Global Medical Electrodes Market: Snapshot
Medical electrodes transfer current energy into electrical energy in the body and can thus be used in the detection of several diseases. Medical electrodes are used in the identification of nervous, ocular, cardiac, and muscular disorders and have gained growing demand due to their widespread use. The growing prevalence of diseases identified with the help of medical electrodes is likely to help the global medical electrodes market significantly in the coming years. The steady global healthcare industry boom is likely to aid smooth development of the global medical electronics market in the coming years, as growing influx of investment for advanced product development will allow for steady improvement in the medical electrodes industry.
According to Transparency Market Research, the global medical electrodes market is likely to rise from a 2017 valuation of US$641.3 mn to US$857 mn by 2022, exhibiting a strong 6% CAGR therein. The global market is helped by the promising growth prospects of the market in developed as well as developing regions, which is likely to remember a key driver for the global market.
Steady Improvement of Healthcare Sector in Developed Regions to Boost Medical Electrodes Market
One of the prime drivers for the global medical electrodes market is the steady improvement of the healthcare sector. Due to growing government interest as well as private investment, the healthcare sector has exhibited solid growth across developed regions such as North America and Europe, which are likely to remain key regional markets for the global medical electrodes industry. The rising amount of effort to build up a strong diagnostics sector within the healthcare sector in a number of countries is likely to drive the global market in the coming years.
Rising Prevalence of Cardiology, Neurophysiology Disorders Drives Demand
The rising use of medical electrodes in the diagnosis of neurophysiological and cardiological disorders is likely to be the vital driver for the global medical electrodes market in the coming years. Medical electrodes are also becoming important in the treatment of neurological diseases such as Parkinson’s and Alzheimer’s, ensuring stable growth prospects for the global market. Cardiology disorders dominate demand from the global market and are likely to remain the major contributor to the market over the coming years due to the growing prevalence of lifestyle conditions in developed Western countries.
North America to Remain Leading Regional Market for Medical Electrodes
The North America medical electrodes market was valued at US$219.7 mn in 2017 and is expected to rise to US$297.9 mn by 2022 at a robust 6.3% CAGR therein. The strong presence of medical devices industry players in North America is likely to help the region establish firm dominance over the global market in the coming years. The promising research and development landscape in the medical electrodes industry in North America is likely to help the market to a great extent, as continuous product improvement is the major growth tactic for players in the global medical electronics market.
Leading companies in the global pacemaker devices market include Abbott Laboratories, Medtronic Plc., Oscor Inc., Boston Scientific Corporation, Biotronik SE & Co. KG, Lepu Medical Technology, OSYPKA AG, Zoll Medical Corporation, and Pacetronix Limited. The global market is likely to retain a degree of fragmentation over the coming years due to the high number of players operating in the market. However, the competitive hierarchy of the global medical electrodes market is unlikely to change in the coming years, as established market leaders are likely to exhibit unrestrained growth.
Medical Electrodes Market: Snapshot
Medical electrodes passes on the current energy into electrical energy in the body and would thus be able to be utilized as a way of diagnosis of a several sicknesses. Medical electrodes are used as a known solution for the treatment of ocular, nervous, cardiovascular, and muscular illness and have developed the interest owing to their wide usage. The rise in number of cases with such illnesses diagnosed with the support of medical electrodes is probably going to boost up the worldwide medical electrodes market altogether in the coming years. The unfaltering global medicinal services industry uprise is probably going to help smoothen the improvement of the worldwide medical gadgets market as well in the coming years. This is credited to the rise in number of investments for smart and tech savvy items advancement, which will take into account the consistent change in the medical electrodes industry.
Medical Electrodes Market: Trends and Opportunities
The expanding frequency of illness caused due to change in life style in several regions of the world is an important factor in the development of the medical electrodes market. The pervasiveness of cardiovascular sicknesses has especially been on the rising in developed countries of Western Europe and North America, which is prompting the take-up of medical electrodes in the market. Medical electrodes are progressively being utilized for the finding of a various ailments, for example, cardiovascular sicknesses and neurophysical issues, and also for the treatment of neurological illnesses, for example Parkinson's and Alzheimer's. Medical electrodes work by moving current energy into electrical that can be utilized to recognize biomarkers left by various medical conditions. This is on the grounds that the precision achieved by medical electrodes has entitled them a fundamental part of several healthcare services.
The expanding selection of gadgets to render human health and upgradation of medicinal services in a few regions of the world are some other major development factors of the worldwide medical electrodes market. Government activities are also embraced by private associations, which have been prompted strong reason behind the development of the healthcare division in a few economies of North America and Europe. Further, generous endeavors in various nations to incorporate solid diagnostic facilities inside the medicinal industry are probably going to surge the development of the market.
Medical Electrodes Market: Geographical Analysis
The global medical electrodes market is bifurcated into Europe, North America, Asia Pacific, and the Middle East and Africa, based on geographical regions. The North America medical electrodes market was valued at US$219.7 mn in 2017 and is estimated to be worth US$297.9 mn by 2022 at a 6.3% CAGR therein. The solid advent of medical gadgets industry players in North America is probably going to enable the region to set up firm strength over the worldwide market in the coming years. The promising innovative work culture in the medical electrodes industry in this region is probably going to help the market, all things considered, as continuous item change is the significant development strategy for players in the worldwide medical gadgets market.
Medical Electrodes Market: Companies Mention
Medtronic Plc., Boston Scientific Corporation, Lepu Medical Technology, OSYPKA AG, Pacetronix Limited, Abbott Laboratories, Oscor Inc., Biotronik SE & Co. KG, and Zoll Medical Corporation are some of the major players dominating the worldwide market of medical electrodes.
Global Medical Electrodes Market, by Type
Global Medical Electrodes Market, by Application
- Sleep Disorders
- Intraoperative Monitoring
Global Medical Electrodes Market, by End-use
- Diagnostic Centers
Global Medical Electrodes Market, by Usability
Global Medical Electrodes Market, by Geography
- North America
- Asia Pacific
- Latin America
- Middle East and Africa