEST Analysis

8.Medical Electrodes Market Segmentation, By Product

9.Medical Electrodes Market Segmentation, By Application

10 Medical Electrodes Market Segmentation, By Usage

11.Medical Electrodes Market Segmentation, By End User

12.Regional Analysis

13.Company Profile

14.Competitive Landscape

15.USE Cases and Best Practices

16.Conclusion

continued

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