Medical electrode are a key implement used in the diagnosis of several types of diseases, including cardiological disorders, neurophysiological conditions, sleep disorders, and others. Medical electrodes operate by converting ionic current energy into electronic energy, which can be used to detect biomarkers left by a number of diseases. The accuracy provided by medical electrodes at perfect convenience to the patient has made them a crucial part of the healthcare sector. The global medical electrodes market is thus likely to exhibit flourishing growth in the coming years on the back of the rising demand. Steady growth of the healthcare industry in developed regions is likely to help the growth prospects of the global medical electrodes market in the coming years.
According to Transparency Market Research, the global medical electrodes market is likely to exhibit a strong 6% CAGR in the 2017-2022 forecast period. The market is expected trajectory of the global medical electrodes market is likely to carry it from US$641.3 to US$857 mn over the forecast period.
Here are the key insights into the global medical electrodes market:
Rising prevalence of lifestyle conditions in Western economies is helpful for the growth of the global medical electrodes market. The prevalence of cardiac disorders in particular has grown at a rapid rate in recent years following growing adoption of sedentary lifestyles among the consumer demographic in regions such as North America and Western Europe. This has driven demand from the global medical electrodes market as the convenient tool required in diagnosis. The rising risk of cardiac problems in developed countries such as the U.S. is likely to keep this a major driver for the global medical electrodes market in the coming years.
North America and Europe are the leading contributors to the global medical electrodes market. The North America market for medical electrodes is likely to rise to US$297.9 mn by 2022 at a strong CAGR of 6.3%, while the Europe medical electrodes market is expected to rise to US$247.7 mn by 2022 at a 5.6% CAGR between 2017 and 2022.
The rising use of nanotechnology in the medical devices sector could be an important step for the global medical electrodes market. Medical electrodes are operated through a metal detector and conducting paste/gel, which is applied on to the patient’s body. The use of nanotechnology can improve the efficacy of this process significantly, making medical electrodes even more relevant diagnostically. Rising research into nanotechnology with a view to applying nanotechnology products in medical devices is likely to aid the growth prospects of the medical electrodes market in the coming years.
The rising government support to the healthcare sector in emerging regions such as Asia Pacific and the Middle East could be crucial to the global medical electrodes market in the coming years. Rising economies in Asia Pacific have turned up their efforts to improve their healthcare and medical devices sector due to the significant benefits this provides in terms of the overall health of the population, which is likely to remain a key driver for the medical electrodes market in the coming years. The Asia Pacific medical electrodes market is expected to exhibit a robust 6.3% CAGR between 2017 and 2022 to emerge at a valuation of US$154.2 mn by 2022. The Middle East and Africa market for medical electrodes, on the other hand, is expected to generate a significant absolute opportunity of US$7.5 mn over the 2017-2022 forecast period.
The fragmented global medical electrodes market is likely to remain intensely competitive in the coming years due to the entry of new players in several regional markets. The steady growth of the electronics sector and steady acceptance of medical electronics is likely to drive new investment in the medical electrodes market in the coming years. 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.