Neurophysiology Needles and Electrodes Market Poised to Expand at a Robust Pace Over 2025
Global Neurophysiology Needles And Electrodes Markets can be segmented on the basis of product type, by application and by geography. By product type, it can be categorized into needle electrodes, surface electrodes, and cup electrodes. The needle electrodes segment market contributed around 58% of the total market share in 2015. Application of needle electrodes is quite diverse but significant as they are very effective in delivering impulse and need to be inserted close to nerves and under the skin. Recent funding has helped vendors to develop newer and better products, which are highly effective for treating a multitude of neurological disorders. By applications, it can be fragmented into EEG, EMG, TENS and others.
The main factor that is expected to drive the needles electrodes market in the coming future is the rise in preference for disposable electrodes. For the sake of the safety of the patients in order to circumvent hospital-acquired infections, which are caused due to cross-contamination, physicians and doctors are switching to the disposable electrodes. Disposable electrodes lower the risk of hypersensitive reactions caused by chemicals and by skin preparation methods. This has surged the demand for disposable electrode among the end-user and it is anticipated to grow significantly over the next few years. This increase in the preference for disposable electrodes will foster the prospects for growth in this market until 2025.
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A foremost trend that will outgrow in this market is the development of dry electrodes. Currently, many diagnostic devices that are used to diagnose neurological issues utilize traditional wet gel electrodes. However, to overcome issues like degraded signals, drying gel, and skin irritation, vendors have started developing dry electrodes. Dry electrodes are made of elastic polymer and other materials that can monitoring and record EMG and EEG signals more accurately than wet gel electrodes. For instance, a company named Cognionics has developed a dry electrode system that offers better results than the conventional electrodes. Thus, it is estimated that the ability of these systems to offer better results than the wet gel electrodes, leads to the increased adoption of this product over the next few years.
Geographically, the global neurophysiology needles and electrodes market is divided into five regions - North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. During the forecast period, the North America is projected to dominate the market of neurophysiology needles and electrodes due to the high incidence of brain disorders like Alzheimer's disease in the U.S. In this region, organizations like the National Institutes of Health (NIH) have funded many studies to help in the development of newer technologies, which will help in the diagnosis and treatment of disorders like epilepsy, Parkinson’s disease, and ALS. Thus, the demand for neurophysiology needles and electrodes is increasing in the region due to the rising government initiatives and favorable laws. Europe is considered as the second largest market. However, the Asia Pacific market tends to grow at the highest CAGR due to factors like governmental initiatives, increased awareness, rising focus of the major players towards Asia Pacific countries in order to expand their production unit. Emerging markets with rapidly growing economies offer great opportunities for this market because of changing lifestyle coupled with increasing awareness among people.
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This market is highly consolidated and is characterized by the presence of a few key vendors. With newer vendors of small and medium-size entering the market, the major vendors are losing market shares as they are unable to offer products at low prices. To survive in this market, the vendors are implementing different strategies like the development of newer products to gain market shares. Key players involved in the market are Ambu, Blackrock Microsystems, Cognionics, Rhythmlink, Unimed Electrode Supplies. Other prominent vendors in the market include Acertys Healthcare, Biomed Products, Bionen Medical Devices, G.Tec Medical Engineering, Dymedix Diagnostics, HydroDot, Jari Electrode Supply, Optima Medical, NR Sign, and R&D Medical Electrodes.
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