Medical Electrodes Market to Expand at a Modest CAGR of 6% by 2022
In a fragmented and competitive global medical electrodes market, the entry of new players in regional markets will further intensify the degree of competition, states a new report by Transparency Market Research (TMR). Investments for the development of novel medical electronics and advancement of existing products is a key growth strategy among players in this market.
Abbott Laboratories, Oscor Inc., Biotronik SE & Co. KG, OSYPKA AG, Pacetronix Limited, Medtronic Plc., Boston Scientific Corporation, Lepu Medical Technology, and Zoll Medical Corporation are some prominent names in the global medical electrodes market.
According to TMR, the demand in the global medical electrodes market will rise at a healthy 6% CAGR during the forecast period between 2017 and 2022. At this pace, the revenue in the market is projected to reach US$857 mn by 2022 end from an estimated revenue of US$641.3 mn in 2017.
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The key application segments of the global medical electrodes market include cardiology, neurophysiology, sleep disorders, and intraoperative monitoring. Geography-wise, North America is a key market for medical electrodes owing to presence of a modern healthcare infrastructure; going forward, the region is likely to rise at a healthy 6.3% CAGR between 2017 and 2022.
Rising Prevalence of Cardiac, Neurophysiology Diseases Fuels Growth
The increasing incidence of lifestyle diseases in several parts of the world is a key growth driver of the medical electrodes market. The prevalence of cardiac diseases has particularly been on the rise in developed economies of North America and Western Europe, which is leading to the uptake of medical electrodes for diagnosis purpose. Medical electrodes are increasingly being used for the diagnosis of several diseases such as cardiac diseases and neurophysical disorders, as well as for the treatment of neurological diseases such as Alzheimer’s and Parkinson’s. Medical electrodes function by transferring current energy into electrical energy, which can be used to identify biomarkers left by a number of medical conditions. This is because the accuracy obtained by medical electrodes has made them an integral component of healthcare facilities.
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The increasing adoption of electronics devices to render healthcare and modernization of healthcare facilities in several parts of the world are some other key growth drivers of the global medical electrodes market. Government initiatives as well efforts undertaken by private organizations have led to solid growth of the healthcare sector in several economies of Europe and North America. Further, substantial efforts in a number of countries to include strong diagnostic services within the healthcare sector are likely to augment growth of this market.
Advantages of Improved Diagnosis using Nanotechnology-based Products Benefits Market
Apart from this, the increasing use of nanotechnology in the medical devices arena could further boost the growth of medical electrodes market. Medical electrodes function via a metal detector a conducting gel/paste, which is applied on the patient’s body. With the use of nanotechnology, the efficacy of this process can be improved significantly and thus make medical electrodes even more relevant for diagnosis purposes. Further research in nanotechnology with the objective to augment nanotechnology-based products in medical devices is likely to boost growth of the medical electrodes market in the upcoming years.
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Last but not the least, rising support of governments in emerging economies to improve healthcare facilities could act as a crucial factor to the growth of global medical electrodes market in the future.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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