Medical Electrodes Market Size, Share, COVID-19 Impact & Industry Analysis, By Product (Wet Electrodes, Dry Electrodes, Needle Electrodes), By Application (Cardiology, Neurophysiology, Others) By Usage (Disposable Medical Electrodes, Reusable Medical Electrodes) By End User (Hospitals & Ambulatory Surgery Centers (ASCs), Specialty Clinics & Diagnostics Centers) and Regional Forecast, 2020-2032

The global medical electrodes market size was valued at USD 609.8 million in 2019 and is anticipated to surpass USD 1,040.3 million by 2032, exhibiting a CAGR of 4.3% during the forecast period.

The medical electrode transfers the ionic current’s energy into electrical currents inside the body of the patient that can be studied, amplified, and used for disease diagnoses. These electrodes allow surface quantification of ionic currents, through non-invasive procedures for the diagnosis of a variety of muscular, nervous, cardiac, and other disorders which might require surgical interventions to verify their presence. The device works through the provision of electrical contact between the patient and the apparatus used to monitor activities. The increasing prevalence of cardiovascular disorders across the globe is one of the major factors augmenting the market growth during the forecast timeframe.

MARKET TRENDS

Increasing Demand for Miniaturization of Medical Devices has Augmented Electrodes Market Growth

Increasing usage of electrode through the implementation of nanotechnology is boosting the demand for electrode in several medical applications. Nanotechnology has allowed the miniaturization of these devices and thus making it portable. The associated benefits of electrode miniaturization are to provide higher electrode density, more localized stimulation control, and greater tissue-sensing resolution. Moreover, several manufacturers are focusing on R&D activities to attain the desired medical achievements. Also, increasing government funds to propel such activities to enhance healthcare efficiencies related to medical devices will further add impetus to the market in the forthcoming years.

MARKET DRIVERS

Increasing Prevalence of Chronic Diseases will Significantly Propel Medical Electrodes Market Growth

The growing prevalence of chronic ailments will significantly bolster growth during the forecast period. The increasing prevalence of neurological and cardiovascular disorders is one of the major factors augmenting the demand for these electrodes. High mortality risk associated with such disorders has increased the rate of frequent medical diagnosis of patients and thereby augmented the compound annual growth rate of the market during the forecast period. For instance, as per American Heart Association, cardiac disorders are listed as the underlying cause of death, which accounted for about 840,678 deaths in the U.S. in 2016, which is approximately 1 of every 3 deaths. Also, between 2013 and 2016, 121.5 million American adults had some form of cardiac disorder. Hence, increasing prevalence of chronic diseases across the globe will significantly drive medical electrodes market growth.

Technological Advancements in Medical Device such as Electrocardiogram (ECG) will Propel Market Growth

Medical electrodes are majorly implemented in the electrocardiogram (ECG) monitoring devices for the diagnosis of cardiac disorders. ECG has been used as the most prominent form of diagnosis for cardiovascular ailments, and testing systems are evolving to meet today’s technology demands. Unlike traditional cardiac holter and event recorders, the novel technology incorporated devices are much cost-efficient and user friendly. Moreover, with the miniaturization of electrodes coupled with the removal of electrode wires, devices are simply mounted on the patient's chest without a bunch of wires attached to it. Such technological advancements in medical devices have significantly boosted the market growth during the analysis period.

MARKET RESTRAINT

Stringent Regulatory Guidelines Associated with Medical Electrodes May Restrict Market Growth  

Despite the increasing applications of these electrodes, the stringent government regulations associated with the approval of these devices might limit market growth up to a certain extent. Moreover, the dearth of awareness about the associated technological advancements and benefits of such devices in some under-developed or developing nations may also hamper the expansion of this Market during the forecast period.

SEGMENTATION

By Application Analysis

Increasing Prevalence of Cardiac Disorders has led to the Dominance of Cardiology Segment  

Based on application, this market is classified into neurophysiology, cardiology, and others. The cardiology segment is anticipated to dominate the market during the analysis period. This is highly attributable to the increasing prevalence of cardiovascular diseases across the globe.

Owing to the rise in sedentary lifestyle, and the growing adoption of binge eating habits, there has been a drastic rise in the prevalence of CVD in several regions of the globe. Moreover, the increasing consumption of nicotine through cigarette smoking is another significant factor propelling CVD cases. Due to such factors, the diagnostic tests related to CVD such as electrocardiography has also witnessed a considerable growth in the past few years. Hence, the aforementioned factors are supporting this market growth during the forecast period.

The neurophysiology segment is projected to register a lucrative CAGR during the forecast period. Also, the segment held significant market revenue in 2019 and is estimated to hold considerable shares during the forecast period. High growth is attributable to the increasing prevalence of neurological disorders such as neurodegenerative disorders, multiple sclerosis, sleep disorders, and several others. For instance, in 2018, as per the Federal Interagency Forum on Aging-Related Statistics, more that 35% of people aged above 80 years and older have severe or moderate memory impairment in the U.S. Moreover, 11% of the Americans are suffering from epilepsy. Hence, the growing prevalence of neurological disorders will significantly propel the market growth during the analysis period. 

By Product Analysis

Clinically Proven Effectiveness of Dry Electrodes will Propel Lucrative Segmental Growth

Based on product, the market is segmented into wet, dry and needle electrodes. The wet electrodes segment is estimated to hold the lion’s share across the analysis period. This segment is also estimated to witness considerable growth, owing to the increasing adoption of wet electrodes in the medical devices for disease diagnosis, since the past years. Wet electrodes are generally made of silver chloride or silver material. It uses an electrolytic gel material as a conductor between the electrode and the skin. Wet electrodes stick to the surface of the skin and need preparation like the use of electrolytic gel. These electrodes are non-invasive in nature, and thus have a greater demand. Hence, the aforementioned factors will significantly contribute to the positive growth of this market.

The dry electrodes segment is estimated to witness a lucrative compound annual growth rate during the forecast period. It does not require extra preparation as it can pierce the epidermal layers of the skin and attain a low impedance pathway while recording neural signals. Moreover, recent technological advancements in the dry electrodes have facilitated the recording of electroencephalogram (EEG) in conditions that were previously not possible to diagnose. This is done by avoidance of applying gel to the subject’s hair. Concurrently, the advancements in dry electrodes decreased electrode application time by eliminating the need for paste application or conductive gel. Hence, the aforementioned factors will stimulate this market.  

By Usage Analysis

Disposable Electrodes Segment to Aid Dominance in the Medical Electrode Market

Based on usage, the market is segmented into disposable and reusable medical electrodes. The disposable electrodes segment held maximum shares in 2019. Disposable electrodes are made of a plastic that is coated with a silver chloride or silver. Although, disposable electrodes are not as durable as reusable electrodes, because of their single-use design. However, they provide optimal risk management owing to the elimination of cross-contamination because they are not reused. Also, such electrodes are cost-effective in nature, thereby propelling the demand for this product, ultimately augmenting the market growth. 

On the other hand, the reusable electrodes segment is estimated to witness lucrative compound annual growth rate during the forecast period. These electrodes are made of silver and coated with either silver chloride/silver or plated with gold. Such electrodes are can be reusable for more than 5 to 6 months. However, these electrodes require strict compliance with disinfecting and cleaning protocols to ensure it is safe for multiple usages. Owing to proven clinical efficiencies associated with reusable electrodes, the segment is expected to witness a positive CAGR.  

By End User Analysis

Higher Adoption of Medical Electrodes by Hospitals and ASCs to Enable Dominance of the Segment

The end-user segment is classified into hospitals & ambulatory surgery centers, specialty clinics & diagnostics centers. The hospitals & ambulatory surgery centers segment is estimated to hold maximum shares owing to increasing adoption of these electrodes through ECG devices in the hospital settings. Hospitals & ASCs witness a large number of patient pool arriving at these settings for the diagnosis of several chronic diseases such as cardiovascular disorders, neurological diseases, among others. Hence, these facilities are occupied with medical devices such as ECG and EEG instruments for efficient diagnosis. The growing adoption of ECG and EEG instruments in hospitals and ambulatory surgical centers will significantly drive this market during the projected timeframe.

Specialty clinics and diagnostics centers segments are estimated to witness stable growth during the forecast timeframe, attributable to the increasing number of clinics and diagnostic centers adopting these electrodes to stabilize its workflow with efficiency and better care. Also, the rising number of specialty clinics across the globe is another significant factor augmenting the market growth.

REGIONAL ANALYSIS

Geographically, the medical electrodes market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The electrodes market size in North America stood at USD 280.46 million in 2019. The U.S. is projected to witness lucrative growth due to increasing government initiatives to enhance the healthcare sector, coupled with favorable government policies, and flexible regulatory scenario. Moreover, increasing private and public funding for R&D activities to technologically enhance this type of electrodes will further propel regional growth in the forecast period.  In terms of Asia Pacific, the market is projected to grow at a remarkable rate, owing to the increasing number of vendors penetrating the untapped emerging economies. Moreover, increasing expenditure pertaining to healthcare development in emerging countries will further propel regional growth.

The European market is forecasted to rise substantially by the end of 2027 due to the presence of major vendors operating in the European market. Latin America and the Middle East & Africa are projected to witness a stable CAGR, owing to the increasing prevalence of chronic ailments that require efficient diagnoses such as cardiac disorders and neurological ailments.

KEY INDUSTRY PLAYERS

Core Focus on Inorganic Strategic Acquisitions by Several Market Leaders to Propel Their Market Position.

The competitive landscape of the market depicts a fragmented nature with the presence of several players. However, prominent players such as 3M, Ambu, Conmed Corporation, Cardinal Health, and others hold the dominant position in the industry. An extensive product portfolio of medical electrodes, coupled with constant technological innovations by these companies, is prominent factors responsible for industry dominance.  For instance, in April 2017, Cardinal Health announced the acquisition of Medtronic’s medical supplies business for USD 6.1 billion. Through this inorganic strategic agreement, Cardinal Health acquired Medtronic’s medical supplies portfolio that includes these electrodes, wound care products, and several others. This agreement enabled Cardinal Health to expand its product portfolio and hold a dominant position in the market. 

However, other players such as Zoll Medical, B. Braun, and Vermed (a division of Nissha Medical Technologies), are the other few players holding considerable medical electrodes market share in 2019. This is projected to positively impact the global market during the forecast period.

LIST OF KEY COMPANIES PROFILED:

• 3M


• Ambu


• Conmed Corporation


• Cardinal Health


• Zoll Medical


• B. Braun


• Vermed


• KLS Martin


• Ad-Tech Medical


• Medico Electrodes International Limited


• ETHICON (Johnson & Johnson)


• Others

KEY INDUSTRY DEVELOPMENTS:

• June 2021 – Merck, a science and technology company collaborated with Neuroloop GmbH, a subsidiary of B.Braun in its new bioelectronics innovation field. With the help of this collaboration companies can develop a neurostimulator device which can be accompanied with the existing drug therapies of patients with chronic inflammatory diseases. The fundamental of the platform is a multichannel cuff-electrode based on thin-film technology, which allows selective stimulation of specific fibers within the nerve.


• December 2020 - NeuroOne Medical Technologies Corporation, a medical technology company made an announcement of the first human commercial use of its Evo Cortical Electrode. The procedure was done on a patient that had drug resistant epilepsy and utilized the NeuroOne Evo electrode technology for recording and functional mapping of the brain. Company also have a robust attention towards improvisation in surgical care options.


• July 2020- NTT Research Inc. made an announcement that its Medical and Health Informatics (MEI) Lab has entered a joint research agreement with the Technical University of Munich (TUM) to work on implantable electrodes and to address the tendency of conventional electronics to work against and at a relative distance from their targeted organ.

REPORT COVERAGE

The medical electrodes market report provides a detailed analysis of the market and also provides insights on key aspects such as novel product launch, leading companies, and technological overview pertaining to the medical electrodes. Besides this, the report also provides insights into the key industry developments and highlights major market trends. In addition, the report also encompasses several factors that have contributed to the growth of the market over the recent years.

Report Scope & Segmentation