Newark, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 2.1 billion medical electrodes market will reach USD 3.3 billion by 2032. A form of solid electronic conductor known as a medical electrode is frequently used to convert the body's ionic current into an electric current for biological measurements. A lead, a metal component, and an electrode conducting paste make up the conductor. Numerous cardiac, muscular, neurological, and optical diseases can be diagnosed with its aid. They have numerous uses in aesthetic, cardiovascular, and orthopaedic procedures. Many medical practitioners favour medical electrodes for their qualities, including sterility, cost, and ease of administration. The market is expanding faster as more ailments are becoming more common. More than 1,000 illnesses of the neurological system exist, including poliomyelitis, Alzheimer's, dementia, migraine, epilepsy, cerebrovascular disease, tetanus, multiple sclerosis, and migraines. Additionally, because dry and wet electrodes cling to the skin, users are embracing the introduction of innovative items like these.
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North America to account for the largest market size during the forecast period.
North America is expected to account for the largest market size during the forecast period owing to a growing emphasis on technology developments in medical electrodes, an increase in the region's geriatric population, an increase in the prevalence of chronic diseases, and high healthcare costs. In addition, compared to other chronic indicators, this region has a higher prevalence of chronic inflammatory diseases such as cancer, diabetes, inflammatory bowel disease (IBD), and cardiovascular diseases.
The surface electrodes segment dominated the market with the most significant revenue of USD 1.2 billion.
The surface electrodes segment dominated the market with the most significant revenue of USD 1.2 billion. Surface electrodes are widely used to diagnose diseases, which propels the segment's growth.
The cardiology segment dominated the market with the most significant revenue of USD 0.5 billion.
The cardiology segment dominated the market with the most significant revenue of USD 0.5 billion. The increasing prevalence of heart diseases drives the segment's growth.
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Market Dynamics:
Drivers: Increasing rate of cardiovascular diseases
According to the World Health Organisation, 17.9 million deaths worldwide were attributed to cardiovascular diseases (CVDs) in 2019, accounting for around 32% of all fatalities. Furthermore, low- and middle-income nations saw more than 75% of CVD-related mortality. Therefore, the growing CVD patient pool will probably boost verticle expansion in the upcoming years. The disorders can be found using various diagnostic techniques, such as electrograms and electrocardiograms. As a result, this component spurs market expansion.
Restraint: High Cost
The high cost of medical electrodes is expected to restrain the market's growth during the forecast period. In addition, the cost of technicians who operate the machines also increases the cost of the medical electrodes, hindering the market's growth.
Opportunity: Growing rate of acquisition
Global market expansion is caused by a high rate of acquisitions by different industry participants. For instance, in 2020, Chalgren Enterprises was purchased by Rhythmlink International, LLC, a U.S. based manufacturer of medical devices, for an unknown sum. With this acquisition, both parties would preserve both companies' profiles the same while expanding their newly united firm. Manufacturer of electrodes for neurodiagnostic procedures, Chalgren Enterprises is situated in the United States and primarily focuses on EMG electrodes. This is expected to provide growth opportunities for the market during the forecast period.
Challenge: Stringent regulatory guidelines
The strict government requirements involved with the approval of these devices may restrain market growth despite the expanding applications of these electrodes. Additionally, the need for knowledge about the advantages and related technological improvements of such devices in some emerging or underdeveloped countries may also restrain the growth of this market during the forecast period.
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Some of the major players operating in the medical electrodes market are:
● Medtronic plc
● Koninklijke Philips N.V.
● 3M Company
● CONMED Corporation
● General Electric Company
● Nihon Kohden Corporation
● Cardinal Health
● Dymedix
● Natus Medical Incorporated
● CooperSurgical Inc.
Key Segments cover in the market:
By Product Type:
● Surface Electrodes
● Needle Electrodes
By Application:
● Cardiology
● Neurophysiology
● Sleep Disorders
● Intraoperative Monitoring
● Others
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About the report:
The global medical electrodes market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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