"Medical Electrodes Market to Exhibit Healthy Growth during the Forecast Period from 2018 to 2026"

The global medical electrodes market accounted for a value of US$ 1,217.3 Mn in 2017, and expected to attain US$ 2,406.9 Mn by 2026. Factors characterizing the growth of this market are globally growing elder population base, along with increasing adoption of medical electrodes for the diagnosis and treatment of various conditions, technological advances in medical electrodes, and rising preference for minimally invasive procedures.

The older population is highly prone to develop cardiovascular diseases (CVDs) and neurophysiological/neurological disorders. The World Health Organization (WHO) reported that global population aged 60 years and older has surged from 841.0 Mn in 2013 to 962.3 Mn in 2017, and projected to surpass 2.0 Bn by the end of 2050. Rising prevalence of diseases such as CVDs, circulatory disturbances, sleep disorders, Alzheimer’s disease, Parkinson’s disease (PD), brain disorders, Trigeminal Neuralgia (TGN), sinusitis, tinnitus, Raynaud's disease, gout, and fibromyalgia are propelling the usage of medical device electrodes. Parkinson’s Foundation, a nonprofit organization, stated that currently, 10.0 Mn individuals across the globe are living with Parkinson’s disease. The WHO reported the global burden of neurological disorders accounted for a total of 94.6 Mn deaths in 2015, which is anticipated to cross 103 Mn by the end of 2030. The American College of Cardiology (ACC) Foundation reported that in 2015, around 422.7 Mn patients were suffering from CVDs and about 17.9 Mn patients died from same in 2016, accounting 31.0% of all worldwide deaths. Additionally, change in lifestyle across the world is causing sleep disorders wherein 20.0% of the global population is sleep deprived, thereby expected to propel the demand for medical device electrodes over the forecast period.

"The Diagnostics Segment to Command the Market from 2018 to 2026"

Worldwide rising need for early diagnosis of CVDs, neurophysiological/neurological disorders, and sleep disorders coupled with mounting adoption of various diagnostic tests such as electrocardiography (ECG), electromyography (EMG), electroencephalography (EEG), electroretinography (ERG), and electronystagmography (ENG) are fuelling the demand for medical electrodes. Electrocardiography electrodes are portable, conductive, and adhesive in nature, thereby are highly used in capturing and storing patients’ heartbeats. Globally growing burden of CVDs along with a major focus on early diagnosis of CVDs is also supporting the dominance of the ECG electrodes among the diagnostics’ segment.

"North America Led the Market in 2017 due to the Presence of Supportive Healthcare Infrastructure and Domicile of Key Market Players"

North America would continue to dominate the market throughout the forecast period owing to the presence of key market participants, favorable healthcare infrastructure, higher adoption of medical electrodes, and availability of technologically developed electrodes including hydrogel & dry electrodes, which offers enhanced adhesion capability and better conduction features in comparison with gel-based electrodes.

On the other hand, implementation of Goods and Services Tax (GST) by the Indian government to avoid the double taxation/cascading effect, thus making it easier to start & expand businesses and comply with tax regulations is contributing to the significant growth of Asia Pacific. Large patient pool in Japan and China are also supporting the quick pace of Asia Pacific market. In addition, the supportive role of various governments across South Asia in practicing Government Reforms and Infrastructure Development (GRID) would assist in market growth in the near future.

"The Presence of International Market Players Creates Market Penetration Challenging for New Entrants"

Key participants in this industry are GE Healthcare, Boston Scientific Corporation, Medtronic plc, Thermo Fisher Scientific, Inc., Philips Healthcare, 3M Healthcare, C. R. Bard, Inc., CONMED Corporation, Asahi Kasei Corporation, and Natus Medical Incorporated. These manufacturers are adopting growth strategies such as new product launches, collaborations & partnerships, divestitures, mergers & acquisitions (M&As), and operational & geographical expansion. In March 2016, Natus Medical Incorporated acquired the assets of NeuroQuest, LLC; a U.S.-based neurodiagnostic services provider in order to strengthen its division namely Global Neuro-Diagnostics (GND).

This report also covers the quantitative analysis of market dynamics/variables such as key market drivers, restraints, opportunities, and trends which deliver comprehensive market information of the overall medical electrodes industry. In addition, the report also incorporates a graphical illustration of the competitive landscape based on their market initiatives & strategies, product portfolio, financial information, and key developments. Major market contributors profiled in this report are GE Healthcare, Boston Scientific Corporation, Medtronic plc, Thermo Fisher Scientific, Inc., Philips Healthcare, 3M Healthcare, C. R. Bard, Inc., CONMED Corporation, Asahi Kasei Corporation, and Natus Medical Incorporated.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Medical Electrodes market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Medical Electrodes market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Medical Electrodes market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Medical Electrodes market?
• Which is the largest regional market for Medical Electrodes market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Medical Electrodes market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Medical Electrodes market worldwide?